Williams Limousine Hire Limited - Period Ending 2022-03-31

Williams Limousine Hire Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 9

Williams Limousine Hire Limited

Company Information

Directors

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

Williams Limousine Hire Limited

(Registration number: 03832724)
Balance Sheet as at 31 March 2022

	Note	2022 £	2021 £
Fixed assets
Tangible assets	5	2,419,261	2,272,046
Current assets
Stocks	6	250	4,000
Debtors	7	480,402	407,312
Cash at bank and in hand		49,407	574,929
		530,059	986,241
Creditors: Amounts falling due within one year	8	(420,650)	(519,305)
Net current assets		109,409	466,936
Total assets less current liabilities		2,528,670	2,738,982
Creditors: Amounts falling due after more than one year	8	(343,055)	(732,493)
Net assets		2,185,615	2,006,489
Capital and reserves
Called up share capital	9	2	2
Retained earnings		2,185,613	2,006,487
Shareholders' funds		2,185,615	2,006,489

For the financial year ending 31 March 2022 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.

Approved and authorised by the Board on 21 December 2022 and signed on its behalf by:
 

S J Williams Director

Williams Limousine Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 balance sheet 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.

Williams Limousine Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

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.

Williams Limousine Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

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 29 (2021 - 28).

Williams Limousine Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 April 2021	50,000	50,000
At 31 March 2022	50,000	50,000
Amortisation
At 1 April 2021	50,000	50,000
At 31 March 2022	50,000	50,000
Carrying amount
At 31 March 2022	-	-
At 31 March 2021	-	-

5	Tangible assets

	Land and buildings £	Motor vehicles  £	Other tangible assets £	Total £
Cost or valuation
At 1 April 2021	780,897	1,924,773	136,411	2,842,081
Additions	-	381,339	-	381,339
Disposals	-	(44,564)	-	(44,564)
At 31 March 2022	780,897	2,261,548	136,411	3,178,856
Depreciation
At 1 April 2021	-	461,302	108,733	570,035
Charge for the year	-	206,924	4,151	211,075
Eliminated on disposal	-	(21,515)	-	(21,515)
At 31 March 2022	-	646,711	112,884	759,595
Carrying amount
At 31 March 2022	780,897	1,614,837	23,527	2,419,261
At 31 March 2021	780,897	1,463,471	27,678	2,272,046

Included within the net book value of land and buildings above is £777,569 (2021 - £777,569) in respect of freehold land and buildings and £3,328 (2021 - £3,328) in respect of short leasehold land and buildings.
 

Williams Limousine Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Motor vehicles include assets costing £111,776 (2021 - £111,776) that are not depreciated.

Included within the net book value of £2,419,261 is £551,344 (2021 - £1,315,027) 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 £200,501 (2021 - £232,064).

6

Stocks

	2022 £	2021 £
Other inventories	250	4,000

7

Debtors

Current	2022 £	2021 £
Trade debtors	305,330	214,945
Prepayments	-	100,000
Other debtors	175,072	92,367
	480,402	407,312

8

Creditors

Creditors: amounts falling due within one year

	Note	2022 £	2021 £
Due within one year
Loans and borrowings	10	137,811	231,081
Trade creditors		255,186	38,545
Taxation and social security		9,826	35,791
Other creditors		17,827	213,888
		420,650	519,305

Creditors: amounts falling due after more than one year

	Note	2022 £	2021 £
Due after one year
Loans and borrowings	10	343,055	732,493

Williams Limousine Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

9	Share capital

Allotted, called up and fully paid shares

	2022		2021
	No.	£	No.	£
Ordinary 'A' of £0.01 each	50	0.50	50	0.50
Ordinary 'B' of £0.01 each	50	0.50	50	0.50
Ordinary 'C' of £0.01 each	50	0.50	50	0.50
Ordinary 'D' of £0.01 each	50	0.50	50	0.50
	200	2.00	200	2.00

10	Loans and borrowings

	2022 £	2021 £
Non-current loans and borrowings
Bank borrowings	-	50,000
Hire purchase contracts	343,055	682,493
	343,055	732,493

	2022 £	2021 £
Current loans and borrowings
Hire purchase contracts	137,811	231,081

The hire purchase liabilities are secured against the assets to which they relate.

11	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2021 - £460,000).

The total amount of contingencies not included in the balance sheet is £285,482 (2021 - £250,540).

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.

Williams Limousine Hire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

12	Related party transactions

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

Monies due to the directors at the year end totalled £nil (2021 - £14,459) and are included in Other creditors.

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 £5,000 (2021 - £185,000).