Company Registration No. 00051904 (England and Wales)
William S. Graham Limited
Unaudited Financial Statements
For The Year Ended 29 April 2020
WILLIAM S. GRAHAM LIMITED
William S. Graham Limited
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
WILLIAM S. GRAHAM LIMITED
William S. Graham Limited
BALANCE SHEET
AS AT 29 APRIL 2020
29 April 2020
- 1 -
2020
2019
Notes
£
£
£
£
Current assets
Debtors
4
5,226,850
5,205,678
Creditors: amounts falling due within one year
5
(133,540)
(94,000)
Net current assets
5,093,310
5,111,678
Creditors: amounts falling due after more than one year
6
(28,030)
(28,030)
Provisions for liabilities
(53,000)
(66,000)
Net assets excluding pension liability
5,012,280
5,017,648
Defined benefit pension liability
7
Net assets
5,012,280
5,017,648
Capital and reserves
Called up share capital
15,000
15,000
Capital redemption reserve
9,829
9,829
Profit and loss reserves
4,987,451
4,992,819
Total equity
5,012,280
5,017,648
WILLIAM S. GRAHAM LIMITED
William S. Graham Limited
BALANCE SHEET (CONTINUED)
AS AT 29 APRIL 2020
29 April 2020
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 29 April 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 19 April 2021 and are signed on its behalf by:
Mr P Sutton
Director
Company Registration No. 00051904
WILLIAM S. GRAHAM LIMITED
William S. Graham Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 APRIL 2020
- 3 -
1
Accounting policies
Company information
William S. Graham Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
33 Park Place, Leeds, LS1 2RY.
1.1
Accounting convention
These financial statements have been prepared in accordance with “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The immediate parent company is William S Graham & Sons (Dewsbury) Limited and t
he ultimate parent company is
WSG Property (Holdings) Limited
. The registered office of
WSG Property (Holdings) Limited is
33 Park Place, Leeds, West Yorkshire, LS1 2RY. The company and
its parent comprise a small group and as such are exempt from preparing group accounts.
1.2
Going concern
The directors have considered all factors, including in the wider economy, as part of their assessment of going concern. Although the current economic climate creates both cashflow and profitability risks for the company, the directors believe on balance that they have sufficient resources to enable trading to continue for a period of at least one year from the date of approval of the financial statements, on the basis of information currently available to them as at the point of approving these. Accordingly, these financial statements have been prepared on the going concern basis.
true
1.3
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
WILLIAM S. GRAHAM LIMITED
William S. Graham Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2020
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from
fellow group companies
,
are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.6
Taxation
The tax expense represents the sum of the tax currently payable
.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
The company's immediate holding company Williams S. Graham & Sons (Dewsbury) Limited operates a pension scheme providing benefits based on the final pensionable pay for the benefit of former employees of William S Graham Limited. The assets of the scheme are held separately from those of the company, being invested. The scheme is closed to new entrants and there are no active members of the scheme as benefit accrual ceased on 31 July 2005. All members of the scheme are either deferred members or pensioner members.
WILLIAM S. GRAHAM LIMITED
William S. Graham Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2020
1
Accounting policies
(Continued)
- 5 -
The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.
Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.
The
net
defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
3
3
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
5,216,597
5,195,425
Other debtors
10,253
10,253
5,226,850
5,205,678
WILLIAM S. GRAHAM LIMITED
William S. Graham Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2020
- 6 -
5
Creditors: amounts falling due within one year
2020
2019
£
£
Amounts owed to group undertakings
129,517
94,000
Taxation and social security
4,023
133,540
94,000
6
Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
28,030
28,030
7
Retirement benefit schemes
Defined benefit schemes
The company operates a defined benefit scheme for qualifying employees
, the scheme is a closed scheme and there are no active members of the scheme.
The most recent actuarial valuations of plan assets and the present value of the defined benefit obligation were carried out at
30 April 20
20 by
H&C Consulting Actuaries LLP
, Fellow of the Institute of Actuaries. The present value of the defined benefit obligation, the related current service cost and past service cost were measured using the projected unit credit method.
Valuation
The mortality table used for the current year was S3PXA Year of Birth CMI 201
9
with long term improvements of 1.5% for males, 1% for females with a +1 year age rating.
The mortality table used for the comparative year was S2PXA Year of Birth CMI 201
8
with long term improvements of 1.5% for males, 1% for females with a +1 year age rating.
2020
2019
Key assumptions
%
%
Discount rate
1.40
2.50
Rate of increase in prices (RPI)
2.80
3.60
Rate of increase in prices (CPI)
2.05
2.60
Mortality assumptions
2020
2019
Assumed life expectations on retirement at age 65:
Years
Years
Retiring today
- Males
21.1
21.0
- Females
22.0
22.0
WILLIAM S. GRAHAM LIMITED
William S. Graham Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2020
7
Retirement benefit schemes
(Continued)
- 7 -
2020
2019
Amounts taken to other comprehensive income
£
£
Actual return on scheme assets
(278,000)
290,000
Less: calculated interest element
40,000
54,000
Return on scheme assets excluding interest income
(238,000)
344,000
Restriction on net interest income credited to the income statement
17,000
Actuarial changes related to obligations
184,000
(361,000)
Other gains and losses
161,000
-
Effect of changes in the amount of surplus that is not recoverable
(107,000)
Total costs
-
-
The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:
2020
2019
£
£
Present value of defined benefit obligations
1,919,000
1,652,000
Fair value of plan assets
(1,919,000)
(1,652,000)
Deficit in scheme
-
-
WILLIAM S. GRAHAM LIMITED
William S. Graham Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2020
7
Retirement benefit schemes
(Continued)
- 8 -
2020
2019
Movements in the present value of defined benefit obligations
£
£
Liabilities at 30 April 2019
1,652,000
2,061,000
Benefits paid
(118,000)
(102,000)
Actuarial (gains)/losses
345,000
(361,000)
Interest cost
40,000
54,000
At 29 April 2020
1,919,000
1,652,000
2020
2019
The defined benefit obligations arise from plans funded as follows:
£
£
Wholly unfunded obligations
-
-
Wholly or partly funded obligations
1,919,000
1,652,000
1,919,000
1,652,000
2020
2019
Movements in the fair value of plan assets
£
£
Fair value of assets at 30 April 2019
1,652,000
2,061,000
Interest income
40,000
54,000
Return on plan assets (excluding amounts included in net interest)
238,000
(344,000)
Benefits paid
(118,000)
(102,000)
Restriction on scheme assets
107,000
(17,000)
At 29 April 2020
1,919,000
1,652,000
The actual return on plan assets was: -£278,000 (2019: £290,000)
2020
2019
Fair value of plan assets at the reporting period end
£
£
Equity instruments
145,000
109,000
Property
47,000
53,000
Equities (UK and Overseas)
674,000
704,000
Fixed interest
186,000
266,000
Cash
47,000
60,000
Annuity policies
1,102,000
849,000
Restriction in amount of unrecoverable surplus
(282,000)
(389,000)
1,919,000
1,652,000
WILLIAM S. GRAHAM LIMITED
William S. Graham Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 APRIL 2020
- 9 -
8
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
The following amounts were outstanding at the reporting end date:
2020
2019
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
129,517
94,000
The following amounts were outstanding at the reporting end date:
2020
2019
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
5,216,597
5,195,425
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19 April 2021
CCH Software
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Mr J S Graham
Mr N Graham
Mr P Sutton
Mr P Sutton
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