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Registered Number: 08251334
England and Wales

 

 

 

WATSON & CO. LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 February 2022

End date: 30 January 2023
Directors Martin Watson
Hazel Watson
Registered Number 08251334
Registered Office Unit 10 Falcom Business Park Marino Way
Hogwood Industrial Estate
Finchampstead
England
RG40 4QQ
1
Director's report and financial statements
The directors present their annual report and the financial statements for the year ended 30 January 2023.
Principal activities
Principal activity of the company during the financial year was that of builders and general maintenance.
Directors
The directors who served the company throughout the period were as follows:
Martin Watson
Hazel Watson
Statement of directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
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 (Financial Reporting Standard 102 including Section 1A on "Small Entities". 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 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 and
  • 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 companys 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. The directors 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

This report was approved by the board and signed on its behalf by:


----------------------------------
Martin Watson
Director

Date approved: 03 October 2023
2
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Watson & Co. Limited for the year ended period ended 30 January 2023 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of Watson & Co. Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Watson & Co. Limited and state those matters that we have agreed to state to the director of Watson & Co. Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Watson & Co. Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Watson & Co. Limited. You consider that Watson & Co. Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Watson & Co. Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.













....................................................
Melanie Curtis Accountants Ltd


03 October 2023
3
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 493,227    491,901 
493,227    491,901 
Current assets      
Stocks 4 26,380    16,637 
Debtors 5 93,532    72,258 
Cash at bank and in hand 325,168    209,089 
445,080    297,984 
Creditors: amount falling due within one year 6 (85,594)   (45,048)
Net current assets 359,486    252,936 
 
Total assets less current liabilities 852,713    744,837 
Provisions for liabilities 7 (6,691)   (10,930)
Net assets 846,022    733,907 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 845,922    733,807 
Shareholder's funds 846,022    733,907 
 


For the period ended 30 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 03 October 2023 and were signed on its behalf by:


-------------------------------
Martin Watson
Director
4
  Equity share capital   Retained Earnings   Total
£ £ £
At 01 February 2021 100  724,482  724,582 
Profit for the period 13,325  13,325 
Total comprehensive income for the period 13,325  13,325 
Dividends (4,000) (4,000)
Total investments by and distributions to owners (4,000) (4,000)
At 31 January 2022 100  733,807  733,907 
At 01 February 2022 100  733,807  733,907 
Profit for the period 152,115  152,115 
Total comprehensive income for the period 152,115  152,115 
Dividends (40,000) (40,000)
Total investments by and distributions to owners (40,000) (40,000)
At 30 January 2023 100  845,922  846,022 
5
General Information
Watson & Co. Limited is a private company, limited by shares, registered in England and Wales, registration number 08251334, registration address Unit 10 Falcom Business Park Marino Way, Hogwood Industrial Estate, Finchampstead, England, RG40 4QQ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102. "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

During the financial year under review, the average number of employees was 5.
Average number of employees during the period was 5 (2022 : 0).
3.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Motor Vehicles   Computer Equipment   Total
  £   £   £   £   £
At 01 February 2022 458,010    34,813    84,635    3,542    581,000 
Additions   10,850        10,850 
Disposals        
At 30 January 2023 458,010    45,663    84,635    3,542    591,850 
Depreciation
At 01 February 2022   29,366    57,282    2,451    89,099 
Charge for period   3,829    5,432    263    9,524 
On disposals        
At 30 January 2023   33,195    62,714    2,714    98,623 
Net book values
Closing balance as at 30 January 2023 458,010    12,468    21,921    828    493,227 
Opening balance as at 01 February 2022 458,010    5,447    27,353    1,091    491,901 


4.

Stocks

2023
£
  2022
£
Work in Progress 26,380    16,637 
26,380    16,637 

5.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 91,983    69,858 
Prepayments & Accrued Income 245    904 
Taxation recoverable 1,304    1,496 
93,532    72,258 

6.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 3,312    2,973 
Bank Loans & Overdrafts (Secured)   5,108 
Social Security and Other Taxes 73,981    33,837 
Other Creditors 6,065   
Directors' Current Accounts 2,236    3,130 
85,594    45,048 

7.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax 6,691    10,930 
6,691    10,930 

6