DENNIS WILLIAMS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Company Registration No. 00559042 (England and Wales)
DENNIS WILLIAMS LIMITED
COMPANY INFORMATION
Directors
Mrs P B Lees
Mr A R Lees
Mr A R Lees
Secretary
Mrs P B Lees
Company number
00559042
Registered office
9 Kingsmark Freeway
Euroway Trading Estate
Bradford
BD12 7HW
Auditor
Naylor Wintersgill Limited
Carlton House
Grammar School Street
Bradford
BD1 4NS
Bankers
NatWest Bank Plc
Bradford Broadway Branch
1 Market Street
Bradford
BD1 1EG
DENNIS WILLIAMS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 27
DENNIS WILLIAMS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The directors present the strategic report for the year ended 31 December 2021.
Fair review of the business
The company continued its principal activity of the wholesale supplier of hairdressing, beauty sundries and equipment through a number of wholesale outlets.
The directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and the position at the year-end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.
The directors are pleased with the performance of the company despite the difficult trading conditions impacted due to the Coronavirus pandemic. Strong management and quick decision-making resulted in the company being well placed to take advantage of opportunities going forward.
Principal risks and uncertainties
These are risks facing the business from competitors operating in the same geographic locations who principally compete on price. In addition, the general economic downturn has meant that customers may seek alternative supplies to reduce costs. The directors mitigate these risks by maintaining excellent customer relationships and ensuring the range of products available to customers is appropriate and priced competitively.
Brexit
The impact of Brexit has been evaluated as being not likely to be significantly detrimental to the business. This is because our market is purely domestic and the sector that we supply is unlikely to see a serious downturn in business because it relates mainly to relatively small amounts of expenditure. In terms of supply, most of our products are UK sourced and we do not operate a 'just in time' system of procurement. We carry sufficient stock to compensate for any short-term interruption to supply.
Coronavirus pandemic
The impact of the Coronavirus pandemic hit the UK and Worldwide economy significantly. As a result, the entire non-online customer base, being salons, barbers, studios and colleges all closed down. The company therefore made the decision to close all branches and furlough a large proportion of employees for the same periods of closure, receiving support through the Government Job Retention Scheme.
In 2021, the hair and beauty sector has again been affected by the Coronavirus pandemic and, again, the company closed all branches and furloughed a large proportion of employees from 5
th
January to 12
th
April 2021. Despite the disruption, the company continues to trade profitably and the Directors believe all reasonable steps have been undertaken to safeguard the future of the business.
Financial position at the reporting date
The balance sheet shows that the company's net assets have increased from £4.424m to £4.855m. The Company's net profit after tax decreased by £103K and therefore the directors decided not to declare a dividend (2020: £nil) before the year end.
- 1 -
DENNIS WILLIAMS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
Key performance indicators
Management use a range of performance measures to monitor and manage the business. Some of the key performance measures are set out below.
31 December 2021 31 December 2020
-
Turnover £18,310,291 £16,361,190
-
Gross Profit £5,295,629 £4,854,353
The company continues to invest in various new projects for the benefit of the short, medium and long term future of the business. The benefits of these investments are expected to be realised in 2022 and beyond. These investments include continuous improvement and development in all areas of the business, such as products and customer service.
Financial risk management
Financial risks are managed through strict internal management controls and accurate and timely management information. Stock levels and margins are also closely monitored by management to identify potential issues and ensure the products are marketed appropriately.
Mrs P B Lees
Director
30 September 2022
- 2 -
DENNIS WILLIAMS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The directors present their annual report and financial statements for the year ended 31 December 2021.
Principal activities
The principal activity of the company continued to be that of wholesale supplier of hairdressing, beauty sundries and equipment through a number of wholesale outlets.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mrs P B Lees
Mr A R Lees
Mr A R Lees
Auditor
Naylor Wintersgill Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s
auditor
is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s
auditor
is aware of that information.
On behalf of the board
Mrs P B Lees
Director
30 September 2022
- 3 -
DENNIS WILLIAMS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2021
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
- 4 -
DENNIS WILLIAMS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DENNIS WILLIAMS LIMITED
Opinion
- 5 -
We have audited the financial statements of Dennis Williams Limited (the 'company') for the year ended 31 December 2021 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 December 2021 and of its profit for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the
financial statements
section of our report. We are independent of the
company
in accordance with the ethical requirements that are relevant to our audit of the
financial statements
in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the strategic report and the directors'
r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
DENNIS WILLIAMS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DENNIS WILLIAMS LIMITED
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the strategic report and the directors'
r
eport
.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of
remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of
financial statements
that are free from material misstatement, whether due to fraud or error. In preparing the
financial statements
, the
directors are
responsible for assessing the company
'
s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the
directors
either
intend
to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the
financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's
report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with
ISAs (UK)
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements
.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below
.
