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Registration number: 10186990

Watford Control Instruments Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Watford Control Instruments Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Watford Control Instruments Ltd

Company Information

Directors

Mr Mark Joseph Massetti

Mr Jeffrey Christopher Harris

Mr. Philip Charles Massetti

Mr Sean George Harris

Mr Lance Vincent Adams

Registered office

Broad Oak Manor
Broad Oak End
Bramfield Road
Hertford
Hertfordshire
SG14 2JA

Accountants

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

 

Watford Control Instruments Ltd

(Registration number: 10186990)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

61,009

87,617

Tangible assets

5

380,377

309,410

 

441,386

397,027

Current assets

 

Stocks

6

430,979

428,669

Debtors

7

252,697

579,201

Cash at bank and in hand

 

343,524

254,189

 

1,027,200

1,262,059

Creditors: Amounts falling due within one year

8

(488,175)

(638,555)

Net current assets

 

539,025

623,504

Total assets less current liabilities

 

980,411

1,020,531

Creditors: Amounts falling due after more than one year

8

(240,502)

(221,583)

Provisions for liabilities

(43,145)

(87,785)

Net assets

 

696,764

711,163

Capital and reserves

 

Called up share capital

9

150,101

150,101

Retained earnings

546,663

561,062

Shareholders' funds

 

696,764

711,163

For the financial year ending 31 July 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 15 April 2024 and signed on its behalf by:
 

 

Watford Control Instruments Ltd

(Registration number: 10186990)
Balance Sheet as at 31 July 2023

.........................................
Mr Mark Joseph Massetti
Director

 

Watford Control Instruments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

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

The address of its registered office is:
Broad Oak Manor
Broad Oak End
Bramfield Road
Hertford
Hertfordshire
SG14 2JA

The principal place of business is:
16a Princewood Road
Earlstrees Industrial Estate
Corby
Northamptonshire
NN17 4AP

These financial statements were authorised for issue by the Board on 15 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.

 

Watford Control Instruments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

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 & Machinery

20% Straight Line

Fixture & Fittings

25% Straight Line

Motor Vehicles

25% Straight Line

Office Equipment

25% Straight Line

Short Leasehold Improvements

10 years stright line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Watford Control Instruments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 year straight line

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.

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.

 

Watford Control Instruments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 15 (2022 - 16).

 

Watford Control Instruments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 August 2022

170,097

47,991

218,088

At 31 July 2023

170,097

47,991

218,088

Amortisation

At 1 August 2022

105,554

24,917

130,471

Amortisation charge

17,009

9,599

26,608

At 31 July 2023

122,563

34,516

157,079

Carrying amount

At 31 July 2023

47,534

13,475

61,009

At 31 July 2022

64,543

23,074

87,617

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Cost or valuation

At 1 August 2022

161,263

68,182

12,995

185,533

Additions

-

3,241

119,407

25,343

At 31 July 2023

161,263

71,423

132,402

210,876

Depreciation

At 1 August 2022

6,719

50,802

5,144

55,898

Charge for the year

16,127

10,565

15,687

34,645

At 31 July 2023

22,846

61,367

20,831

90,543

Carrying amount

At 31 July 2023

138,417

10,056

111,571

120,333

At 31 July 2022

154,544

17,380

7,851

129,635

 

Watford Control Instruments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Total
£

Cost or valuation

At 1 August 2022

427,973

Additions

147,991

At 31 July 2023

575,964

Depreciation

At 1 August 2022

118,563

Charge for the year

77,024

At 31 July 2023

195,587

Carrying amount

At 31 July 2023

380,377

At 31 July 2022

309,410

Included within the net book value of land and buildings above is £138,417 (2022 - £154,544) in respect of short leasehold land and buildings.
 

6

Stocks

2023
£

2022
£

Work in progress

171,864

119,554

Other inventories

259,115

309,115

430,979

428,669

7

Debtors

2023
£

2022
£

Trade debtors

(408,889)

282,141

Prepayments

492,409

292,913

Other debtors

169,177

4,147

252,697

579,201

 

Watford Control Instruments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10

58,641

62,086

Trade creditors

 

295,758

239,146

Amounts owed to group undertakings and undertakings in which the company has a participating interest

67,197

172,501

Taxation and social security

 

17,709

60,422

Accruals and deferred income

 

-

5,260

Other creditors

 

19,480

31,386

Corporation tax

 

-

39,585

Hire Purchase under 1 year

 

29,390

28,169

 

488,175

638,555

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

120,720

168,593

Hire Purchase over 1 year

 

119,782

52,990

 

240,502

221,583

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

150,100

150,100

150,100

150,100

Ordinary A of £1 each

1

1

1

1

 

150,101

150,101

150,101

150,101

 

Watford Control Instruments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

120,720

168,593

Finance lease liabilities

119,782

52,990

240,502

221,583

2023
£

2022
£

Current loans and borrowings

Bank borrowings

47,873

47,086

Finance lease liabilities

29,390

28,169

Other borrowings

10,768

15,000

88,031

90,255

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

32,000

32,000

Later than one year and not later than five years

128,000

128,000

Later than five years

96,000

128,000

256,000

288,000

The amount of non-cancellable operating lease payments recognised as an expense during the year was £32,000 (2022 - £32,000).