Company Registration No. 08932822 (England and Wales)
D P WILLIAMS GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
D P WILLIAMS GROUP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
D P WILLIAMS GROUP LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2020
31 December 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
4
5,592,761
5,724,466
Investments
5
201
101
5,592,962
5,724,567
Current assets
Debtors
7
11,379,474
11,299,787
Cash at bank and in hand
262,650
337,664
11,642,124
11,637,451
Creditors: amounts falling due within one year
8
(26,811)
(29,575)
Net current assets
11,615,313
11,607,876
Total assets less current liabilities
17,208,275
17,332,443
Provisions for liabilities
(855,899)
(878,988)
Net assets
16,352,376
16,453,455
Capital and reserves
Called up share capital
9
100,000
100,000
Revaluation reserve
10
176,156
169,351
Merger relief reserve
12,440,000
12,440,000
Profit and loss reserves
3,636,220
3,744,104
Total equity
16,352,376
16,453,455
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 31 December 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.
D P WILLIAMS GROUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2020
31 December 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 September 2021 and are signed on its behalf by:
Mr D P Williams
Director
Company Registration No. 08932822
D P WILLIAMS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 3 -
1
Accounting policies
Company information
D P Williams Group Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Brookside Works, Denbigh Road, Hendre, Mold, Flintshire, CH7 5QA.
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 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 £.
The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
D P Williams Group Limited is 100% owned by Williams Investment Holdings Limited, the parent company. The registered office is Brookside Works, Denbigh Road, Hendre, Mold, Flintshire, CH7 5QA.
1.2
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.
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 and short leasehold property
20% on cost
Plant and machinery
5% on cost, 10% on cost, 20% on cost or straight line over 6 years
Admin equipment
20% on cost
Motor vehicles
20% on cost
Land is not depreciated until operational, once in use it will be depreciated at a rate of 0-2% on cost.
Costs relating to Plant and Machinery are not depreciated until they are fully operational.
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
.
1.3
Fixed asset investments
Interests in subsidiaries
are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
D P WILLIAMS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 4 -
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
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.
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.
1.5
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 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.
D P WILLIAMS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 5 -
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 profit and loss account, 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.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
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.
1.8
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.
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.
D P WILLIAMS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
4
5
4
Tangible fixed assets
Freehold and short leasehold property
Plant and machinery
Admin equipment
Motor vehicles
Total
£
£
£
£
£
Cost/Valuation
At 1 January 2020
5,298,831
1,030,985
15,608
14,580
6,360,004
Additions
2,488
1,800
4,288
Disposals
(20,000)
(20,000)
At 31 December 2020
5,278,831
1,030,985
18,096
16,380
6,344,292
Depreciation and impairment
At 1 January 2020
131,645
489,334
12,482
2,077
635,538
Depreciation charged in the year
35,864
74,751
2,402
2,976
115,993
At 31 December 2020
167,509
564,085
14,884
5,053
751,531
Carrying amount
At 31 December 2020
5,111,322
466,900
3,212
11,327
5,592,761
At 31 December 2019
5,167,186
541,651
3,126
12,503
5,724,466
Freehold and Short Leasehold properties consist of land and buildings. This includes non-depreciable assets at a cost/valuation of £3,477,069 (2019 - £3,497,069)
5
Fixed asset investments
2020
2019
£
£
Investments
201
101
D P WILLIAMS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
5
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2020
101
Additions
100
At 31 December 2020
201
Carrying amount
At 31 December 2020
201
At 31 December 2019
101
6
Subsidiaries
Details of the company's subsidiaries at 31 December 2020 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
D P Williams Limited
England and Wales
Ordinary
100.00
D P Williams Quarries Limited
England and Wales
Ordinary
100.00
7
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
8,363
2,998
Corporation tax recoverable
20,005
20,005
Amounts owed by group undertakings
2,915,230
1,702,598
Other debtors
1,000,200
1,000,000
Prepayments and accrued income
223,233
253,533
4,167,031
2,979,134
2020
2019
Amounts falling due after more than one year:
£
£
Other debtors
7,212,443
8,320,653
Total debtors
11,379,474
11,299,787
D P WILLIAMS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 8 -
8
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
8,331
9,413
Corporation tax
6,189
Other taxation and social security
3,210
9,543
Other creditors
4,331
4,719
Accruals and deferred income
4,750
5,900
26,811
29,575
9
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
100,000 Ordinary of £1 each
100,000
100,000
100,000
100,000
10
Revaluation reserve
2020
2019
£
£
At the beginning of the year
169,351
230,208
Deferred tax on revaluation of tangible assets
6,805
(60,857)
At the end of the year
176,156
169,351
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
11,602
17,787
12
Related party transactions
Included in debtors is the amount of £2,915,230 (2019 - £1,702,598) due from Williams Investment Holdings Limited, the parent company. The loan is repayable on demand and no interest has been charged.