Registered number
09842590
WATTON OFF LICENCE LTD
FINANCIAL STATEMENTS FOR THE YEAR
31 JULY 2023
DVL & CO ACCOUNTANTS
48 MELFORD ROAD
WALTHAMSTOW
LONDON E17 7EL
WATTON OFF LICENCE LTD
Report and accounts
Contents
Page
Company information 1
Director's report 2
Profit and loss account 3
Balance sheet 4
Statement of changes in equity 5
Notes to the accounts 6 - 8
For directors informations only:
Detailed profit and loss accounts 9 - 10
Accountants 11
WATTON OFF LICENCE LTD
Company Information
Director
Mr D Visakaratnam
Secretary
Mr D Visakaratnam
Accountants
DVL & CO
48
Melford Road
London
United Kingdom
E17 7EL
Bankers
Santander Bank Plc
P O Box 1109
Bradford
BD1 5ZJ
Registered office
52A Top Floor Flat
Watton
Thatford
Norflok
IP25 6AE
Registered number
09842590
WATTON OFF LICENCE LTD
Registered number: 09842590
Director's Report
The director presents his report and accounts for the year ended 31 October 2023.
Principal activities
The company's principal activity during the year was part retails off licence and landlord legal action with ( vacant position post office area) post office Ltd.
Directors
The following persons served as directors during the year:
Mr D Visakaratnam
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 26 July 2024 and signed by its order.
Mr D Visakaratnam
Director
Secretary
WATTON OFF LICENCE LTD
Profit and Loss Account
for the year ended 31 October 2023
2023 2022
£ £
Turnover 49,275 56,424
Cost of sales (27,100) (32,254)
Gross profit 22,175 24,170
Administrative expenses (21,980) (23,900)
Operating profit 195 270
Profit before taxation 195 270
Tax on profit (26) (99)
Profit for the financial year 169 171
Continuing operations
None of the company's activities were acquired or discontinued during the
above two financial years.
Total recognised gains or losses
The company made no recognised gains or losses other than the profit for the
above two financial years.
WATTON OFF LICENCE LTD
Registered number: 09842590
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,622 1,421
Current assets
Stocks 46,341 31,561
Debtors 4 131,854 116,710
178,195 148,271
Creditors: amounts falling due within one year 5 (177,499) (147,543)
Net current assets 696 728
Net assets 2,318 2,149
Capital and reserves
Called up share capital 100 100
Profit and loss account 2,218 2,049
Shareholder's funds 2,318 2,149
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr D Visakaratnam
Director
Approved by the board on 26 July 2024
WATTON OFF LICENCE LTD
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery Writton down value 15%
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022 3,300
Additions 487
At 31 October 2023 3,787
Depreciation
At 1 November 2022 1,879
Charge for the year 286
At 31 October 2023 2,165
Net book value
At 31 October 2023 1,622
At 31 October 2022 1,421
4 Debtors 2023 2022
£ £
Vacant post office rent accurals & legal cost vat repayment 131,854 116,710
5 Creditors: amounts falling due within one year
Bank loans and overdrafts 10,000 27,650
Taxation and social security costs 202 177
Other creditors 167,297 119,716
177,499 147,543
6 Other information
WATTON OFF LICENCE LTD is a private company limited by shares and incorporated in England. Its registered office is:
52A Top Floor Flat
Watton
Thatford
Norflok
IP25 6AE
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