Williams Limousine Hire Limited - Period Ending 2019-03-31

Registration number: 03832724

Williams Limousine Hire Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2019

Williams Limousine Hire Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Financial Statements	5 to 10

Williams Limousine Hire Limited

Company Information

Directors

D V Williams S J Williams C L Pursehouse

Registered office

Daimler House Hortonwood 30 Telford Shropshire TF1 7ET

Accountants

CBSL Accountants Limited Chartered Accountants Rowan House North 1 The Professional Quarter Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG

Page 1

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Williams Limousine Hire Limited
for the Year Ended 31 March 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Williams Limousine Hire Limited for the year ended 31 March 2019 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Williams Limousine Hire Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Williams Limousine Hire Limited and state those matters that we have agreed to state to the Board of Directors of Williams Limousine Hire Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Williams Limousine Hire Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Williams Limousine Hire Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Williams Limousine Hire Limited. You consider that Williams Limousine Hire Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Williams Limousine Hire Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

CBSL Accountants Limited
Chartered Accountants
Rowan House North
1 The Professional Quarter
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

20 November 2019

Page 2

Williams Limousine Hire Limited

(Registration number: 03832724)
Balance Sheet as at 31 March 2019

	Note	2019 £	2018 £
Fixed assets
Intangible assets	4	2,512	5,008
Tangible assets	5	2,174,253	2,079,775
		2,176,765	2,084,783
Current assets
Stocks	6	3,100	3,400
Debtors	7	324,433	343,620
Cash at bank and in hand		143,513	193,937
		471,046	540,957
Creditors: Amounts falling due within one year	8	(437,572)	(627,663)
Net current assets/(liabilities)		33,474	(86,706)
Total assets less current liabilities		2,210,239	1,998,077
Creditors: Amounts falling due after more than one year	8	(528,812)	(458,140)
Net assets		1,681,427	1,539,937
Capital and reserves
Called up share capital		2	2
Profit and loss account		1,681,425	1,539,935
Total equity		1,681,427	1,539,937

For the financial year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

The notes on pages 5 to 10 form an integral part of these financial statements.

Page 3

Williams Limousine Hire Limited

(Registration number: 03832724)
Balance Sheet as at 31 March 2019

Approved and authorised by the Board on 20 November 2019 and signed on its behalf by:
 

S J Williams
Director

The notes on pages 5 to 10 form an integral part of these financial statements.

Page 4

Williams Limousine Hire Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Daimler House
Hortonwood 30
Telford
Shropshire
TF1 7ET

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Page 5

Williams Limousine Hire Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	15% reducing balance
Motor vehicles	15% reducing balance

Investment properties and tenants improvements are not depreciated.

 

Investment property

Investment properties are shown at their open market value. The surplus or deficit arising from the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal, on an individual investment property is expected to be permanent,in which case it is recognised in the profit and loss for the year.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	5% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Page 6

Williams Limousine Hire Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 28 (2018 - 28).

Page 7

Williams Limousine Hire Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 April 2018	50,000	50,000
At 31 March 2019	50,000	50,000
Amortisation
At 1 April 2018	44,992	44,992
Amortisation charge	2,496	2,496
At 31 March 2019	47,488	47,488
Carrying amount
At 31 March 2019	2,512	2,512
At 31 March 2018	5,008	5,008

5	Tangible assets

	Land and buildings £	Motor vehicles  £	Other tangible assets £	Total £
Cost or valuation
At 1 April 2018	774,149	1,657,214	134,733	2,566,096
Additions	6,748	546,700	-	553,448
Disposals	-	(416,499)	-	(416,499)
At 31 March 2019	780,897	1,787,415	134,733	2,703,045
Depreciation
At 1 April 2018	-	394,335	91,986	486,321
Charge for the year	-	201,961	6,412	208,373
Eliminated on disposal	-	(165,902)	-	(165,902)
At 31 March 2019	-	430,394	98,398	528,792
Carrying amount
At 31 March 2019	780,897	1,357,021	36,335	2,174,253
At 31 March 2018	774,149	1,262,879	42,747	2,079,775

Motor vehicles include assets costing £110,927 (2018 - £110,927) that are not depreciated.

Included within the net book value of £2,174,253 is £1,238,428 (2018 - £1.132,501) relating to assets held under hire purchase agreements.The depreciation charged to the financial statements in the year in respect of such assets amounted to £200,618 (2018 - £192,324).

Page 8

Williams Limousine Hire Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

Included within the net book value of land and buildings above is £777,569 (2018 - £770,821) in respect of freehold land and buildings and £3,328 (2018 - £3,328) in respect of short leasehold land and buildings.
 

6

Stocks

	2019 £	2018 £
Other inventories	3,100	3,400

7

Debtors

	2019 £	2018 £
Trade debtors	292,800	307,264
Other debtors	31,633	36,356
	324,433	343,620

8

Creditors

Creditors: amounts falling due within one year

	Note	2019 £	2018 £
Due within one year
Bank loans and overdrafts	9	207,375	219,227
Trade creditors		51,735	52,925
Taxation and social security		14,870	12,468
Other creditors		163,592	343,043
		437,572	627,663

Creditors: amounts falling due after more than one year

	Note	2019 £	2018 £
Due after one year
Loans and borrowings	9	528,812	458,140

Page 9

Williams Limousine Hire Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

9	Loans and borrowings

	2019 £	2018 £
Non-current loans and borrowings
Finance lease liabilities	528,812	458,140

The finance lease liabilities are secured by the company.

	2019 £	2018 £
Current loans and borrowings
Bank borrowings	-	24,098
Finance lease liabilities	207,375	195,129
	207,375	219,227

10	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of contingencies not included in the balance sheet is £206,213 (2018 - £202,738).

This represents the deferred tax liability at the year end. No provision has been included in the accounts since in the directors' opinion the liability is unlikely to crystallise in the foreseeable future due to the company's continued programme of capital expenditure.

11	Related party transactions

The company is controlled by the directors who have an interest in 100% of the called up share capital.

Monies due from the directors at the year end totalled £11,911 and are included in Other Debtors (2018 - due to the directors £24,308). Interest is charged on the loan.

Summary of transactions with other related parties

The directors have an interest in the issued share capital of Williams Funerals (Telford) Limited.

Monies due to Williams Funerals (Telford) Limited at the year end amounted to £126,500 (2018 - £126,500).
 

Page 10