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REGISTERED NUMBER: 00567031 (England and Wales)















Unaudited Financial Statements

for the Year Ended 30 June 2023

for

Fred Watkins (Estates) Limited

Fred Watkins (Estates) Limited (Registered number: 00567031)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Fred Watkins (Estates) Limited

Company Information
for the Year Ended 30 June 2023







DIRECTOR: Mr P B Watkins





REGISTERED OFFICE: New Dunn Business Park
Sling
Coleford
Gloucestershire
GL16 8JD





REGISTERED NUMBER: 00567031 (England and Wales)





ACCOUNTANTS: ARC & Co. Accountants Limited
Northfield House
Shurdington Road
Bentham
Cheltenham
Gloucestershire
GL51 4UA

Fred Watkins (Estates) Limited (Registered number: 00567031)

Balance Sheet
30 June 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 273,455 312,530
Investment property 5 4,076,251 2,963,536
4,349,706 3,276,066

CURRENT ASSETS
Stocks 6 245,000 275,000
Debtors 7 1,250,203 1,243,634
Cash at bank 23,011 2
1,518,214 1,518,636
CREDITORS
Amounts falling due within one year 8 2,386,630 730,437
NET CURRENT (LIABILITIES)/ASSETS (868,416 ) 788,199
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,481,290

4,064,265

CREDITORS
Amounts falling due after more than one
year

9

90,079

1,572,345
NET ASSETS 3,391,211 2,491,920

CAPITAL AND RESERVES
Called up share capital 11 2 2
Non-distributable profit reserve 12 1,624,845 512,130
Retained earnings 12 1,766,364 1,979,788
SHAREHOLDERS' FUNDS 3,391,211 2,491,920

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

Fred Watkins (Estates) Limited (Registered number: 00567031)

Balance Sheet - continued
30 June 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 26 October 2023 and were signed by:





Mr P B Watkins - Director


Fred Watkins (Estates) Limited (Registered number: 00567031)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Fred Watkins (Estates) 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 as modified by the revaluation of certain assets.

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

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 - 5% on cost
Fixtures and fittings - 7% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

Fred Watkins (Estates) Limited (Registered number: 00567031)

Notes to the Financial Statements - continued
for the Year Ended 30 June 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 July 2022
and 30 June 2023 561,096 56,835 321,354 1,423 940,708
DEPRECIATION
At 1 July 2022 296,460 52,821 277,474 1,423 628,178
Charge for year 27,779 326 10,970 - 39,075
At 30 June 2023 324,239 53,147 288,444 1,423 667,253
NET BOOK VALUE
At 30 June 2023 236,857 3,688 32,910 - 273,455
At 30 June 2022 264,636 4,014 43,880 - 312,530

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 July 2022
and 30 June 2023 68,400
DEPRECIATION
At 1 July 2022 39,544
Charge for year 7,214
At 30 June 2023 46,758
NET BOOK VALUE
At 30 June 2023 21,642
At 30 June 2022 28,856

Fred Watkins (Estates) Limited (Registered number: 00567031)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2022 2,963,536
Revaluations 1,112,715
At 30 June 2023 4,076,251
NET BOOK VALUE
At 30 June 2023 4,076,251
At 30 June 2022 2,963,536

Fair value at 30 June 2023 is represented by:
£   
Valuation in 2023 1,112,715
Valuation in 2017 512,131
Cost 2,451,405
4,076,251

If the investment properties had not been revalued they would have been included at the following historical cost:

30.6.23 30.6.22
£    £   
Cost 2,451,405 2,451,405

The investment properties were valued on a fair value basis on 6 June 2023 by Carter Jones LLP .

6. STOCKS
30.6.23 30.6.22
£    £   
Stocks 245,000 275,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade debtors 82,628 175,255
Other debtors 1,167,575 1,068,379
1,250,203 1,243,634

Fred Watkins (Estates) Limited (Registered number: 00567031)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Bank loans and overdrafts 1,873,279 51,887
Other loans 268,937 425,987
Hire purchase contracts 39,837 39,837
Trade creditors 70,316 58,880
Social security and other taxes 29,937 26,191
VAT 96,824 110,655
Accrued expenses 7,500 17,000
2,386,630 730,437

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.23 30.6.22
£    £   
Bank loans - 1-5 years 31,146 142,770
Bank loans more than 5 years - 803,452
Other loans - over 1 year 71,890 562,000
Directors loan account (42,354 ) 40,744
Hire purchase contracts 29,397 23,379
90,079 1,572,345

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years - 803,452

10. SECURED DEBTS

The following secured debts are included within creditors:

30.6.23 30.6.22
£    £   
Bank loans 1,904,425 998,109
Other loans 340,827 987,987
Hire purchase contracts 69,234 63,216
2,314,486 2,049,312

The bank and other loans are secured upon the assets of the company. The hire purchase contracts are secured upon the fixed assets to which they relate.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.23 30.6.22
value: £    £   
20 Ordinary £0.10 2 2

Fred Watkins (Estates) Limited (Registered number: 00567031)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

12. RESERVES
Non-distributable
Retained profit
earnings reserve Totals
£    £    £   

At 1 July 2022 1,979,788 512,130 2,491,918
Profit for the year 899,291 899,291
Investment property
revaluation (1,112,715 ) 1,112,715 -
At 30 June 2023 1,766,364 1,624,845 3,391,209

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2023 and 30 June 2022:

30.6.23 30.6.22
£    £   
Mr P B Watkins
Balance outstanding at start of year - -
Amounts advanced 42,354 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 42,354 -

Interest has been charged on the overdrawn amounts at the appropriate rates.

14. ULTIMATE CONTROLLING PARTY

Beaufort Property Holdings Ltd is the ultimate controlling party by virtue of its holding all of the company's issued share capital.