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REGISTERED NUMBER: 05655964 (England and Wales)










Unaudited Financial Statements for the Year Ended 31 January 2023

for

Watts Engineering Services Limited

Watts Engineering Services Limited (Registered number: 05655964)






Contents of the Financial Statements
for the Year Ended 31 January 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Watts Engineering Services Limited

Company Information
for the Year Ended 31 January 2023







DIRECTOR: D Watts





REGISTERED OFFICE: Unit 6 Aldwarke Business Park
Waddington Way
Rotherham
South Yorkshire
S65 3SH





REGISTERED NUMBER: 05655964 (England and Wales)

Watts Engineering Services Limited (Registered number: 05655964)

Balance Sheet
31 January 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 15,000 20,000
Tangible assets 5 113,869 100,549
128,869 120,549

CURRENT ASSETS
Stocks 45,000 70,000
Debtors 6 306,472 479,818
Cash at bank 184,895 37,239
536,367 587,057
CREDITORS
Amounts falling due within one year 7 269,449 408,178
NET CURRENT ASSETS 266,918 178,879
TOTAL ASSETS LESS CURRENT
LIABILITIES

395,787

299,428

CREDITORS
Amounts falling due after more than one
year

8

(68,258

)

(83,868

)

PROVISIONS FOR LIABILITIES (29,044 ) (19,104 )
NET ASSETS 298,485 196,456

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 298,484 196,455
SHAREHOLDERS' FUNDS 298,485 196,456

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Watts Engineering Services Limited (Registered number: 05655964)

Balance Sheet - continued
31 January 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 17 October 2023 and were signed by:





D Watts - Director


Watts Engineering Services Limited (Registered number: 05655964)

Notes to the Financial Statements
for the Year Ended 31 January 2023

1. STATUTORY INFORMATION

Watts Engineering Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 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. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of twenty years.

The goodwill purchased in 2006 will be fully written off by 2026. The residual value of the goodwill being at a level when FRS 102 was introduced to be written off within 10 years of that date, being consistent with the historic policy.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33% on cost, 25% on reducing balance and 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Watts Engineering Services Limited (Registered number: 05655964)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company makes pension contributions in accordance with auto enrolment legislation.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 10 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2022
and 31 January 2023 100,000
AMORTISATION
At 1 February 2022 80,000
Charge for year 5,000
At 31 January 2023 85,000
NET BOOK VALUE
At 31 January 2023 15,000
At 31 January 2022 20,000

Watts Engineering Services Limited (Registered number: 05655964)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2022 237,665
Additions 45,474
Disposals (42,237 )
At 31 January 2023 240,902
DEPRECIATION
At 1 February 2022 137,116
Charge for year 22,714
Eliminated on disposal (32,797 )
At 31 January 2023 127,033
NET BOOK VALUE
At 31 January 2023 113,869
At 31 January 2022 100,549

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 February 2022 110,296
Additions 13,995
Disposals (10,628 )
Transfer to ownership (10,708 )
At 31 January 2023 102,955
DEPRECIATION
At 1 February 2022 47,405
Charge for year 14,910
Eliminated on disposal (7,265 )
Transfer to ownership (7,320 )
At 31 January 2023 47,730
NET BOOK VALUE
At 31 January 2023 55,225
At 31 January 2022 62,891

Watts Engineering Services Limited (Registered number: 05655964)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 299,228 474,782
Other debtors 7,244 5,036
306,472 479,818

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,253 10,214
Hire purchase contracts (see note 9) 19,155 20,433
Trade creditors 122,255 277,590
Amounts owed to group undertakings 252 815
Taxation and social security 111,082 88,906
Other creditors 6,452 10,220
269,449 408,178

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 23,055 33,116
Hire purchase contracts (see note 9) 45,203 50,752
68,258 83,868

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 19,155 20,433
Between one and five years 45,203 50,752
64,358 71,185

Non-cancellable operating leases
2023 2022
£    £   
Within one year 9,666 58,000
Between one and five years - 9,666
9,666 67,666

Watts Engineering Services Limited (Registered number: 05655964)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 64,358 71,185

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2023 and 31 January 2022:

2023 2022
£    £   
D Watts
Balance outstanding at start of year - 23,000
Amounts repaid - (23,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

12. RELATED PARTY DISCLOSURES

Watts & Thompson Limited

The parent company of Watts Engineering Services Limited.

Monies were loaned on an interest free basis repayable upon demand, the balance at the year end owing to Watts & Thompson Limited £252, (2022: £815).

13. ULTIMATE CONTROLLING PARTY

The controlling party is Watts & Thompson Limited, a company registered in England and Wales..

The company is a wholly owned subsidiary of Watts & Thompson Limited a company controlled by Mr D Watts a director of both companies.