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COMPANY REGISTRATION NUMBER: 04969296
Watermans of Banbury Limited
Filleted Unaudited Financial Statements
31 January 2024
Watermans of Banbury Limited
Financial Statements
Year ended 31 January 2024
Contents
Pages
Officers and professional advisers
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 9
Watermans of Banbury Limited
Officers and Professional Advisers
The board of directors
Mr S Lewis
Mrs V Lewis
Company secretary
Mrs V Lewis
Registered office
51 Parsons Street
Banbury
Oxon
OX16 5NB
Accountants
BSN Associates Limited
Chartered Accountants
3B Swallowfield Courtyard
Wolverhampton Road
Oldbury
West Midlands
B69 2JG
Watermans of Banbury Limited
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
40,368
48,347
Current assets
Stocks
66,277
77,751
Debtors
7
6,064
6,128
Cash at bank and in hand
3,742
18,922
--------
---------
76,083
102,801
Creditors: amounts falling due within one year
8
88,581
87,550
--------
---------
Net current (liabilities)/assets
( 12,498)
15,251
--------
--------
Total assets less current liabilities
27,870
63,598
Provisions
Taxation including deferred tax
9
8,841
9,186
--------
--------
Net assets
19,029
54,412
--------
--------
Watermans of Banbury Limited
Statement of Financial Position (continued)
31 January 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
11
100
100
Profit and loss account
12
18,929
54,312
--------
--------
Shareholders funds
19,029
54,412
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 January 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 6 August 2024 , and are signed on behalf of the board by:
V Lewis S Lewis
Director Director
Company registration number: 04969296
Watermans of Banbury Limited
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 51 Parsons Street, Banbury, Oxon, OX16 5NB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under FRS 102: - No cash flow statement has been presented for the company. - Disclosures in respect of financial instruments have not been presented.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. No significant estimates or judgements have been made in either the current or prior year.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied , stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
25% reducing balance
Fixtures and Fittings
-
20% reducing balance
Equipment
-
20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Particulars of employees
The average number of persons employed by the company during the year amounted to 7 (2023: 7 ).
5. Taxation on ordinary activities
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
20,259
17,539
Adjustments in respect of prior periods
( 2)
--------
--------
Total current tax
20,259
17,537
--------
--------
Deferred tax:
Origination and reversal of timing differences
( 345)
( 1,172)
--------
--------
Taxation on ordinary activities
19,914
16,365
--------
--------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: lower than) the standard rate of corporation tax in the UK of 21.90 % (2023: 19 %).
2024
2023
£
£
Profit on ordinary activities before taxation
84,531
87,806
--------
--------
Profit on ordinary activities by rate of tax
18,512
16,683
Adjustment to tax charge in respect of prior periods
( 2)
Effect of capital allowances and depreciation
1,402
( 316)
--------
--------
Tax on profit
19,914
16,365
--------
--------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 February 2023
38,336
128,704
28,650
195,690
Additions
1,971
421
2,392
--------
---------
--------
---------
At 31 January 2024
40,307
129,125
28,650
198,082
--------
---------
--------
---------
Depreciation
At 1 February 2023
35,832
91,251
20,260
147,343
Charge for the year
1,118
7,575
1,678
10,371
--------
---------
--------
---------
At 31 January 2024
36,950
98,826
21,938
157,714
--------
---------
--------
---------
Carrying amount
At 31 January 2024
3,357
30,299
6,712
40,368
--------
---------
--------
---------
At 31 January 2023
2,504
37,453
8,390
48,347
--------
---------
--------
---------
7. Debtors
2024
2023
£
£
Trade debtors
767
330
Prepayments and accrued income
5,297
5,798
-------
-------
6,064
6,128
-------
-------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
21,961
22,466
Trade creditors
9,294
16,336
Accruals and deferred income
2,338
2,129
Corporation tax
20,259
17,539
Social security and other taxes
15,615
10,471
Director loan accounts
16,989
16,420
Other creditors
2,125
2,189
--------
--------
88,581
87,550
--------
--------
Bank loans are secured over the assets of the company.
9. Provisions
Deferred tax (note 10)
£
At 1 February 2023
9,186
Additions
( 345)
-------
At 31 January 2024
8,841
-------
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 9)
8,841
9,186
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
8,841
9,186
-------
-------
11. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
12. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. Called up share capital - This reserve records the value of the shares held.
13. Commitments under operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
15,000
15,000
Later than 1 year and not later than 5 years
32,417
47,417
--------
--------
47,417
62,417
--------
--------
14. Directors' advances, credits and guarantees
During the year the directors received dividends of £100,000 (2023: £90,000. At the end of the year the directors were owed £16,989 (2023: £16,420)by the company.
15. Controlling party
The directors consider that no one indvidual controls the company.