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REGISTERED NUMBER: 12159740 (England and Wales)


















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

WATSON SMYTH LIMITED

WATSON SMYTH LIMITED (REGISTERED NUMBER: 12159740)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WATSON SMYTH LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: P E Watson-Smyth
V A Watson-Smyth





REGISTERED OFFICE: C/o Tsi Packing Limited
Unit 6, Halesfield 21
Telford
Shropshire
TF7 4NX





REGISTERED NUMBER: 12159740 (England and Wales)





ACCOUNTANTS: TGFP
Chartered Accountants
Fulford House
Newbold Terrace
Leamington Spa
Warwickshire
CV32 4EA

WATSON SMYTH LIMITED (REGISTERED NUMBER: 12159740)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,432,980 1,432,980

CURRENT ASSETS
Debtors 5 1,363 1,363
Cash at bank 61,325 44,073
62,688 45,436
CREDITORS
Amounts falling due within one year 6 214,399 509,502
NET CURRENT LIABILITIES (151,711 ) (464,066 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,281,269

968,914

CREDITORS
Amounts falling due after more than one
year

7

783,809

842,396
NET ASSETS 497,460 126,518

CAPITAL AND RESERVES
Called up and paid share capital 1,363 1,363
Retained earnings 496,097 125,155
497,460 126,518

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

WATSON SMYTH LIMITED (REGISTERED NUMBER: 12159740)

BALANCE SHEET - continued
31 MAY 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 January 2024 and were signed on its behalf by:




V A Watson-Smyth - Director



P E Watson-Smyth - Director


WATSON SMYTH LIMITED (REGISTERED NUMBER: 12159740)

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


1. STATUTORY INFORMATION

Watson Smyth 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.

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 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.

Preparation of consolidated financial statements
The financial statements contain information about Watson Smyth Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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.
Freehold property - No depreciation

Financial instruments
Basic financial assets, which include debtors and cash and bank balances, 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

WATSON SMYTH LIMITED (REGISTERED NUMBER: 12159740)

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


2. ACCOUNTING POLICIES - continued

Going concern
The financial statements have been prepared on the going concern concept. This assumes that the company will achieve a profitable level of trading and will continue to enjoy the support of it's bankers and creditors. The financial statements do not account for any adjustments that would be required if the company was unable to achieve these objectives.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Freehold
property
£   
COST
At 1 June 2022
and 31 May 2023 1,432,980
NET BOOK VALUE
At 31 May 2023 1,432,980
At 31 May 2022 1,432,980

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 1,363 1,363

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 60,500 60,500
Trade creditors 8 7
Amounts owed to group undertakings 132,694 432,694
Tax 13,417 10,437
VAT 6,605 4,764
Accruals and deferred income 1,175 1,100
214,399 509,502

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans more 5 yr by instal 783,809 842,396

WATSON SMYTH LIMITED (REGISTERED NUMBER: 12159740)

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


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2023 2022
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 783,809 842,396

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Mortgage 844,309 -

The mortgage is secured by a fixed and floating charge over the assets of the company including Unit 6, Halesfield 21, Telford, TF7 4NX.