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Company No: 13252466 (England and Wales)

WATSON & COMPANY (BRISTOL) WHITELADIES LTD

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

WATSON & COMPANY (BRISTOL) WHITELADIES LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

WATSON & COMPANY (BRISTOL) WHITELADIES LTD

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
WATSON & COMPANY (BRISTOL) WHITELADIES LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 809,001 764,238
809,001 764,238
Current assets
Cash at bank and in hand 4,147 2,820
4,147 2,820
Creditors: amounts falling due within one year 4 ( 359,725) ( 276,606)
Net current liabilities (355,578) (273,786)
Total assets less current liabilities 453,423 490,452
Creditors: amounts falling due after more than one year 5 ( 270,650) ( 314,736)
Provision for liabilities ( 33,883) ( 33,883)
Net assets 148,890 141,833
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account 148,790 141,733
Total shareholders' funds 148,890 141,833

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Watson & Company (Bristol) Whiteladies Ltd (registered number: 13252466) were approved and authorised for issue by the Board of Directors on 23 August 2024. They were signed on its behalf by:

Mr M D Watson
Director
WATSON & COMPANY (BRISTOL) WHITELADIES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
WATSON & COMPANY (BRISTOL) WHITELADIES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Watson & Company (Bristol) Whiteladies Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Watson & Co 92 Whiteladies Road, Clifton, Bristol, BS8 2QN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Investment property not depreciated
Fixtures and fittings 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Investment property Fixtures and fittings Total
£ £ £
Cost
At 01 April 2023 756,222 13,500 769,722
Additions 48,138 0 48,138
At 31 March 2024 804,360 13,500 817,860
Accumulated depreciation
At 01 April 2023 0 5,484 5,484
Charge for the financial year 0 3,375 3,375
At 31 March 2024 0 8,859 8,859
Net book value
At 31 March 2024 804,360 4,641 809,001
At 31 March 2023 756,222 8,016 764,238

4. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 33,435 21,391
Amounts owed to directors 550 550
Accruals 2,701 2,610
Taxation and social security 2,447 2,025
Other creditors 320,592 250,030
359,725 276,606

The bank loan is secured on the property held by the company.

5. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 270,650 314,736

The bank loan is secured on the property held by the company.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (secured / repayable by instalments) 127,516 223,160

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

7. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
At the year end, the company owed the directors 550 550

This amount is interest free with no set date for repayment.

Other related party transactions

2024 2023
£ £
At the year end, the company owed companies under common control 320,592 250,030

This amount is interest free with no set date for repayment. It is included within other creditors.

8. Reserves

The profit and loss reserve includes both distributable and non-distributable reserves. Non-distributable reserves represents cumulative gains and losses on the revaluation of investment property, net of deferred tax. At the balance sheet date, non-distributable reserves totalled £133,747 (2023 - £144,446).