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Registration number: 00414237

Watling Engineers Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2023

 

Watling Engineers Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Watling Engineers Limited

Company Information

Directors

Mr David Paul Cookson Babcock

Mrs Andrea Babcock

Mrs Shiona Egerton Fraser Babcock

Mr Benjamin Paul Fraser Babcock

Company secretary

Mrs Andrea Babcock

Registered office

88 Park Street Village
St Albans
Herts
AL2 2LR

Accountants

RS Partnership Ltd
Chartered Certified Accountants
10 Prospect Place
Welwyn
Hertfordshire
AL6 9EW

 

Watling Engineers Limited

(Registration number: 00414237)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

130,011

11,468

Other financial assets

5

134,065

132,406

 

264,076

143,874

Current assets

 

Stocks

6

-

4,000

Debtors

7

32,471

16,232

Cash at bank and in hand

 

23,934

257,789

 

56,405

278,021

Creditors: Amounts falling due within one year

8

(48,304)

(116,403)

Net current assets

 

8,101

161,618

Total assets less current liabilities

 

272,177

305,492

Provisions for liabilities

(7,508)

(2,179)

Net assets

 

264,669

303,313

Capital and reserves

 

Called up share capital

9

1,800

1,800

Other reserves

3,065

1,406

Retained earnings

259,804

300,107

Shareholders' funds

 

264,669

303,313

For the financial year ending 30 September 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 5 April 2024 and signed on its behalf by:
 

 

Watling Engineers Limited

(Registration number: 00414237)
Balance Sheet as at 30 September 2023

.........................................
Mr Benjamin Paul Fraser Babcock
Director

 

Watling Engineers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

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

The address of its registered office is:
88 Park Street Village
St Albans
Herts
AL2 2LR
England

The principal place of business is:
88 Park Street Village
St Albans
Herts
AL2 2LR
England

These financial statements were authorised for issue by the Board on 5 April 2024.

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.

These financial statements are presented in Pounds Sterling (£), which is the Company’s functional
currency. All amounts have been rounded to the nearest pound, unless otherwise indicated.

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.

 

Watling Engineers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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.

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

25% reducing balance

Computer equipment

25% reducing balance

Fixtures and fittings

25% reducing balance

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.

 

Watling Engineers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 8).

 

Watling Engineers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 October 2022

48,651

47,650

71,900

168,201

Additions

128,663

-

1,147

129,810

Disposals

(48,651)

(44,970)

(71,900)

(165,521)

At 30 September 2023

128,663

2,680

1,147

132,490

Depreciation

At 1 October 2022

48,651

47,187

60,895

156,733

Charge for the year

-

67

-

67

Eliminated on disposal

(48,651)

(44,775)

(60,895)

(154,321)

At 30 September 2023

-

2,479

-

2,479

Carrying amount

At 30 September 2023

128,663

201

1,147

130,011

At 30 September 2022

-

463

11,005

11,468

Included within the net book value of land and buildings above is £128,663 (2022 - £Nil) in respect of short leasehold land and buildings.
 

 

Watling Engineers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

5

Other financial assets (current and non-current)

2023
£

2022
£

Non-current financial assets

Financial assets at fair value through profit and loss

134,065

132,406

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 October 2022

132,406

132,406

Fair value adjustments

1,659

1,659

At 30 September 2023

134,065

134,065

Impairment

Carrying amount

At 30 September 2023

134,065

134,065

6

Stocks

2023
£

2022
£

Other inventories

-

4,000

7

Debtors

2023
£

2022
£

Trade debtors

-

8,836

Prepayments

1,268

7,396

Other debtors

31,203

-

32,471

16,232

 

Watling Engineers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

33,476

24,781

Taxation and social security

4

49,317

Accruals and deferred income

3,400

3,300

Other creditors

11,424

609

Corporation tax

-

38,396

48,304

116,403

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £1 each

1,300

1,300

1,300

1,300

Ordinary B of £0.05 each

10,000

500

10,000

500

 

11,300

1,800

11,300

1,800