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REGISTERED NUMBER: 02173133 (England and Wales)
















Unaudited Financial Statements for the Year Ended 31 December 2023

for


Watts And Co. (Furnishings) Limited


Watts And Co. (Furnishings) Limited (Registered number: 02173133)







Contents of the Financial Statements

for the Year Ended 31 December 2023





Page



Chartered Accountants' Report  

1



Balance Sheet  

2



Notes to the Financial Statements  

4




Chartered Accountants' Report to the Board of Directors

on the Unaudited Financial Statements of

Watts And Co. (Furnishings) Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.


In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Watts And Co. (Furnishings) Limited for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.


As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.  


This report is made solely to the Board of Directors of Watts And Co. (Furnishings) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Watts And Co. (Furnishings) Limited and state those matters that we have agreed to state to the Board of Directors of Watts And Co. (Furnishings) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Watts And Co. (Furnishings) Limited and its Board of Directors, as a body, for our work or for this report.      


It is your duty to ensure that Watts And Co. (Furnishings) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Watts And Co. (Furnishings) Limited. You consider that Watts And Co. (Furnishings) Limited is exempt from the statutory audit requirement for the year.    


We have not been instructed to carry out an audit or a review of the financial statements of Watts And Co. (Furnishings) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.    







Haggards Crowther LLP

Chartered Accountants

2nd Floor, Heathmans House

19 Heathmans Road

London

SW6 4TJ



22 August 2024


Watts And Co. (Furnishings) Limited (Registered number: 02173133)


Balance Sheet

31 December 2023



31.12.23


31.12.22


Notes

£   

£   


CURRENT ASSETS

Stocks

463,693


457,858



Debtors

5

329,623


291,228



Cash at bank

976,954


969,202



1,770,270


1,718,288



CREDITORS

Amounts falling due within one year

6

606,299


622,448



NET CURRENT ASSETS

1,163,971


1,095,840



TOTAL ASSETS LESS CURRENT

LIABILITIES

1,163,971


1,095,840




CAPITAL AND RESERVES

Called up share capital

1,317


1,317



Share premium

7

233,680


233,680



Capital redemption reserve

7

253


253



Retained earnings

7

928,721


860,590



1,163,971


1,095,840




The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.  


The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.  


The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.


Watts And Co. (Furnishings) Limited (Registered number: 02173133)


Balance Sheet - continued

31 December 2023



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


In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.


The financial statements were approved by the Board of Directors and authorised for issue on 22 August 2024 and were signed on its behalf by:






Mr C L Fevere De Ten Hove - Director



Watts And Co. (Furnishings) Limited (Registered number: 02173133)


Notes to the Financial Statements

for the Year Ended 31 December 2023


1.

STATUTORY INFORMATION



Watts and Co Furnishings Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 02173133 and its registered address is 219b Chelsea Harbour Design Centre, London, England, SW10 0XE


2.

STATEMENT OF COMPLIANCE



These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.  


3.

ACCOUNTING POLICIES



Basis of preparing the financial statements


The financial statements have been prepared under the historical cost convention.



Significant judgements and estimates

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. In the opinion of the directors there are no judgements or key sources of estimation uncertainty that affect the preparation of the financial statements.


Turnover


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


- 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.



Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Watts And Co. (Furnishings) Limited (Registered number: 02173133)


Notes to the Financial Statements - continued

for the Year Ended 31 December 2023


3.

ACCOUNTING POLICIES - continued


Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.


Hire purchase and leasing commitments


Rentals paid under operating leases are recognised in the Income Statement on a straight line basis over the period of the lease.



Pension costs and other post-retirement benefits

The company makes payments to a defined contribution pension scheme. Contributions payable to the pension scheme are recognised in the Income Statement in the period to which they relate.


Tangible fixed assets


The company has a policy where it recognises assets if the value is over £5,000. For any assets that reach the threshold, they will be depreciated over 5 years. Any assets below the threshold will be expensed to the Income Statement but in terms of taxation, they will be included in the corporation tax adjustments and capital allowances will be claimed.


4.

EMPLOYEES AND DIRECTORS



The average number of employees during the year was 10 (2022 - 10 ) .


5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



31.12.23


31.12.22

£   

£   



Trade debtors

8,113


17,117




Other debtors

321,510


274,111



329,623


291,228




6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



31.12.23


31.12.22

£   

£   



Payments on account

333,342


422,038




Trade creditors

177,671


132,660




Other creditors

95,286


67,750



606,299


622,448




Watts And Co. (Furnishings) Limited (Registered number: 02173133)


Notes to the Financial Statements - continued

for the Year Ended 31 December 2023


7.

RESERVES


Capital



Retained


Share


redemption



earnings


premium


reserve


Totals

£   

£   

£   

£   




At 1 January 2023

860,590


233,680


253


1,094,523




Profit for the year

68,131


68,131




At 31 December 2023

928,721


233,680


253


1,162,654




8.

RELATED PARTY DISCLOSURES



Included in other debtors is an interest free loan of £149,337 (2022 - £149,337) made to Watts and Company Limited, a company registered in England and Wales and is under common control. The loan is unsecured, interest free and repayable on demand.


9.

ULTIMATE CONTROLLING PARTY



During the current and previous year, there was no majority shareholder. The directors Mr R Hoare and Ms MS De Caraman Chimay combined, control 74% of the issued share capital.