Capability of the audit in detecting irregularities, including fraud
Based on our understanding of the Company and its industry, we identified that the principal risks of non-compliance with laws and regulations related to breaches of UK law and we considered the extent to which non-compliance might have a material effect on the financial statements of the Company. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure or increase the capital position of the Company, and management bias in accounting estimates and judgmental areas of the financial statements. Audit procedures performed by the engagement team included: ·
-
Discussions with directors including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
-
Reviewing relevant meeting minutes;
-
Reviewing of correspondence in so far as they related to non-compliance with laws and regulations and fraud; .
-
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations, posted on unusual days, posted by infrequent users, posted by senior management or posted with descriptions indicating a higher level of risk; .
Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing over immaterial liabilities and assets balances.
- 6 -
DENNIS WILLIAMS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DENNIS WILLIAMS LIMITED
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Victoria Wainwright (Senior Statutory Auditor)
For and on behalf of Naylor Wintersgill Limited
30 September 2022
Chartered Accountants
Statutory Auditor
Carlton House
Grammar School Street
Bradford
BD1 4NS
- 7 -
DENNIS WILLIAMS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021
2021
2020
Notes
£
£
Turnover
3
18,310,291
16,361,190
Cost of sales
(13,014,662)
(11,506,837)
Gross profit
5,295,629
4,854,353
Administrative expenses
(5,352,051)
(4,768,785)
Other operating income
647,893
672,109
Operating profit
5
591,471
757,677
Interest receivable and similar income
7
86
369
Interest payable and similar expenses
8
(67,636)
(73,576)
Profit before taxation
523,921
684,470
Tax on profit
9
(92,500)
(149,612)
Profit for the financial year
431,421
534,858
The income statement has been prepared on the basis that all operations are continuing operations.
- 8 -
DENNIS WILLIAMS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2021
31 December 2021
2021
2020
Notes
£
£
£
£
Fixed assets
Goodwill
10
311,850
365,850
Tangible assets
11
2,786,575
3,437,907
3,098,425
3,803,757
Current assets
Stocks
13
3,510,259
3,782,076
Debtors
14
2,575,873
1,677,416
Cash at bank and in hand
570,831
1,301,851
6,656,963
6,761,343
Creditors: amounts falling due within one year
15
(3,186,298)
(3,843,931)
Net current assets
3,470,665
2,917,412
Total assets less current liabilities
6,569,090
6,721,169
Creditors: amounts falling due after more than one year
16
(1,632,130)
(2,199,087)
Provisions for liabilities
Deferred tax liability
18
81,535
98,078
(81,535)
(98,078)
Net assets
4,855,425
4,424,004
Capital and reserves
Called up share capital
20
1,800
1,800
Revaluation reserve
121,139
Capital redemption reserve
200
200
Profit and loss reserves
21
4,853,425
4,300,865
Total equity
4,855,425
4,424,004
The financial statements were approved by the board of directors and authorised for issue on 30 September 2022 and are signed on its behalf by:
Mrs P B Lees
Director
Company Registration No. 00559042
- 9 -
DENNIS WILLIAMS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2020
1,800
123,970
200
3,763,176
3,889,146
Year ended 31 December 2020:
Profit and total comprehensive income for the year
-
-
-
534,858
534,858
Transfers
-
(2,831)
-
2,831
-
Balance at 31 December 2020
1,800
121,139
200
4,300,865
4,424,004
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
-
-
431,421
431,421
Transfers
-
(121,139)
-
121,139
-
Balance at 31 December 2021
1,800
200
4,853,425
4,855,425
- 10 -
DENNIS WILLIAMS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2021
2021
2020
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
26
(117,535)
1,279,981
Interest paid
(67,636)
(73,576)
Income taxes paid
(148,364)
(145,164)
Net cash (outflow)/inflow from operating activities
(333,535)
1,061,241
Investing activities
Purchase of tangible fixed assets
(207,332)
(165,583)
Proceeds on disposal of tangible fixed assets
710,998
57,499
Interest received
86
369
Net cash generated from/(used in) investing activities
503,752
(107,715)
Financing activities
Repayment of bank loans
(581,664)
(36,699)
Net cash used in financing activities
(581,664)
(36,699)
Net (decrease)/increase in cash and cash equivalents
(411,447)
916,827
Cash and cash equivalents at beginning of year
974,560
57,733
Cash and cash equivalents at end of year
563,113
974,560
Relating to:
Cash at bank and in hand
570,831
1,301,851
Bank overdrafts included in creditors payable within one year
(7,718)
(327,291)
- 11 -
DENNIS WILLIAMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
Company information
Dennis Williams Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
9 Kingsmark Freeway, Euroway Trading Estate, Bradford, BD12 7HW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
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 £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
- 12 -
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
DENNIS WILLIAMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% straight line
Leasehold land and buildings
2% straight line
Leasehold improvements
15% straight line
Fixtures and fittings
15% reducing balance
Computers
15% reducing balance and 33% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
Impairment of fixed assets
- 13 -
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
DENNIS WILLIAMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
1.8
Cash and cash equivalents
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.
