Ward Williams Holdings Limited - Period Ending 2020-11-30

Ward Williams Holdings Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 11

Ward Williams Holdings Limited

Balance Sheet

30 November 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	124,971	142,680
Investments	5	120	120
Other financial assets	6	515,000	500,000
		640,091	642,800
Current assets
Stocks	7	4,000	4,000
Debtors	8	94,480	225,300
Cash at bank and in hand		575,265	45,841
		673,745	275,141
Creditors: Amounts falling due within one year	9	(578,886)	(168,190)
Net current assets		94,859	106,951
Total assets less current liabilities		734,950	749,751
Creditors: Amounts falling due after more than one year	9	(80,000)	(30,000)
Provisions for liabilities		(21,456)	(25,020)
Net assets		633,494	694,731
Capital and reserves
Called up share capital	11	2,076	2,076
Share premium reserve		1,000	1,000
Capital redemption reserve		504	504
Other reserves		(1,300)	(1,300)
Profit and loss account		631,214	692,451
Shareholders' funds		633,494	694,731

Ward Williams Holdings Limited

Balance Sheet

30 November 2020

For the financial year ending 30 November 2020 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 3 August 2021 and signed on its behalf by:
 

......................................... A J Snapes Director

Company Registration Number: 02436988

Ward Williams Holdings Limited

Notes to the Unaudited Financial Statements

Year Ended 30 November 2020

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:
Compass House
Truro Business Park
Threemilestone
Truro
Cornwall
TR4 9LD

These financial statements were authorised for issue by the Board on 3 August 2021.

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 represents the right to consideration earned for the provision of services excluding VAT, in accordance with the company's principle activity.

Services provided to clients during the period which, at the balance sheet date, have not been invoiced to client, have been recognised in turnover in accordance with Financial Reporting Standards.

Turnover recognised is based on an assessment of the fair value of the services provided by the balance sheet date as a proportion of the total value of the engagement. revenue is not recognised on those engagement where the right to receive payment is contingent on factors outside the control of he company. Unbilled revenue is included within debtors.

Foreign currency transactions and balances

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the accounting date. Transactions in foreign currencies are recorded at the date of the transactions. All difference are taken to the profit and loss account.

Ward Williams Holdings Limited

Notes to the Unaudited Financial Statements

Year Ended 30 November 2020

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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.

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
Leasehold properties	Straight line over the term of the lease
Fixtures, fittings and equipment	10% reducing balance
Computer equipment	33% reducing balance

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

The company is required to invest capital in Ward Williams Associates LLP as a member of the LLP. The company is entitled to receive a share of the profits and has a proportion of the voting rights as set out in the LLP Members Agreement.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Stocks

Stock is valued at the lower of cost and net realisable value.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Ward Williams Holdings Limited

Notes to the Unaudited Financial Statements

Year Ended 30 November 2020

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.

Ward Williams Holdings Limited

Notes to the Unaudited Financial Statements

Year Ended 30 November 2020

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2019 - 3).

Ward Williams Holdings Limited

Notes to the Unaudited Financial Statements

Year Ended 30 November 2020

4	Tangible assets

	Short leasehold land and buildings £	Furniture, fittings and equipment  £	Office equipment  £	Total £
Cost or valuation
At 1 December 2019	9,403	386,184	228,252	623,839
Additions	-	2,950	-	2,950
At 30 November 2020	9,403	389,134	228,252	626,789
Depreciation
At 1 December 2019	8,949	269,237	202,973	481,159
Charge for the year	327	11,990	8,342	20,659
At 30 November 2020	9,276	281,227	211,315	501,818
Carrying amount
At 30 November 2020	127	107,907	16,937	124,971
At 30 November 2019	454	116,947	25,279	142,680

5	Investments

	2020 £	2019 £
Investments in subsidiaries	120	120

Subsidiaries	£
Cost or valuation
At 1 December 2019	150,000
At 30 November 2020	150,000
Provision
At 1 December 2019	149,880
At 30 November 2020	149,880
Carrying amount
At 30 November 2020	120
At 30 November 2019	120

Ward Williams Holdings Limited

Notes to the Unaudited Financial Statements

Year Ended 30 November 2020

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2020	2019
Subsidiary undertakings
Baseline Building Surveyors Limited	Compass House Truro Business Park Threemilestone Truro Cornwall TR4 9LD	Ordinary shares	100%	100%
	England & Wales

Subsidiary undertakings

Baseline Building Surveyors Limited The principal activity of Baseline Building Surveyors Limited is Dormant.

Ward Williams Holdings Limited

Notes to the Unaudited Financial Statements

Year Ended 30 November 2020

6	Other financial assets (current and non-current)

	Financial assets at cost less impairment £	Total £
Non-current financial assets
Cost or valuation
At 1 December 2019	500,000	500,000
Additions	15,000	15,000
At 30 November 2020	515,000	515,000
Carrying amount
At 30 November 2020	515,000	515,000
At 30 November 2019	500,000	500,000

The company is required to invest capital in Ward Williams Associates LLP as a member of the LLP. The company is entitled to receive a share of the profits and has a proportion of the voting rights as set out in the LLP Members' Agreement.

7

Stocks

	2020 £	2019 £
Other inventories	4,000	4,000

8

Debtors

	2020 £	2019 £
Trade debtors	72,256	183,191
Prepayments	22,224	24,456
Other debtors	-	17,653
	94,480	225,300

Ward Williams Holdings Limited

Notes to the Unaudited Financial Statements

Year Ended 30 November 2020

9

Creditors

Creditors: amounts falling due within one year

	2020 £	2019 £
Due within one year
Trade creditors	6,918	39,957
Amounts due to group undertakings	527,765	97,506
Taxation and social security	37,940	19,118
Accruals and deferred income	6,263	11,609
	578,886	168,190

Creditors: amounts falling due after more than one year

	Note	2020 £	2019 £
Due after one year
Loans and borrowings	10	50,000	-
Other creditors		30,000	30,000
		80,000	30,000

10	Loans and borrowings

	2020 £	2019 £
Loans and borrowings due after one year
Bank borrowings	50,000	-

11	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary A Shares of £0.01 each	77,645	776.45	77,645	776.45
Ordinary B Shares of £1 each	1,300	1,300	1,300	1,300
	78,945	2,076	78,945	2,076

Ward Williams Holdings Limited

Notes to the Unaudited Financial Statements

Year Ended 30 November 2020

12	Related party transactions

Summary of transactions with other related parties

During the year the company received a licence fee from Ward Williams Associates LLP (an LLP of which it is a corporate member) totalling £94,923 (2019 - £94,357).

The company was recharged labour costs from the LLP of £245,712 (2019 - £765,774). These charges were in respect of the linked trading activities of the two entities.

In addition to the above the company paid for further ancillary costs throughout the year to 30 November 2020 and received cash advances from the LLP. The net result of these transactions during the year means the company owed the LLP £551,152 (2019 - £97,505) at the year end. This balance is included within creditors on the balance sheet.