Watson Lang Limited


FINANCIAL STATEMENTS


for the year ended 31st December 2023



Watson Lang Limited

CONTENTS

for the year ended 31st December 2023







The Accounts are comprised of the following:

Statement of Financial Position

Notes to the Accounts



Please note that the Accounts comprise of HTML and iXBRL source code and that this is a printed or visual representation of that source code some of which will not be displayed or printed.

Watson Lang Limited

Company No. 07089687

STATEMENT OF FINANCIAL POSITION

as at 31st December 2023

20232022
Note£££
FIXED ASSETS
Property, plant and equipment4331187193296
331187193296
CURRENT ASSETS
Stocks58025072400
Debtors610555481090626
Cash at bank and in hand887762242339
20235601405365
CURRENT LIABILITIES
Creditors: amounts falling due
within one year71482563978190
NET CURRENT ASSETS540997427175
TOTAL ASSETS LESS CURRENT LIABILITIES872184620471
 
Creditors: amounts falling due
after more than one year--
 
Provisions for liabilities and charges
Deferred taxation204204
 
NET ASSETS871980620267
 
CAPITAL AND RESERVES
Called up share capital44
Retained earnings871976620263
SHAREHOLDERS FUNDS871980620267

The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies which are subject to the small companies' regime. The Income Statement has not been delivered to the Registrar of Companies.

For the year ended 31st December 2023 the Company is entitled to the exemption from the requirement to obtain an audit conferred by section 477 of the Companies Act 2006 and the members have not required the company to obtain an audit in accordance with section 476 of the Act.

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

Approved by the Board on 14 August 2024


A D Lang

Director

Company Number 07089687 (England)

Watson Lang Limited

NOTES TO THE ACCOUNTS

for the year ended 31st December 2023


1   Statutory information

Watson Lang Limited is a private company limited by shares and registered under company number 07089687 in England. Its registered office address is 12, Hatherley Road, Sidcup, Kent, DA14 4DT.

These financial statements are presented in Sterling, which is the functional currency of the company.

2   Accounting policies

Basis of preparation of financial statements

The accounts have been prepared under the historical cost convention in accordance with the accounting policies set out below, and in accordance with Financial Reporting Standard 102 Section 1A and the Companies Act 2006.

Income Recognition

Revenue is measured at the fair value of the consideration received or receivable. Turnover is shown net of value added tax, returns, rebates and discounts. Revenue is recognised for the sale of goods when the vendor has transferred the significant risks and rewards of ownership, it is possible that the economic benefit will flow to the entity and the revenue and associated costs can be reliably measured.

Depreciation

Depreciation is provided on all property, plant and equipment, 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:

Plant, machinery and vehicles20-25% reducing balance

Stocks

Stocks are valued at the lower of cost and expected selling price less any costs to sell.

Leasing

Assets, obtained under hire purchase contracts and finance leases, are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight line basis.

Taxation

Taxation represents the sum of tax currently payable and deferred tax.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Pensions

The Company operates a defined contribution pension scheme. Contributions are charged to the Income Statement as they become payable in accordance with the rules of the scheme.

3   Employee information

The average number of employees during the accounting period was 11 (2022 - 11).

4   Property, plant and equipment
 
Fixtures
Motorand
VehiclesFittingsTotal
£££
Cost
At 1st January 2023 240214170343410557
Additions14298980040223029
Disposals(12249)-(12249)
At 31st December 2023370954250383621337
 
Depreciation
At 1st January 2023 15172365538217261
Charge for year457472714272889
At 31st December 202319747092680290150
 
Net Book Value
At 31st December 2023173484157703331187
At 31st December 202288491104805193296

5   Stocks20232022
££
 
Finished goods and goods for resale8025072400
8025072400

The difference between purchase price or production cost of stocks and their replacement cost is not material.


6   Debtors20232022
££
 
Trade Debtors744783737488
Other debtors310765353138
10555481090626

7   Creditors: amounts falling due within one year20232022
££
 
Trade Creditors734331557175
Corporation tax9036275513
Taxes and social security costs11739781692
Other creditors8387182124
Accruals and deferred income456602181686
1482563978190

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