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REGISTERED NUMBER: 05830120 (England and Wales)















Financial Statements for the Year Ended 31 May 2024

for

Watsons Metal Polishers Limited

Watsons Metal Polishers Limited (Registered number: 05830120)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Watsons Metal Polishers Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: Mr M A Watson
Mrs L Watson
Mr A S Watson





SECRETARY: Mrs L Watson





REGISTERED OFFICE: Bromley Street
Lye
Stourbridge
West Midlands
DY9 8HU





REGISTERED NUMBER: 05830120 (England and Wales)

Watsons Metal Polishers Limited (Registered number: 05830120)

Abridged Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 34,342 44,516

CURRENT ASSETS
Stocks 7,200 7,000
Debtors 70,009 101,946
Cash at bank and in hand 151,361 162,818
228,570 271,764
CREDITORS
Amounts falling due within one year 66,576 74,209
NET CURRENT ASSETS 161,994 197,555
TOTAL ASSETS LESS CURRENT
LIABILITIES

196,336

242,071

CREDITORS
Amounts falling due after more than one
year

5

(49,589

)

(61,687

)

PROVISIONS FOR LIABILITIES (6,525 ) (8,458 )
NET ASSETS 140,222 171,926

CAPITAL AND RESERVES
Called up share capital 7 3 3
Retained earnings 140,219 171,923
SHAREHOLDERS' FUNDS 140,222 171,926

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 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.

Watsons Metal Polishers Limited (Registered number: 05830120)

Abridged Balance Sheet - continued
31 May 2024


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 May 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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 14 August 2024 and were signed on its behalf by:




Mr A S Watson - Director



Mr M A Watson - Director


Watsons Metal Polishers Limited (Registered number: 05830120)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Watsons Metal Polishers Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the cost incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 15% on reducing balance

Tangible fixed assets are stated under the cost model at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating.

The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised within 'operating profit' in the income statement.

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

Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula.

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.


Watsons Metal Polishers Limited (Registered number: 05830120)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

The apportionment between the finance charge and the reduction of the outstanding liability uses the effective interest method.
The related obligations, net of future finance charges, are included in creditors.

Retirement benefits

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in the income statement when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plans are held separately from the company in independently administered funds.

Employee benefits

When employees have rendered services to the company, short term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 6 ) .

Watsons Metal Polishers Limited (Registered number: 05830120)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 June 2023
and 31 May 2024 130,638
DEPRECIATION
At 1 June 2023 86,122
Charge for year 10,174
At 31 May 2024 96,296
NET BOOK VALUE
At 31 May 2024 34,342
At 31 May 2023 44,516

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 June 2023
and 31 May 2024 52,441
DEPRECIATION
At 1 June 2023 19,186
Charge for year 8,314
At 31 May 2024 27,500
NET BOOK VALUE
At 31 May 2024 24,941
At 31 May 2023 33,255

5. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
31.5.24 31.5.23
£    £   
Repayable by instalments
Bank loans more 5 yr by instal 8,129 13,497

6. SECURED DEBTS

The following secured debts are included within creditors:

31.5.24 31.5.23
£    £   
Hire purchase contracts 26,165 33,045

Hire purchase contracts are secured on the asset to which the liability relates.

Watsons Metal Polishers Limited (Registered number: 05830120)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
3 Ordinary £1 3 3

8. ULTIMATE CONTROLLING PARTY

The directors are considered to be the ultimate controlling parties by virtue of their ability to act in concert in respect of the financial and operating policies of the company.