Zach Watts Master Thatcher Limited 09499878 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is thatching. Digita Accounts Production Advanced 6.30.9574.0 true 09499878 2022-04-01 2023-03-31 09499878 2023-03-31 09499878 bus:OrdinaryShareClass1 2023-03-31 09499878 core:CurrentFinancialInstruments 2023-03-31 09499878 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 09499878 core:Non-currentFinancialInstruments 2023-03-31 09499878 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 09499878 core:FurnitureFittings 2023-03-31 09499878 core:MotorVehicles 2023-03-31 09499878 core:OfficeEquipment 2023-03-31 09499878 core:PlantMachinery 2023-03-31 09499878 bus:SmallEntities 2022-04-01 2023-03-31 09499878 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 09499878 bus:FullAccounts 2022-04-01 2023-03-31 09499878 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 09499878 bus:RegisteredOffice 2022-04-01 2023-03-31 09499878 bus:Director1 2022-04-01 2023-03-31 09499878 bus:Director2 2022-04-01 2023-03-31 09499878 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 09499878 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 09499878 bus:Agent1 2022-04-01 2023-03-31 09499878 core:FurnitureFittings 2022-04-01 2023-03-31 09499878 core:MotorVehicles 2022-04-01 2023-03-31 09499878 core:OfficeEquipment 2022-04-01 2023-03-31 09499878 core:PlantMachinery 2022-04-01 2023-03-31 09499878 countries:England 2022-04-01 2023-03-31 09499878 2022-03-31 09499878 core:FurnitureFittings 2022-03-31 09499878 core:MotorVehicles 2022-03-31 09499878 core:OfficeEquipment 2022-03-31 09499878 core:PlantMachinery 2022-03-31 09499878 2021-04-01 2022-03-31 09499878 2022-03-31 09499878 bus:OrdinaryShareClass1 2022-03-31 09499878 core:CurrentFinancialInstruments 2022-03-31 09499878 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 09499878 core:Non-currentFinancialInstruments 2022-03-31 09499878 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 09499878 core:FurnitureFittings 2022-03-31 09499878 core:MotorVehicles 2022-03-31 09499878 core:OfficeEquipment 2022-03-31 09499878 core:PlantMachinery 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 09499878

Zach Watts Master
Thatcher Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

FRS 102 1A Filleted

 

Zach Watts Master Thatcher Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Financial Statements

5 to 10

 

Zach Watts Master Thatcher Limited

Company Information

Directors

ZJ Watts

K Watts

Registered office

Stafford House
10 Prince of Wales Road
Dorchester
Dorset
DT1 1PW

Bankers

Santander UK Plc
Bridle Road
Bootle
Merseyside
L30 4GB

Accountants

Kennedy Legg
Stafford House
10 Prince of Wales Road
Dorchester
Dorset
DT1 1PW

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Zach Watts Master Thatcher Limited
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Zach Watts Master Thatcher Limited for the year ended 31 March 2023 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at:
https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Zach Watts Master Thatcher Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Zach Watts Master Thatcher Limited and state those matters that we have agreed to state to the Board of Directors of Zach Watts Master Thatcher Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at:
http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/october/factsheet-163-
audit-exempt-companies.html.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Zach Watts Master Thatcher Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Zach Watts Master Thatcher Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Zach Watts Master Thatcher Limited. You consider that Zach Watts Master Thatcher Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Zach Watts Master Thatcher Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Kennedy Legg
 
Stafford House
10 Prince of Wales Road
Dorchester
Dorset
DT1 1PW

6 November 2023

 

Zach Watts Master Thatcher Limited

(Registration number: 09499878)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

9,391

11,423

Current assets

 

Stocks

5

100

100

Debtors

6

399

29,046

Cash at bank and in hand

 

28,836

-

 

29,335

29,146

Creditors: Amounts falling due within one year

7

(35,910)

(19,100)

Net current (liabilities)/assets

 

(6,575)

10,046

Total assets less current liabilities

 

2,816

21,469

Creditors: Amounts falling due after more than one year

7

-

(23,400)

Provisions for liabilities

(1,784)

(2,170)

Net assets/(liabilities)

 

1,032

(4,101)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

932

(4,201)

Shareholders' funds/(deficit)

 

1,032

(4,101)

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Zach Watts Master Thatcher Limited

(Registration number: 09499878)
Balance Sheet as at 31 March 2023

Approved and authorised by the Board on 6 November 2023 and signed on its behalf by:
 

.........................................
ZJ Watts
Director

 

Zach Watts Master Thatcher Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Stafford House
10 Prince of Wales Road
Dorchester
Dorset
DT1 1PW

The principal place of business is:
31 Chantry Lane
Newtown
Beaminster
Dorset
DT8 3ER

These financial statements were authorised for issue by the Board on 6 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Zach Watts Master Thatcher Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance basis

Furniture and fittings

15% reducing balance basis

Motor vehicles

25% reducing balance basis

Office equipment

25% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Zach Watts Master Thatcher Limited

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

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Zach Watts Master Thatcher Limited

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

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

447

13,890

1,506

23,705

39,548

Additions

-

196

958

-

1,154

Disposals

-

-

(958)

-

(958)

At 31 March 2023

447

14,086

1,506

23,705

39,744

Depreciation

At 1 April 2022

304

10,654

962

16,205

28,125

Charge for the year

21

686

300

1,875

2,882

Eliminated on disposal

-

-

(654)

-

(654)

At 31 March 2023

325

11,340

608

18,080

30,353

Carrying amount

At 31 March 2023

122

2,746

898

5,625

9,391

At 31 March 2022

143

3,236

544

7,500

11,423

5

Stocks

2023
£

2022
£

Other inventories

100

100

6

Debtors

Current

2023
£

2022
£

Prepayments

399

669

Other debtors

-

28,377

 

399

29,046

 

Zach Watts Master Thatcher Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

-

11,091

Trade creditors

 

-

13

Taxation and social security

 

15,331

6,421

Accruals and deferred income

 

1,737

1,575

Other creditors

 

18,842

-

 

35,910

19,100

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

-

23,400

 

Zach Watts Master Thatcher Limited

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

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

ordinary share of £1 each

100

100

100

100

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

23,400

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

7,200

Bank overdrafts

-

3,891

-

11,091