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Registration number: 04439815

R Watts Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

R Watts Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

R Watts Limited

(Registration number: 04439815)
Balance Sheet as at 31 March 2023

Note

2023

2022

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

9,783

 

10,854

Investments

5

 

35,000

 

35,000

   

44,783

 

45,854

Current assets

   

 

Stocks

67,562

 

53,280

 

Debtors

6

662,323

 

654,257

 

Cash at bank and in hand

 

95,213

 

152,869

 

 

825,098

 

860,406

 

Creditors: Amounts falling due within one year

7

(415,979)

 

(400,812)

 

Net current assets

   

409,119

 

459,594

Total assets less current liabilities

   

453,902

 

505,448

Creditors: Amounts falling due after more than one year

7

 

(22,500)

 

(32,500)

Net assets

   

431,402

 

472,948

Capital and reserves

   

 

Called up share capital

8

100

 

100

 

Profit and loss account

431,302

 

472,848

 

Total equity

   

431,402

 

472,948

 

R Watts Limited

(Registration number: 04439815)
Balance Sheet as at 31 March 2023

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.

Approved and authorised by the Board on 23 November 2023 and signed on its behalf by:
 

.........................................
J R Watts
Director

 

R Watts Limited

Notes to the Unaudited 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 and Wales.

The address of its registered office is:
704 Bradford Road
Birkenshaw
Bradford
West Yorkshire
BD11 2AE

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the disclosure and presentation requirements of Section 1A and the Companies Act 2006.

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.

The company's functional and presentation currency is pound sterling.

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.

Government grants

Grants are recognised when there is reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received.

Grants are measured at the fair value of the asset received or receivable.

Grants relating to revenue shall be recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

Tax

The tax expense for the period comprises current 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 corporation 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.

 

R Watts Limited

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

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

Office equipment

25% reducing balance basis

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

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.

 

R Watts Limited

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

Financial instruments


Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, 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 for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 20 (2022 - 19).

 

R Watts Limited

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

4

Tangible assets

Office equipment
 £

Total
£

Cost

At 1 April 2022

132,086

132,086

Additions

1,833

1,833

At 31 March 2023

133,919

133,919

Depreciation

At 1 April 2022

121,232

121,232

Charge for the year

2,904

2,904

At 31 March 2023

124,136

124,136

Carrying amount

At 31 March 2023

9,783

9,783

At 31 March 2022

10,854

10,854

5

Investments

2023
£

2022
£

Investments in associates

35,000

35,000

Associates

£

Cost

At 1 April 2022

35,000

Carrying amount

At 31 March 2023

35,000

At 31 March 2022

35,000

6

Debtors

Current

2023
£

2022
£

Trade debtors

32,635

29,485

Prepayments

40,845

70,345

Other debtors

588,843

554,427

 

662,323

654,257

7

Creditors

 

R Watts Limited

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

2023
 £

2022
 £

Due within one year

Loans and borrowings

10,000

10,000

Trade creditors

29,104

33,697

Amounts owed to participating interests

20,166

20,755

Other current financial liabilities

272,835

232,416

Social security and other taxes

74,753

96,028

Accruals and deferred income

9,121

7,916

415,979

400,812

Due after one year

Loans and borrowings

22,500

32,500

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

R Watts Limited

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

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £117,145 (2022 - £160,386).

This financial commitment is in respect of operating leases.

10

Related party transactions

Transactions with directors

2022

At 1 April 2021
£

Advances to director
£

Repayments by director
£

At 31 March 2022
£

Loan at 2.0%

331,517

109,429

(87,832)

353,114

         
       

 

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Loan at 2.0%

353,114

107,531

(88,852)

371,793

         
       

 

Expenditure with and payables to related parties

2023

Key management
£

Amounts payable to related party

43,249

2022

Key management
£

Amounts payable to related party

37,002

The amounts payable to key management are interest free and repayable on demand.