1.9
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 statement of financial position 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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in
profit
or
loss
, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
- 14 -
DENNIS WILLIAMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
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
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts,
are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
s
ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in
profit
or
loss
in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value th
r
ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.10
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.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
income statement
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.
- 15 -
DENNIS WILLIAMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
income statement
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
- 16 -
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.15
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
DENNIS WILLIAMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant
effect on amounts recognised in the financial statements.
Assessing indicators of impairment
In assessing whether there have been any indicators of impairment associated with tangible fixed assets, the directors' have considered both external and internal sources of information such as market values, changes in technological, economical and legal environments, evidence of obsolescence or physical damage of assets and declines in economic performance.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are
as follows.
Determing residual values and economic lives of tangible and intangible fixed assets
The company depreciates tangible and intangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.
Judgement is applied by management when determining the residual values for tangible and intangible fixed assets. When determining the residual values management aim to assess the amount that the Company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices.
Stock provisions
The directors consider the age and usage of stock when calculating provisions for stock which is considered to be slow moving or obsolete.
Retrospective rebate provision
Retrospective discounts are receivable based on the level of purchasing by the company in the year. Where the rebate period differs to the financial period, management apply judgement when estimating the future value of purchases to assess whether the purchasing target will be achieved and therefore whether there is a rebate to be provided for at the year end.
- 17 -
DENNIS WILLIAMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
3
Turnover and other revenue
2021
2020
£
£
Other significant revenue
Interest income
86
369
Grants received
255,539
337,173
Other operating income
201,570
264,353
2021
2020
£
£
Turnover analysed by geographical market
United Kingdom
18,310,291
16,332,017
Rest of Europe
-
29,173
18,310,291
16,361,190
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Management
11
11
Administrative
20
15
Sales
111
96
Total
142
122
Their aggregate remuneration comprised:
2021
2020
£
£
Wages and salaries
3,598,015
3,109,885
Social security costs
262,278
254,820
Pension costs
79,589
70,930
3,939,882
3,435,635
- 18 -
DENNIS WILLIAMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
5
Operating profit
2021
2020
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
(255,539)
(337,173)
Fees payable to the company's auditor for the audit of the company's financial statements
17,793
14,000
Depreciation of owned tangible fixed assets
166,357
178,937
(Profit)/loss on disposal of tangible fixed assets
(18,691)
13,630
Amortisation of intangible assets
54,000
54,000
Cost of stocks recognised as an expense
13,014,662
11,506,837
Operating lease charges
275,750
264,758
6
Directors' remuneration
2021
2020
£
£
Remuneration for qualifying services
197,210
247,270
Remuneration disclosed above include the following amounts paid to the highest paid director:
2021
2020
£
£
Remuneration for qualifying services
100,000
125,000
7
Interest receivable and similar income
2021
2020
£
£
Interest income
Interest on bank deposits
86
369
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
86
369
8
Interest payable and similar expenses
2021
2020
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
57,059
50,326
Other finance costs:
Other interest
10,577
23,250
67,636
73,576
- 19 -
DENNIS WILLIAMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
9
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
109,043
148,364
Deferred tax
Origination and reversal of timing differences
(16,543)
1,248
Total tax charge
92,500
149,612
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2021
2020
£
£
Profit before taxation
523,921
684,470
