Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31truetruefalse2023-01-01No description of principal activity99The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01413053 2023-01-01 2023-12-31 01413053 2022-01-01 2022-12-31 01413053 2023-12-31 01413053 2022-12-31 01413053 c:Director1 2023-01-01 2023-12-31 01413053 c:Director2 2023-01-01 2023-12-31 01413053 d:Buildings 2023-01-01 2023-12-31 01413053 d:Buildings 2023-12-31 01413053 d:Buildings 2022-12-31 01413053 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01413053 d:PlantMachinery 2023-01-01 2023-12-31 01413053 d:MotorVehicles 2023-01-01 2023-12-31 01413053 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 01413053 d:OtherPropertyPlantEquipment 2023-12-31 01413053 d:OtherPropertyPlantEquipment 2022-12-31 01413053 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01413053 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01413053 d:CurrentFinancialInstruments 2023-12-31 01413053 d:CurrentFinancialInstruments 2022-12-31 01413053 d:Non-currentFinancialInstruments 2023-12-31 01413053 d:Non-currentFinancialInstruments 2022-12-31 01413053 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 01413053 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 01413053 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 01413053 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 01413053 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 01413053 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 01413053 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-12-31 01413053 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-12-31 01413053 d:UKTax 2023-01-01 2023-12-31 01413053 d:UKTax 2022-01-01 2022-12-31 01413053 d:ShareCapital 2023-12-31 01413053 d:ShareCapital 2022-12-31 01413053 d:CapitalRedemptionReserve 2023-12-31 01413053 d:CapitalRedemptionReserve 2022-12-31 01413053 d:RetainedEarningsAccumulatedLosses 2023-12-31 01413053 d:RetainedEarningsAccumulatedLosses 2022-12-31 01413053 c:FRS102 2023-01-01 2023-12-31 01413053 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 01413053 c:FullAccounts 2023-01-01 2023-12-31 01413053 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01413053 d:Subsidiary1 2023-01-01 2023-12-31 01413053 d:Subsidiary1 1 2023-01-01 2023-12-31 01413053 d:Subsidiary2 2023-01-01 2023-12-31 01413053 d:Subsidiary2 1 2023-01-01 2023-12-31 01413053 2 2023-01-01 2023-12-31 01413053 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 01413053 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 01413053 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 01413053










W O WATT & PARTNERS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
W O WATT & PARTNERS LIMITED
REGISTERED NUMBER:01413053

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,443,104
2,416,995

Investments
 5 
101,013
101,013

  
2,544,117
2,518,008

Current assets
  

Stocks
 6 
140,377
139,786

Debtors: amounts falling due within one year
 7 
254,505
152,366

Cash at bank and in hand
 8 
180,307
195,706

  
575,189
487,858

Creditors: amounts falling due within one year
 9 
(127,093)
(207,741)

Net current assets
  
 
 
448,096
 
 
280,117

Total assets less current liabilities
  
2,992,213
2,798,125

Creditors: amounts falling due after more than one year
 10 
(371,935)
(392,064)

Provisions for liabilities
  

Deferred tax
 12 
(95,000)
(87,000)

  
 
 
(95,000)
 
 
(87,000)

Net assets
  
2,525,278
2,319,061


Capital and reserves
  

Called up share capital 
  
450
450

Capital redemption reserve
  
550
550

Profit and loss account
  
2,524,278
2,318,061

  
2,525,278
2,319,061


Page 1

 
W O WATT & PARTNERS LIMITED
REGISTERED NUMBER:01413053
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr T.H. Fisher
Mr H.T. Fisher
Director
Director


Date: 19 July 2024

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
W O WATT & PARTNERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

W O Watt & Partners Limited is a company incorporated in England and Wales. 
The principal activity of the Company during the year was was that of farming.
The Company's address and principal place of business is Berwick Pond Farm, Berwick Pond Road, Rainham, Essex, RM13 9EJ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The Company's functional and presentation currency is pound sterling.
The level of rounding used in the preparation of the financial statements is to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
W O WATT & PARTNERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
W O WATT & PARTNERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
10% on cost
Plant and machinery
-
15% reducing balance
Motor vehicles
-
20% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
W O WATT & PARTNERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Page 6

 
W O WATT & PARTNERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
59,619
1,849


59,619
1,849


Deferred tax


Origination and reversal of timing differences
8,000
(12,000)

Total deferred tax
8,000
(12,000)


Taxation on profit/(loss) on ordinary activities
67,619
(10,151)
Page 7

 
W O WATT & PARTNERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
3.Taxation (continued)


Factors affecting tax charge for the year

An increase in the UK corporation tax rate from 19% to 25% was substantively enacted in June 2021 and took effect from April 2023 for profits over £250,000. For profits under £50,000 the tax rate remains at 19% and for profits between these figures it will be subject to 25% but reduced by a marginal relief providing a gradual increase in the effective Corporation Tax rate. 
The above factors have affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of 19% and 25% retrospectively
 (2022 - 19%).



4.


Tangible fixed assets





Land and buildings
Other fixed assets
Total

£
£
£



Cost 


At 1 January 2023
2,294,576
1,564,138
3,858,714


Additions
-
85,830
85,830



At 31 December 2023

2,294,576
1,649,968
3,944,544



Depreciation


At 1 January 2023
231,798
1,209,921
1,441,719


Charge for the year on owned assets
-
59,721
59,721



At 31 December 2023

231,798
1,269,642
1,501,440



Net book value



At 31 December 2023
2,062,778
380,326
2,443,104



At 31 December 2022
2,062,778
354,217
2,416,995



Page 8

 
W O WATT & PARTNERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 January 2023
101,013



At 31 December 2023
101,013





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

W J Knight Limited
England
Ordinary
100%
Damton Limited
England
Ordinary
100%

Page 9

 
W O WATT & PARTNERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Stocks

2023
2022
£
£

Raw materials and consumables
55,372
48,136

Work in progress
22,872
29,119

Finished goods and goods for resale
62,133
62,531

140,377
139,786



7.


Debtors

2023
2022
£
£


Trade debtors
186,596
127,287

Amounts owed by group undertakings
63,492
25,079

Other debtors
4,417
-

254,505
152,366



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
180,307
195,706



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
23,431
24,299

Trade creditors
13,467
14,388

Corporation tax
59,619
1,849

Other taxation and social security
7,474
23,308

Obligations under finance lease and hire purchase contracts
-
24,612

Other creditors
-
6,179

Accruals and deferred income
23,102
113,106

127,093
207,741


Page 10

 
W O WATT & PARTNERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
371,935
392,064


Bank loans and hire purchase contracts are secured over the assets financed.


11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
23,431
24,299


Amounts falling due 2-5 years

Bank loans
93,722
90,410

Amounts falling due after more than 5 years

Bank loans
278,213
301,654

395,366
416,363



12.


Deferred taxation




2023


£






At beginning of year
87,000


Credited to the profit and loss account
8,000



At end of year
95,000

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
95,000
87,000

Page 11

 
W O WATT & PARTNERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £7,821 (2022 - £168,317). There were no outstanding liabilities at either year end.


14.


Related party transactions

Transactions with fellow group companies have not been disclosed on the basis of the exemptions provided in FRS 102.
During the year dividends of £4,000 (2022 - £8,000) were paid to the Directors and Company Secretary.


15.


Controlling party

Throughout the current and previous year, Mr T.H. Fisher, a director, together with members of his close family controlled the company by virtue of their ownership of 100% of the issued ordinary share capital.

 
Page 12