Company Registration No. SC301608 (Scotland)
SE WATSON CONSULTING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
James Hair & Co
59 Bonnygate
CUPAR
Fife
UK
KY15 4BY
SE WATSON CONSULTING LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
17,500
Tangible assets
4
4,993
2,574
22,493
2,574
Current assets
Debtors
5
7,680
16,098
Cash at bank and in hand
47,197
101,713
54,877
117,811
Creditors: amounts falling due within one year
6
(13,080)
(30,302)
Net current assets
41,797
87,509
Total assets less current liabilities
64,290
90,083
Provisions for liabilities
7
(949)
(489)
Net assets
63,341
89,594
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
63,241
89,494
Total equity
63,341
89,594
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 January 2023 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 18 October 2023 and are signed on its behalf by:
Mrs S E Watson
Director
Company Registration No. SC301608
SE WATSON CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 2 -
1
Accounting policies
Company information
SE Watson Consulting Limited is a private company limited by shares incorporated in Scotland. The registered office is Aulds Well House, Easter Coldrain, Kinross, KY13 0QW.
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
Turnover
Turnover comprises the invoiced value of consultancy services provided by the company, net of Value Added Tax and trade discounts.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Franchise fee
20% straight line
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.
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:
Fixtures and fittings
25% Reducing Balance
Computers
25% Reducing Balance
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.
SE WATSON CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments
Basic financial instruments are recognised at amortised cost using the effective interest method except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in the profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with charges recognised in profit and loss.
1.6
Taxation
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.
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.
1.7
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2022 - 2).
2023
2022
Number
Number
Total
2
2
SE WATSON CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 4 -
3
Intangible fixed assets
Franchise fee
£
Cost
At 1 February 2022
Additions
17,500
At 31 January 2023
17,500
Amortisation and impairment
At 1 February 2022 and 31 January 2023
Carrying amount
At 31 January 2023
17,500
At 31 January 2022
4
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2022
4,815
1,976
6,791
Additions
3,999
3,999
At 31 January 2023
4,815
1,976
3,999
10,790
Depreciation and impairment
At 1 February 2022
3,507
710
4,217
Depreciation charged in the year
327
253
1,000
1,580
At 31 January 2023
3,834
963
1,000
5,797
Carrying amount
At 31 January 2023
981
1,013
2,999
4,993
At 31 January 2022
1,308
1,266
2,574
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
16,098
Corporation tax recoverable
1,192
Other debtors
5,893
Prepayments and accrued income
595
7,680
16,098
SE WATSON CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 5 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
13
Corporation tax
13,400
Other taxation and social security
6,291
Directors current accounts
11,031
500
Accruals and deferred income
2,049
10,098
13,080
30,302
7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
949
489
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
90 Ordinary A Shares of £1 each
90
90
10 Ordinary B Shares of £1 each
10
10
100
100