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
99,545
130,049
Tax effect of expenses that are not deductible in determining taxable profit
813
2,039
Permanent capital allowances in excess of depreciation
(44,340)
(30,572)
Depreciation on assets not qualifying for tax allowances
38,317
46,848
Deferred tax movement
(16,543)
1,248
Chargable gains
14,708
Taxation charge for the year
92,500
149,612
10
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2021 and 31 December 2021
540,000
Amortisation and impairment
At 1 January 2021
174,150
Amortisation charged for the year
54,000
At 31 December 2021
228,150
Carrying amount
At 31 December 2021
311,850
At 31 December 2020
365,850
- 20 -
DENNIS WILLIAMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
11
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Leasehold improvements
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 January 2021
675,000
2,352,455
439,345
319,707
111,738
324,001
4,222,246
Additions
137,209
31,027
10,090
29,006
207,332
Disposals
(675,000)
(69,248)
(30,228)
(774,476)
At 31 December 2021
2,352,455
576,554
281,486
121,828
322,779
3,655,102
Depreciation and impairment
At 1 January 2021
25,400
81,447
245,205
176,484
60,335
195,468
784,339
Depreciation charged in the year
47,049
40,184
19,151
27,904
32,069
166,357
Eliminated in respect of disposals
(25,400)
(47,052)
(9,717)
(82,169)
At 31 December 2021
128,496
285,389
148,583
88,239
217,820
868,527
Carrying amount
At 31 December 2021
2,223,959
291,165
132,903
33,589
104,959
2,786,575
At 31 December 2020
649,600
2,271,008
194,140
143,223
51,403
128,533
3,437,907
- 21 -
DENNIS WILLIAMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
12
Financial instruments
2021
2020
£
£
Financial assets measured at amortised cost comprise of trade debtors, amounts owed by related parties and other debtors.
Financial liabilities measured at amortised cost comprise of bank loans, trade creditors and other creditors.
13
Stocks
2021
2020
£
£
Finished goods and goods for resale
3,510,259
3,782,076
Impairment losses in relation to slow moving or obsolete stock recognised in the Statement of Comprehensive Income as a credit during the year amounted to £14,699 (2020: -£10,547).
14
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
526,534
683,923
Other debtors
1,769,617
598,361
Prepayments and accrued income
279,722
395,132
2,575,873
1,677,416
15
Creditors: amounts falling due within one year
2021
2020
Notes
£
£
Bank loans and overdrafts
17
133,101
467,381
Trade creditors
1,784,953
2,087,287
Corporation tax
109,043
148,364
Other taxation and social security
547,346
704,261
Other creditors
282,982
250,876
Accruals and deferred income
328,873
185,762
3,186,298
3,843,931
A debenture dated 8 February 2001 is in place which is secured over all assets of the company in favour of National Westminster Bank Plc.
- 22 -
DENNIS WILLIAMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
16
Creditors: amounts falling due after more than one year
2021
2020
Notes
£
£
Bank loans and overdrafts
17
1,632,130
2,199,087
A debenture dated 8 February 2001 is in place which is secured over all assets of the company in favour of National Westminster Bank Plc.
Amounts included above which fall due after five years are as follows:
Payable by instalments
-
238,029
17
Loans and overdrafts
2021
2020
£
£
Bank loans
1,757,513
2,339,177
Bank overdrafts
7,718
327,291
1,765,231
2,666,468
Payable within one year
133,101
467,381
Payable after one year
1,632,130
2,199,087
The bank loan is repayable by monthly instalments and is due to mature in December 2033.
The bank loan is secured by way of a first legal charge dated 20 December 2013 over the company's freehold property.
During 2019 a second bank loan was taken out for the purchase of new business premises. The new loan is repayable by monthly instalments and is due to mature in April 2024.
The new bank loan is secured by a way of a first legal charged dated 9 April 2020 over the company's leasehold property.
During the year the company arranged a capital payment holiday with the bank. The disclosures for bank loans due within one year and bank loans due after one year reflect this arrangement.
- 23 -
DENNIS WILLIAMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
18
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2021
2020
Balances:
£
£
Accelerated capital allowances
81,535
83,322
Revaluations
-
14,756
81,535
98,078
2021
Movements in the year:
£
Liability at 1 January 2021
98,078
Credit to profit or loss
(16,543)
Liability at 31 December 2021
81,535
19
Retirement benefit schemes
2021
2020
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
79,589
70,930
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
20
Share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
1,400
1,400
1,400
1,400
Ordinary C of £1 each
400
400
400
400
1,800
1,800
1,800
1,800
Ordinary A shares and Ordinary C shares have full voting and dividend rights.
