Registered number
04393284
Watson Fleming Ltd
Unaudited Filleted Accounts
31 January 2024
Smithfield Accountants LLP
Chartered Accountants
Suite 1, Unit 2, Stansted Courtyard
Parsonage Road, Takeley, Essex, CM22 6PU
Watson Fleming Ltd
Registered number: 04393284
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 5 792,396 793,773
Investments 6 - 112,252
792,396 906,025
Current assets
Debtors 7 - 1,379
Cash at bank and in hand 143,340 120,376
143,340 121,755
Creditors: amounts falling due within one year 8 (20,050) (38,532)
Net current assets 123,290 83,223
Total assets less current liabilities 915,686 989,248
Provisions for liabilities 9 (1,042) (967)
Net assets 914,644 988,281
Capital and reserves
Called up share capital 10 100 100
Profit and loss account 11 914,544 988,181
Shareholders' funds 914,644 988,281
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 members have 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.
B Lauder
Director
Approved by the board on 22 July 2024
Watson Fleming Ltd
Notes to the Accounts
for the year ended 31 January 2024
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.
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:
Office Equipment 25% written down value
Office Renovations 10% written down value
Investment Properties Not provided
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Gross wages - 26,000
Average number of persons employed by the company 2 2
3 Operating profit 2024 2023
£ £
This is stated after charging:
Depreciation of owned fixed assets 1,377 1,530
Directors' remuneration - 18,000
Pension costs - -
4 Taxation 2024 2023
£ £
UK corporation tax - 793
Prior year adjustment 584 3,731
Deferred tax (note 9) 77 (8,898)
661 (4,374)
5 Tangible fixed assets
Land and buildings Plant and machinery etc Office improvements Total
£ £ £ £
Cost
At 1 February 2023 780,000 32,535 33,288 845,823
Additions - - - -
Surplus on revaluation - - - -
Disposals - - - -
At 31 January 2024 780,000 32,535 33,288 845,823
Depreciation
At 1 February 2023 - 24,541 27,509 52,050
Charge for the year - 799 578 1,377
Surplus on revaluation - - - -
On disposals - - - -
At 31 January 2024 - 25,340 28,087 53,427
Net book value
At 31 January 2024 780,000 7,195 5,201 792,396
At 31 January 2023 780,000 7,994 5,779 793,773
Freehold land and buildings: 2024 2023
£ £
Historical cost 786,817 780,000
The properties were revalued by the directors at the year end. The directors regularly review the need to revalue the properties.
6 Investments
Investments in
subsidiary Other
undertakings investments Total
£ £ £
Cost
At 1 February 2023 - 112,252 112,252
Disposals - (110,449) (110,449)
(Loss)/profit on the disposal of investments (1,803) (1,803)
Unrealised loss on investments - - -
At 31 January 2024 - - -
7 Debtors 2024 2023
£ £
Other debtors - 1,379
- 1,379
8 Creditors: amounts falling due within one year 2024 2023
£ £
Corporation tax 584 793
Other creditors 19,466 37,739
20,050 38,532
9 Provisions for liabilities
Deferred taxation: 2024 2023
£ £
Accelerated capital allowances (873) (11,558)
Unrealised capital gain 950 2,660
77 (8,898)
2024 2023
£ £
At 1 February 967 9,865
Deferred tax charge in profit and loss account 77 (8,898)
At 31 January 1,044 967
10 Share capital Nominal 2024 2024 2023
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 100 100 100
11 Profit and loss account 2024 2023
£ £
At 1 February 2023 988,181 1,076,022
(Loss)/profit for the year (4,637) 10,159
Dividends (69,000) (98,000)
At 31 January 2024 914,544 988,181
12 Dividends 2024 2023
£ £
Dividends for which the company became liable during the year:
Dividends paid 69,000 98,000
13 Property letting income 2024 2017
£ £
Rents receivable 36,733 35,956
Agent's fees (3,023) (2,872)
Service charges (4,385) (5,676)
Repairs and maintenance (13,980) (7,539)
Other expenses (4,225) (3,258)
Property letting income 11,120 16,611
14 Company information
Watson Fleming Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Suite 1, Unit 2, Stansted Courtyard
Parsonage Road, Takeley, Essex, CM22 6PU
15 Presentation currency
The financial statements are presented in British Pounds Sterling.
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