Company Registration No. 11342581 (England and Wales)
Watson & Hunter Specialised Vehicles Limited
Unaudited accounts
for the year ended 31 May 2023
Watson & Hunter Specialised Vehicles Limited
Unaudited accounts
Contents
Watson & Hunter Specialised Vehicles Limited
Company Information
for the year ended 31 May 2023
Directors
A M Hunter
M Watson
Company Number
11342581 (England and Wales)
Registered Office
Becklands Park Industrial Estate
York Road
Market Weighton
East Yorkshire
YO43 3GA
United Kingdom
Accountants
Woolley & Co - Accountants and Chartered Tax Advisors
Crown House, York Road
Shiptonthorpe
York
East Yorkshire
YO43 3PF
Watson & Hunter Specialised Vehicles Limited
Statement of financial position
as at 31 May 2023
Tangible assets
101,842
49,160
Inventories
263,250
202,000
Cash at bank and in hand
585,793
201,007
Creditors: amounts falling due within one year
(542,579)
(460,872)
Net current assets
471,546
375,628
Total assets less current liabilities
573,388
424,788
Creditors: amounts falling due after more than one year
(21,667)
(50,567)
Provisions for liabilities
Deferred tax
(19,350)
(9,341)
Net assets
532,371
364,880
Called up share capital
100
100
Profit and loss account
532,271
364,780
Shareholders' funds
532,371
364,880
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts 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 FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 13 October 2023 and were signed on its behalf by
A M Hunter
Director
Company Registration No. 11342581
Watson & Hunter Specialised Vehicles Limited
Notes to the Accounts
for the year ended 31 May 2023
Watson & Hunter Specialised Vehicles Limited is a private company, limited by shares, registered in England and Wales, registration number 11342581. The registered office is Becklands Park Industrial Estate, York Road, Market Weighton, East Yorkshire, YO43 3GA, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% on a reducing balance
Motor vehicles
20% on a reducing balance
Fixtures & fittings
20% on a reducing balance
Watson & Hunter Specialised Vehicles Limited
Notes to the Accounts
for the year ended 31 May 2023
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 June 2022
45,557
61,319
-
106,876
Additions
-
-
64,670
64,670
At 31 May 2023
45,557
61,319
64,670
171,546
At 1 June 2022
25,937
31,779
-
57,716
Charge for the year
3,924
5,908
2,156
11,988
At 31 May 2023
29,861
37,687
2,156
69,704
At 31 May 2023
15,696
23,632
62,514
101,842
At 31 May 2022
19,620
29,540
-
49,160
Amounts falling due within one year
Trade debtors
94,602
405,695
Accrued income and prepayments
-
15,930
Other debtors
70,480
11,868
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
10,000
10,000
Obligations under finance leases and hire purchase contracts
2,020
8,008
Trade creditors
46,149
104,986
Taxes and social security
55,960
56,897
Other creditors
57,839
6,667
Deferred income
310,000
250,800
7
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
-
18,718
Watson & Hunter Specialised Vehicles Limited
Notes to the Accounts
for the year ended 31 May 2023
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Loan
11,614
29,489
-
41,103
The loan balances will be cleared at 31 October 2023 with directors' bonuses voted on 13 October 2023.
9
Transactions with related parties
During the year rent was paid to the directors' joint property account for the use of the factory unit utilised by the company, that the directors own in joint names. The amount of rent charged was £60,000 (2022 : £60,000) with a further £50,000 accrued in 2023 for back rent due to a change in previous rental agreement.
There were no amounts outstanding at either the 2023 or 2022 financial year end.
10
Average number of employees
During the year the average number of employees was 20 (2022: 19).