Registered number
SC471793
Watsons of Leven Limited
Filleted Accounts
31 March 2023
Watsons of Leven Limited
Registered number: SC471793
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 24,850 31,950
Tangible assets 4 7,351 8,047
32,201 39,997
Current assets
Stocks 10,606 6,606
Debtors 5 27,473 30,251
Cash at bank and in hand 2,782 26,718
40,861 63,575
Creditors: amounts falling due within one year 6 (36,069) (31,510)
Net current assets 4,792 32,065
Total assets less current liabilities 36,993 72,062
Creditors: amounts falling due after more than one year 7 (34) (90)
Provisions for liabilities (1,089) (1,222)
Net assets 35,870 70,750
Capital and reserves
Called up share capital 10 10
Profit and loss account 35,860 70,740
Shareholder's funds 35,870 70,750
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R. Watson
Director
Approved by the board on 6 November 2023
Watsons of Leven Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset as follows
Freehold buildings over 50 years
Vehicles 25% by Reducing Balance
Plant and machinery 20% by Reducing Balance
Fixtures, fittings, tools and equipment 20% by Reducing Balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 8 8
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 71,000
At 31 March 2023 71,000
Amortisation
At 1 April 2022 39,050
Provided during the year 7,100
At 31 March 2023 46,150
Net book value
At 31 March 2023 24,850
At 31 March 2022 31,950
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 15,673 12,043 27,716
Additions 674 - 674
At 31 March 2023 16,347 12,043 28,390
Depreciation
At 1 April 2022 9,243 10,426 19,669
Charge for the year 1,370 - 1,370
At 31 March 2023 10,613 10,426 21,039
Net book value
At 31 March 2023 5,734 1,617 7,351
At 31 March 2022 6,430 1,617 8,047
5 Debtors 2023 2022
£ £
Trade debtors 25,108 28,166
Other debtors 2,365 2,085
27,473 30,251
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 5,480 -
Trade creditors 27,287 26,234
Taxation and social security costs 2,462 5,004
Other creditors 840 272
36,069 31,510
7 Creditors: amounts falling due after one year 2023 2022
£ £
Director's account 34 90
8 Other information
Watsons of Leven Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
1 Victoria Road
Kirkcaldy
Fife
KY1 1DT
Watsons of Leven Limited SC471793 false 2022-04-01 2023-03-31 2023-03-31 VT Final Accounts October 2023 release 2 R. Watson No description of principal activity SC471793 2021-04-01 2022-03-31 SC471793 core:WithinOneYear 2022-03-31 SC471793 core:AfterOneYear 2022-03-31 SC471793 core:ShareCapital 2022-03-31 SC471793 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC471793 2022-04-01 2023-03-31 SC471793 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC471793 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC471793 bus:Director40 2022-04-01 2023-03-31 SC471793 1 2022-04-01 2023-03-31 SC471793 2 2022-04-01 2023-03-31 SC471793 core:Goodwill 2022-04-01 2023-03-31 SC471793 core:PlantMachinery 2022-04-01 2023-03-31 SC471793 core:Vehicles 2022-04-01 2023-03-31 SC471793 countries:England 2022-04-01 2023-03-31 SC471793 bus:FRS102 2022-04-01 2023-03-31 SC471793 bus:FullAccounts 2022-04-01 2023-03-31 SC471793 2023-03-31 SC471793 core:WithinOneYear 2023-03-31 SC471793 core:AfterOneYear 2023-03-31 SC471793 core:ShareCapital 2023-03-31 SC471793 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC471793 core:Goodwill 2023-03-31 SC471793 core:PlantMachinery 2023-03-31 SC471793 core:Vehicles 2023-03-31 SC471793 2022-03-31 SC471793 core:Goodwill 2022-03-31 SC471793 core:PlantMachinery 2022-03-31 SC471793 core:Vehicles 2022-03-31 iso4217:GBP xbrli:pure