- 24 -
DENNIS WILLIAMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
21
Profit and loss reserves
Capital redemption reserve
The capital redemption reserve represents the nominal value of shares repurchased by the company.
Profit & loss account
The profit and loss reserves represent cumulative profits and losses, less dividends paid.
£Nil (2020: £121,139) of the profit and loss reserve relates to the revaluation of the freehold property and is not distributable.
22
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2021
2020
£
£
Within one year
338,243
184,321
Between two and five years
302,130
268,734
In over five years
105,806
746,179
453,055
- 25 -
DENNIS WILLIAMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
23
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2021
2020
£
£
Aggregate compensation
194,126
247,270
Transactions with related parties
During the year the company entered into the following transactions with related parties:
During the year, the Company paid rent of £99,330 (2020: £99,330) to a director and controlling shareholder for the use of the Company's head office premises. The rent was charged at a commercial market rate.
During the year, interest of £10,254 (2020: £22,143) was payable in respect of loans from a director.
During the year, interest of £319 (2020: £298) was payable in respect of a loan from Marjorie Williams Discretionary Trust (a shareholder in the company) in which one of the directors is a beneficiary. The balance owing to the related party at the balance sheet date was £4,627 (2020: £4,329).
During the year, interest of £4 (2020: £809) was payable on a loan from a beneficiary of the Marjorie Williams Discretionary Trust. The balance owing from the related party at the balance sheet date was £281 (2020: £nil).
During the year, the company made sales of £8,996,438 (2020: £7,334,551) to a company under the common control of a director. The balance owing from the related party at the balance sheet was £1,557,280 (2020: £751,179).
24
Directors' transactions
Dividends totalling £0 (2020 - £0) were paid in the year in respect of shares held by the company's directors.
The balance owed to directors at the year end are listed below:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mrs P B Lees - Director's loan account
-
245,974
22,143
(209,088)
59,029
245,974
22,143
(209,088)
59,029
The company has entered into guarantees f
rom
its directors as follows:
Mrs P B Lees has provided a personal guarantee of £175,000 as security on the company's bank loan. The guarantee is supported by a second legal charge on assets owned by Mrs P B Lees.
25
Ultimate controlling party
The ultimate controlling party is Mrs P B Lees, a director, by virtue of her majority shareholding.
- 26 -
DENNIS WILLIAMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
26
Cash (absorbed by)/generated from operations
2021
2020
£
£
Profit for the year after tax
431,421
534,858
Adjustments for:
Taxation charged
92,500
149,612
Finance costs
67,636
73,576
Investment income
(86)
(369)
(Gain)/loss on disposal of tangible fixed assets
(18,691)
13,630
Amortisation and impairment of intangible assets
54,000
54,000
Depreciation and impairment of tangible fixed assets
166,357
178,937
Movements in working capital:
Decrease/(increase) in stocks
271,817
(150,778)
Increase in debtors
(898,457)
(538,504)
(Decrease)/increase in creditors
(284,032)
965,019
Cash (absorbed by)/generated from operations
(117,535)
1,279,981
27
Analysis of changes in net debt
1 January 2021
Cash flows
31 December 2021
£
£
£
Cash at bank and in hand
1,301,851
(731,020)
570,831
Bank overdrafts
(327,291)
319,573
(7,718)
974,560
(411,447)
563,113
Borrowings excluding overdrafts
(2,339,177)
581,664
(1,757,513)
(1,364,617)
170,217
(1,194,400)
- 27 -
2021-12-31
2021-01-01
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Mrs P B Lees
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core:MotorVehicles
2020-12-31
00559042
core:LandBuildings
core:LeasedAssetsHeldAsLessee
2021-01-01
2021-12-31
00559042
core:Non-currentFinancialInstruments
2021-12-31
00559042
core:Non-currentFinancialInstruments
2020-12-31
00559042
core:BetweenTwoFiveYears
2021-12-31
00559042
core:BetweenTwoFiveYears
2020-12-31
00559042
core:MoreThanFiveYears
2021-12-31
00559042
core:MoreThanFiveYears
2020-12-31
00559042
bus:PrivateLimitedCompanyLtd
2021-01-01
2021-12-31
00559042
bus:FRS102
2021-01-01
2021-12-31
00559042
bus:Audited
2021-01-01
2021-12-31
00559042
bus:FullAccounts
2021-01-01
2021-12-31
xbrli:pure
xbrli:shares
iso4217:GBP