T.J. Williams Limited Company Accounts

T.J. WILLIAMS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03611520

T.J. Williams Limited

Filleted Unaudited Financial Statements

30 November 2017

T.J. Williams Limited

Financial Statements

Year ended 30 November 2017

Contents	Page

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	4

T.J. Williams Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of T.J. Williams Limited

Year ended 30 November 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of T.J. Williams Limited for the year ended 30 November 2017, which comprise the statement of financial position and the related notes 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of T.J. Williams Limited, as a body, in accordance with the terms of our engagement letter dated 12 April 2018. Our work has been undertaken solely to prepare for your approval the financial statements of T.J. Williams Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than T.J. Williams Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that T.J. Williams Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of T.J. Williams Limited. You consider that T.J. Williams 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 financial statements of T.J. Williams 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 financial statements.

CARSTON Chartered Accountants

1st Floor, Tudor House 16 Cathedral Road Cardiff CF11 9LJ

24 April 2018

T.J. Williams Limited

Statement of Financial Position

30 November 2017

	2017		2016
Note	£	£	£	£

Fixed assets

Tangible assets	5		206,225		204,004

Current assets

Stocks		189,375	172,336
Debtors	6	148,251	175,631
Cash at bank and in hand		45,706	139
		---------	---------
		383,332	348,106

Creditors: amounts falling due within one year	7	175,982		176,048
		---------		---------
Net current assets			207,350		172,058
			---------		---------
Total assets less current liabilities			413,575		376,062

Creditors: amounts falling due after more than one year	8	72,146	93,951
		---------	---------
Net assets		341,429	282,111
		---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	341,329	282,011
	---------	---------
Shareholders funds	341,429	282,111
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 November 2017 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

T.J. Williams Limited

Statement of Financial Position (continued)

30 November 2017

These financial statements were approved by the board of directors and authorised for issue on 24 April 2018 , and are signed on behalf of the board by:

M S Sullivan

Director

Company registration number: 03611520

T.J. Williams Limited

Notes to the Financial Statements

Year ended 30 November 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Wimborne Road, Barry, Vale Of Glamorgan, Wales, CF63 3DH.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 December 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Buildings	-	2% straight line
Plant and machinery	-	20% reducing balance
Fixtures and fittings	-	20% reducing balance
Motor vehicles	-	25% reducing balance

	Equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 13 (2016: 13 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Dec 2016	243,453	36,946	4,859	16,787	67,036	369,081
Additions	–	–	–	16,098	379	16,477
Disposals	–	–	–	( 16,787)	–	( 16,787)
	---------	--------	-------	--------	--------	---------
At 30 Nov 2017	243,453	36,946	4,859	16,098	67,415	368,771
	---------	--------	-------	--------	--------	---------
Depreciation
At 1 Dec 2016	47,910	34,290	4,577	11,476	66,824	165,077
Charge for the year	3,993	532	57	4,025	338	8,945
Disposals	–	–	–	( 11,476)	–	( 11,476)
	---------	--------	-------	--------	--------	---------
At 30 Nov 2017	51,903	34,822	4,634	4,025	67,162	162,546
	---------	--------	-------	--------	--------	---------
Carrying amount
At 30 Nov 2017	191,550	2,124	225	12,073	253	206,225
	---------	--------	-------	--------	--------	---------
At 30 Nov 2016	195,543	2,656	282	5,311	212	204,004
	---------	--------	-------	--------	--------	---------

6. Debtors

	2017	2016
	£	£
Trade debtors	142,213	171,017
Other debtors	6,038	4,614
	---------	---------
	148,251	175,631
	---------	---------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	12,680	18,733
Trade creditors	67,576	67,033
Corporation tax	30,916	21,902
Social security and other taxes	26,178	25,391
Other creditors	38,632	42,989
	---------	---------
	175,982	176,048
	---------	---------

8. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Bank loans and overdrafts	31,280	43,951
Other creditors	40,866	50,000
	--------	--------
	72,146	93,951
	--------	--------

9. Directors' advances, credits and guarantees

The company was under the control of the directors throughout the current and previous period. Of the total of £50,000 due to the director, Mrs G E Curtis, £12,000 is due within one year and £38,000 is due after more than one year, although there are no fixed terms of repayment. Interest is charged on the loan at the official HMRC rate ruling. During the year, interest of £1,356 was paid to Mrs Curtis in respect of this loan. In addition, within other creditors due within one year is £2,423 (2016 - £10,723) due to the directors.

10. Related party transactions

Dividends were paid to the shareholders totalling £64,320 for the year.

11. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 December 2015.

No transitional adjustments were required in equity or profit or loss for the year.