Company Registration No. 00990862 (England and Wales)
WATERTON ENGINEERING CO. LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
WATERTON ENGINEERING CO. LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
WATERTON ENGINEERING CO. LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
529,126
524,761
Current assets
Stocks
7,500
3,515
Debtors
4
162,550
193,521
Cash at bank and in hand
530,862
498,045
700,912
695,081
Creditors: amounts falling due within one year
5
(173,851)
(241,289)
Net current assets
527,061
453,792
Total assets less current liabilities
1,056,187
978,553
Provisions for liabilities
(15,325)
(14,212)
Net assets
1,040,862
964,341
Capital and reserves
Called up share capital
400
400
Profit and loss reserves
1,040,462
963,941
Total equity
1,040,862
964,341

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 2021 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.

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.

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 7 June 2022 and are signed on its behalf by:
D M Wild
P Wild
Director
Director
Company Registration No. 00990862
WATERTON ENGINEERING CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
1
Accounting policies
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 amounts 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.

1.2
Going concern

On 11 March 2020true, Covid-19 was designated a pandemic by the World Health Organisation (WHO). The directors continue to review the impact on the business, ensuring provisions are put in place to mitigate any risk to the company’s ability to trade as a going concern. At the date of signing the financial statements, in the opinion of the directors, Covid-19 will not impact on the company’s ability to trade as a going concern. Consequently, the company continues to adopt the going concern basis in preparing the financial statements.

1.3
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

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
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.

Tangible fixed assets include land. Other tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Freehold farmland
nil
Plant and machinery
15% reducing balance
Fixtures, fittings & equipment
15% reducing balance
Farm equipment
2 years 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.

1.5
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.

WATERTON ENGINEERING CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 3 -
1.6
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.

1.7
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.

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.

1.8
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.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Government grants

Government grants consists of monies received under the Coronavirus Job Retention Scheme and amounts received are disclosed in other operating income.

1.11
Company information

Waterton Engineering Co. Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bridge Works, Raymond Avenue, Chadderton, Oldham, Lancs, OL9 7HW.

WATERTON ENGINEERING CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
Total
8
9
3
Tangible fixed assets
Freehold farmland
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2021
441,672
897,853
1,339,525
Additions
-
0
40,650
40,650
At 31 December 2021
441,672
938,503
1,380,175
Depreciation and impairment
At 1 January 2021
-
0
814,764
814,764
Depreciation charged in the year
-
0
36,285
36,285
At 31 December 2021
-
0
851,049
851,049
Carrying amount
At 31 December 2021
441,672
87,454
529,126
At 31 December 2020
441,672
83,089
524,761
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
141,198
143,150
Other debtors
21,352
50,371
162,550
193,521
WATERTON ENGINEERING CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
5
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
10,968
22,178
Taxation and social security
88,443
64,671
Other creditors
74,440
154,440
173,851
241,289
2021-12-312021-01-01false08 June 2022CCH SoftwareCCH Accounts Production 2022.100No description of principal activityD M WildP WildD M Wild009908622021-01-012021-12-31009908622021-12-31009908622020-12-3100990862core:LandBuildings2021-12-3100990862core:OtherPropertyPlantEquipment2021-12-3100990862core:LandBuildings2020-12-3100990862core:OtherPropertyPlantEquipment2020-12-3100990862core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3100990862core:CurrentFinancialInstrumentscore:WithinOneYear2020-12-3100990862core:CurrentFinancialInstruments2021-12-3100990862core:CurrentFinancialInstruments2020-12-3100990862core:ShareCapital2021-12-3100990862core:ShareCapital2020-12-3100990862core:RetainedEarningsAccumulatedLosses2021-12-3100990862core:RetainedEarningsAccumulatedLosses2020-12-3100990862bus:CompanySecretaryDirector12021-01-012021-12-3100990862bus:Director12021-01-012021-12-3100990862core:LandBuildingscore:OwnedOrFreeholdAssets2021-01-012021-12-3100990862core:PlantMachinery2021-01-012021-12-3100990862core:FurnitureFittings2021-01-012021-12-3100990862core:ComputerEquipment2021-01-012021-12-3100990862core:MotorVehicles2021-01-012021-12-31009908622020-01-012020-12-3100990862core:LandBuildings2020-12-3100990862core:OtherPropertyPlantEquipment2020-12-31009908622020-12-3100990862core:LandBuildings2021-01-012021-12-3100990862core:OtherPropertyPlantEquipment2021-01-012021-12-3100990862core:WithinOneYear2021-12-3100990862core:WithinOneYear2020-12-3100990862bus:PrivateLimitedCompanyLtd2021-01-012021-12-3100990862bus:SmallCompaniesRegimeForAccounts2021-01-012021-12-3100990862bus:FRS1022021-01-012021-12-3100990862bus:AuditExemptWithAccountantsReport2021-01-012021-12-3100990862bus:Director22021-01-012021-12-3100990862bus:CompanySecretary12021-01-012021-12-3100990862bus:FullAccounts2021-01-012021-12-31xbrli:purexbrli:sharesiso4217:GBP