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REGISTERED NUMBER: 07124148 (England and Wales)

















WATTS ROOFING SUPPLIES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023






WATTS ROOFING SUPPLIES LTD (REGISTERED NUMBER: 07124148)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


WATTS ROOFING SUPPLIES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2023







DIRECTORS: S R Watts
A J F Wheeler
Mrs F Wheeler
Mrs N Watts





REGISTERED OFFICE: Warren Farm
Royston Road
Baldock
Hertfordshire
SG7 6QZ





REGISTERED NUMBER: 07124148 (England and Wales)





ACCOUNTANTS: Jones Hunt & Keelings
Chartered Certified Accountants and
Chartered Tax Advisers
Broad House
1 The Broadway
Old Hatfield
Hertfordshire
AL9 5BG

WATTS ROOFING SUPPLIES LTD (REGISTERED NUMBER: 07124148)

BALANCE SHEET
31 JANUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 834,521 235,481

CURRENT ASSETS
Stocks 1,871,950 1,652,186
Debtors 5 1,699,715 1,812,612
Cash at bank and in hand 950,099 678,792
4,521,764 4,143,590
CREDITORS
Amounts falling due within one year 6 3,402,534 3,334,000
NET CURRENT ASSETS 1,119,230 809,590
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,953,751

1,045,071

CREDITORS
Amounts falling due after more than one year 7 (594,257 ) (137,023 )

PROVISIONS FOR LIABILITIES 9 (158,558 ) (41,788 )
NET ASSETS 1,200,936 866,260

CAPITAL AND RESERVES
Called up share capital 10 200 200
Retained earnings 1,200,736 866,060
SHAREHOLDERS' FUNDS 1,200,936 866,260

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 directors acknowledge their 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.

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 Profit and Loss Account has not been delivered.

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:





S R Watts - Director


WATTS ROOFING SUPPLIES LTD (REGISTERED NUMBER: 07124148)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1. STATUTORY INFORMATION

Watts Roofing Supplies Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 applicable to small companies. 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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Going concern
The directors have a reasonable expectation that the company will continue to operate for the foreseeable future and so these financial statements are again prepared on the going concern basis.

Turnover
The company supplies roofing materials. Turnover is recognised when goods are handed over, or delivered, to customers, and 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 - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

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

WATTS ROOFING SUPPLIES LTD (REGISTERED NUMBER: 07124148)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets:
Basic financial assets, which include debtors, are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts, discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Other financial assets, including investments in equity instruments, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Basic financial liabilities:
Basic financial liabilities, including trade and other payables, and bank loans are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual
obligation is discharged, cancelled or expires.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account.

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.


WATTS ROOFING SUPPLIES LTD (REGISTERED NUMBER: 07124148)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

2. ACCOUNTING POLICIES - continued
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.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Significant judgements and estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

In the preparation of these financial statements, the company's critical accounting judgements and estimates are in respect of impairment and depreciation of fixed assets, the net realisable value of stock, and the recoverability of debtors. These judgements and estimates are continually reviewed and based on experience and other factors, including expectations of future events, that are believed to be reasonable in the prevailing circumstances.

Government grants
Government grants have been accounted for under the accrual model and recognised as other income in the period to which they relate

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2022 - 26 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 February 2022 27,244 165,757 15,513
Additions - 67,369 -
Disposals - (8,550 ) -
At 31 January 2023 27,244 224,576 15,513
DEPRECIATION
At 1 February 2022 11,698 101,488 7,023
Charge for year 5,449 31,372 2,122
Eliminated on disposal - (6,604 ) -
At 31 January 2023 17,147 126,256 9,145
NET BOOK VALUE
At 31 January 2023 10,097 98,320 6,368
At 31 January 2022 15,546 64,269 8,490

WATTS ROOFING SUPPLIES LTD (REGISTERED NUMBER: 07124148)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 February 2022 258,005 43,468 509,987
Additions 723,038 4,797 795,204
Disposals (95,600 ) - (104,150 )
At 31 January 2023 885,443 48,265 1,201,041
DEPRECIATION
At 1 February 2022 119,714 34,583 274,506
Charge for year 111,381 4,553 154,877
Eliminated on disposal (56,259 ) - (62,863 )
At 31 January 2023 174,836 39,136 366,520
NET BOOK VALUE
At 31 January 2023 710,607 9,129 834,521
At 31 January 2022 138,291 8,885 235,481

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 February 2022 77,638 175,285 252,923
Additions 40,947 723,038 763,985
Disposals - (57,000 ) (57,000 )
At 31 January 2023 118,585 841,323 959,908
DEPRECIATION
At 1 February 2022 35,020 72,271 107,291
Charge for year 19,059 100,965 120,024
Eliminated on disposal - (32,953 ) (32,953 )
At 31 January 2023 54,079 140,283 194,362
NET BOOK VALUE
At 31 January 2023 64,506 701,040 765,546
At 31 January 2022 42,618 103,014 145,632

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,339,873 1,580,234
Amounts owed by group undertakings 283,293 -
Other debtors 76,549 232,378
1,699,715 1,812,612

WATTS ROOFING SUPPLIES LTD (REGISTERED NUMBER: 07124148)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 39,600 422,019
Hire purchase contracts 147,419 55,392
Trade creditors 3,107,098 2,553,635
Taxation and social security 101,795 256,337
Other creditors 6,622 46,617
3,402,534 3,334,000

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 70,022 112,072
Hire purchase contracts 524,235 24,951
594,257 137,023

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 109,622 534,091
Hire purchase contracts 671,654 80,343
781,276 614,434

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 158,558 41,788

Deferred
tax
£   
Balance at 1 February 2022 41,788
Capital allowances in advance
of depreciation 116,770
Balance at 31 January 2023 158,558

10. CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100
100 Ordinary B £1 100 100
200 200

WATTS ROOFING SUPPLIES LTD (REGISTERED NUMBER: 07124148)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

11. RELATED PARTY DISCLOSURES

During the year the Company:
- paid salaries of £16,328 (2022: £16,328) to its directors; and
- borrowed £231 (2022: £414) from the directors

At the balance sheet date the Company:
- owed £1,109 (2022: £877) to the directors.
There are no terms as to payment of interest or repayment of capital in respect of these loans.