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Company registration number: 07999091
WATCHO LTD
Unaudited filleted financial statements
31 March 2023
WATCHO LTD
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
WATCHO LTD
Directors and other information
Directors Mr Pradipkumar Sarda
Mrs Vidya CHOKSI
Mr Joy CHOKSI
Company number 07999091
Registered office Unit 2 Furtho Court
Towcester Road
Milton Keynes
England
MK19 6AN
Accountants ACE Accounts & Tax Limited
2 Whittle Court
Knowlhill
Milton Keynes
MK5 8FT
WATCHO LTD
Report to the board of directors on the preparation of the
unaudited statutory financial statements of WATCHO LTD
Year ended 31 March 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 March 2023 which comprise the statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
ACE Accounts & Tax Limited
Chartered Certified Accountants
2 Whittle Court
Knowlhill
Milton Keynes
MK5 8FT
22 November 2023
WATCHO LTD
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 1,435 4,236
Tangible assets 6 814,203 385,919
Investments 7 3,800 3,800
_______ _______
819,438 393,955
Current assets
Stocks 195,184 270,012
Debtors 8 66,754 56,750
Investments 9 151,000 151,000
Cash at bank and in hand 139,308 120,125
_______ _______
552,246 597,887
Creditors: amounts falling due
within one year 10 ( 303,465) ( 273,407)
_______ _______
Net current assets 248,781 324,480
_______ _______
Total assets less current liabilities 1,068,219 718,435
Creditors: amounts falling due
after more than one year 11 ( 694,919) ( 415,550)
_______ _______
Net assets 373,300 302,885
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 373,200 302,785
_______ _______
Shareholders funds 373,300 302,885
_______ _______
For the 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 22 November 2023 , and are signed on behalf of the board by:
Mr Pradipkumar Sarda
Director
Company registration number: 07999091
WATCHO LTD
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 2 Furtho Court, Towcester Road, Milton Keynes, England, MK19 6AN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website development costs - Straight line over 5 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 5 ).
5. Intangible assets
Website development Total
£ £
Cost
At 1 April 2022 and 31 March 2023 39,579 39,579
_______ _______
Amortisation
At 1 April 2022 35,343 35,343
Charge for the year 2,801 2,801
_______ _______
At 31 March 2023 38,144 38,144
_______ _______
Carrying amount
At 31 March 2023 1,435 1,435
_______ _______
At 31 March 2022 4,236 4,236
_______ _______
Website development
6. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 April 2022 382,953 21,588 404,541
Additions 424,510 5,227 429,737
_______ _______ _______
At 31 March 2023 807,463 26,815 834,278
_______ _______ _______
Depreciation
At 1 April 2022 - 18,622 18,622
Charge for the year - 1,453 1,453
_______ _______ _______
At 31 March 2023 - 20,075 20,075
_______ _______ _______
Carrying amount
At 31 March 2023 807,463 6,740 814,203
_______ _______ _______
At 31 March 2022 382,953 2,966 385,919
_______ _______ _______
7. Investments
Other investments other than loans Total
£ £
Cost
At 1 April 2022 and 31 March 2023 3,800 3,800
_______ _______
Impairment
At 1 April 2022 and 31 March 2023 - -
_______ _______
Carrying amount
At 31 March 2023 3,800 3,800
_______ _______
At 31 March 2022 3,800 3,800
_______ _______
8. Debtors
2023 2022
£ £
Trade debtors 16,497 40,503
Other debtors 50,257 16,247
_______ _______
66,754 56,750
_______ _______
9. Investments
2023 2022
£ £
Investment in NRPL (North Row Partners Ltd) 151,000 151,000
_______ _______
10. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 119,273 109,898
Corporation tax 78,030 46,158
Social security and other taxes - 18,890
Other creditors 106,162 98,461
_______ _______
303,465 273,407
_______ _______
11. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 71,500 93,500
Amounts owed to group undertakings and undertakings in which the company has a participating interest 339,669 -
Other creditors 283,750 322,050
_______ _______
694,919 415,550
_______ _______
12. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Pradipkumar Sarda ( 18,000) 38,000 ( 34,000) ( 14,000)
Mrs Vidya CHOKSI - - - -
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Pradipkumar Sarda ( 33,123) 50,123 ( 35,000) ( 18,000)
Mrs Vidya CHOKSI ( 21,694) 21,694 - -
_______ _______ _______ _______
( 54,817) 71,817 ( 35,000) ( 18,000)
_______ _______ _______ _______