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REGISTERED NUMBER: 07962933 (England and Wales)





UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST MARCH 2024

FOR

ADY WATTS ENTERPRISES LIMITED

ADY WATTS ENTERPRISES LIMITED (REGISTERED NUMBER: 07962933)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024










Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


ADY WATTS ENTERPRISES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







Director: A Watts





Secretary: Mrs J Watts





Registered office: Network House
Thorn Office Centre
Rotherwas
Herefordshire
HR2 6JT





Registered number: 07962933 (England and Wales)

ADY WATTS ENTERPRISES LIMITED (REGISTERED NUMBER: 07962933)

BALANCE SHEET
31ST MARCH 2024

31.3.24 31.3.23
Notes £ £ £ £
Fixed assets
Tangible assets 4 70,550 78,001

Current assets
Stocks 5 338 300
Debtors 6 15,603 15,678
Cash at bank 59,195 47,305
75,136 63,283
Creditors
Amounts falling due within one year 7 67,356 65,752
Net current assets/(liabilities) 7,780 (2,469 )
Total assets less current liabilities 78,330 75,532

Creditors
Amounts falling due after more than one
year

8

(28,466

)

(39,304

)

Provisions for liabilities 10 (9,400 ) (13,300 )
Net assets 40,464 22,928

Capital and reserves
Called up share capital 11 100 100
Retained earnings 40,364 22,828
Shareholders' funds 40,464 22,928

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

ADY WATTS ENTERPRISES LIMITED (REGISTERED NUMBER: 07962933)

BALANCE SHEET - continued
31ST MARCH 2024


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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 2nd September 2024 and were signed by:





A Watts - Director


ADY WATTS ENTERPRISES LIMITED (REGISTERED NUMBER: 07962933)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024


1. Statutory information

Ady Watts Enterprises 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.

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.

Tangible fixed assets
Tangible assets are stated in the Balance sheet at cost less depreciation.

Depreciation is provided at the following rates in order to write off each asset over its estimated useful life:

Plant & equipment15% RB
Improvements to property15% RB


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

ADY WATTS ENTERPRISES LIMITED (REGISTERED NUMBER: 07962933)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


2. Accounting policies - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are measured at transaction price less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at the cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all of the risks and rewards of the ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.








ADY WATTS ENTERPRISES LIMITED (REGISTERED NUMBER: 07962933)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


2. Accounting policies - continued
Classification of financial liabilities
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 group after deducing all of its liabilities. Basic financial liabilities, including trade and other payables are measured at the transaction price. Other financial liabilities, including bank loans, loans from fellow group companies and preference shares that are classified as debt, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

Leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

ADY WATTS ENTERPRISES LIMITED (REGISTERED NUMBER: 07962933)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


3. Employees (including officers)

The average number of employees during the year was 11 (2023 - 11 ) .

4. Tangible fixed assets
Fixtures
Improvements and
to property fittings Totals
£ £ £
Cost
At 1st April 2023 66,332 99,956 166,288
Additions - 5,043 5,043
At 31st March 2024 66,332 104,999 171,331
Depreciation
At 1st April 2023 34,813 53,474 88,287
Charge for year 4,727 7,767 12,494
At 31st March 2024 39,540 61,241 100,781
Net book value
At 31st March 2024 26,792 43,758 70,550
At 31st March 2023 31,519 46,482 78,001

5. Stocks
31.3.24 31.3.23
£ £
Stocks 338 300

6. Debtors: amounts falling due within one year
31.3.24 31.3.23
£ £
Trade debtors 11,375 10,026
Other debtors 4,228 5,652
15,603 15,678

ADY WATTS ENTERPRISES LIMITED (REGISTERED NUMBER: 07962933)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


7. Creditors: amounts falling due within one year
31.3.24 31.3.23
£ £
Bank loans & overdrafts 4,970 4,893
Other loans 6,315 6,206
Trade creditors 18,815 12,132
Corporation tax 5,900 8,400
Social security & other tax 25,772 24,946
Other creditors 4,306 3,659
Director's loan account 1,278 5,516
67,356 65,752

8. Creditors: amounts falling due after more than one year
31.3.24 31.3.23
£ £
Bank loans one to two years 4,970 4,893
Bank loans two to five years 19,322 19,573
Bank loans more than 5 years by
instalments

4,174

9,047
Other loans - one to two years - 5,791
28,466 39,304

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years by
instalments

4,174

9,047

9. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.24 31.3.23
£ £
Within one year 44,261 36,888
Between one and five years 71,231 147,552
115,492 184,440

10. Provisions for liabilities
31.3.24 31.3.23
£ £
Deferred tax 9,400 13,300

ADY WATTS ENTERPRISES LIMITED (REGISTERED NUMBER: 07962933)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


10. Provisions for liabilities - continued

Deferred tax
£
Balance at 1st April 2023 13,300
Utilised during year (3,900 )
Balance at 31st March 2024 9,400

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £ £
100 Ordinary shares £1 100 100

12. Contingent liabilities

There were no contingent liabilities at 31st March 2024.

13. Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £7,524 (2023: £6,041).

14. Director's advances, credits and guarantees

During the year, the director of the company used a current account with the company to record amounts due to them and amounts drawn by them. Loans and advances totalling £14,125 were made. Repayments of £14,125 were made during the year.The balance owed by the company at the end of the year was £1,278 (2023: £5,516).

The loans and advances were made interest free and were repayable on demand.