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Company No: 08945184 (England and Wales)

WATSON & COMPANY (BRISTOL) LIMITED

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

WATSON & COMPANY (BRISTOL) LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

WATSON & COMPANY (BRISTOL) LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
WATSON & COMPANY (BRISTOL) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 182,968 208,099
182,968 208,099
Current assets
Debtors
- due within one year 4 822,375 345,990
- due after more than one year 4 8,681 162,149
Cash at bank and in hand 1,030,784 1,173,913
1,861,840 1,682,052
Creditors: amounts falling due within one year 5 ( 99,443) ( 81,830)
Net current assets 1,762,397 1,600,222
Total assets less current liabilities 1,945,365 1,808,321
Creditors: amounts falling due after more than one year 6 ( 10,504) ( 20,752)
Provision for liabilities ( 16,488) ( 22,774)
Net assets 1,918,373 1,764,795
Capital and reserves
Called-up share capital 100 100
Profit and loss account 1,918,273 1,764,695
Total shareholders' funds 1,918,373 1,764,795

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) Limited (registered number: 08945184) were approved and authorised for issue by the Board of Directors on 23 August 2024. They were signed on its behalf by:

M D Watson
Director
WATSON & COMPANY (BRISTOL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

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

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) Limited (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 C/O Bishop Fleming Llp, 10 Temple Back, Bristol, BS1 6FL, United Kingdom and the company registered number is 08945184.

The financial statements have been prepared under the historical cost convention, modified to include 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.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

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:

Leasehold improvements depreciated over the life of the lease
Vehicles 3 years straight line
Office equipment 3 years straight line
Computer equipment 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.

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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 6

3. Tangible assets

Leasehold improve-
ments
Vehicles Office equipment Computer equipment Total
£ £ £ £ £
Cost
At 01 April 2023 190,464 299 51,824 28,687 271,274
Additions 0 0 1,044 1,977 3,021
At 31 March 2024 190,464 299 52,868 30,664 274,295
Accumulated depreciation
At 01 April 2023 17,575 133 25,053 20,414 63,175
Charge for the financial year 12,698 100 10,086 5,268 28,152
At 31 March 2024 30,273 233 35,139 25,682 91,327
Net book value
At 31 March 2024 160,191 66 17,729 4,982 182,968
At 31 March 2023 172,889 166 26,771 8,273 208,099

4. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Amounts owed by Group undertakings 600 0
Amounts owed by directors 436,493 26,720
Prepayments 0 4,550
Other debtors 385,282 314,720
822,375 345,990
Debtors: amounts falling due after more than one year
Other taxation and social security 8,681 162,149

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 10,246 9,994
Trade creditors 2,324 2,257
Accruals 3,402 3,401
Taxation and social security 82,842 65,596
Other creditors 629 582
99,443 81,830

The bank loans are secured by way of a fixed and floating charge over the assets of the company.

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

2024 2023
£ £
Bank loans (secured) 10,504 20,752

The bank loans are secured by way of a fixed and floating charge over the assets of the company.

7. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 624 582

8. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
At the year end, the directors owed the company 436,493 26,720
Interest paid by the directors at HMRC rate 18,407 14,592
Dividends paid to the directors 60,000 60,000

There are no set dates for repayment.

Other related party transactions

2024 2023
£ £
At the year end, companies under common control owed the company 385,282 314,720

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