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Registered Number: 08251334
England and Wales

 

 

 

WATSON & CO. LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 February 2023

End date: 31 January 2024
Directors Martin Watson
Hazel Watson
Registered Number 08251334
Registered Office Unit 10 Falcon Business Park Marino Way
Hogwood Industrial Estate
Finchampstead
England
RG40 4QQ
1
Director's report and financial statements
The directors present their annual report and the financial statements for the year ended 31 January 2024.
Principal activities
Principal activity of the company during the financial year was that of builders and general maintenance.
Directors
The directors who served the company throughout the year were as follows:
Martin Watson
Hazel Watson

This report was approved by the board and signed on its behalf by:


----------------------------------
Martin Watson
Director
----------------------------------
Hazel Watson
Director

Date approved: 27 August 2024
2
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 753,082    493,227 
753,082    493,227 
Current assets      
Stocks 4 23,311    26,380 
Debtors 5 56,464    93,534 
Cash at bank and in hand 474,231    325,168 
554,006    445,082 
Creditors: amount falling due within one year 6 (100,010)   (85,596)
Net current assets 453,996    359,486 
 
Total assets less current liabilities 1,207,078    852,713 
Provisions for liabilities 7 (73,768)   (6,691)
Net assets 1,133,310    846,022 
 

Capital and reserves
     
Called up share capital 100    100 
Reserves 8 78,750   
Profit and loss account 1,054,460    845,922 
Shareholders' funds 1,133,310    846,022 
 


For the year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the board of directors on 27 August 2024 and were signed on its behalf by:


-------------------------------
Martin Watson
Director
-------------------------------
Hazel Watson
Director
3
General Information
Watson & Co. Limited is a private company, limited by shares, registered in England and Wales, registration number 08251334, registration address Unit 10 Falcon Business Park Marino Way, Hogwood Industrial Estate, Finchampstead, England, RG40 4QQ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 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.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
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 statement of financial position date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Computer Equipment 25% Reducing Balance
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees


Average number of employees during the year was 5 (2023 : 0).
3.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Motor Vehicles   Computer Equipment   Investment properties   Total
  £   £   £   £   £   £
At 01 February 2023 170,000    45,663    84,635    3,542    288,010    591,850 
Additions   69,000          69,000 
Disposals   (25,284)   (15,217)       (40,501)
Revaluations 105,000          111,990    216,990 
At 31 January 2024 275,000    89,379    69,418    3,542    400,000    837,339 
Depreciation
At 01 February 2023   33,195    62,714    2,714      98,623 
Charge for year   16,831    5,480    207      22,518 
On disposals   (24,580)   (12,304)       (36,884)
At 31 January 2024   25,446    55,890    2,921      84,257 
Net book values
Closing balance as at 31 January 2024 275,000    63,933    13,528    621    400,000    753,082 
Opening balance as at 01 February 2023 458,010    12,468    21,921    828      493,227 


4.

Stocks

2024
£
  2023
£
Work in Progress 23,311    26,380 
23,311    26,380 

5.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 54,212    91,985 
Prepayments & Accrued Income 756    245 
Taxation recoverable 1,496    1,304 
56,464    93,534 

6.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 2,039    3,312 
Social Security and Other Taxes 92,811    73,983 
Other Creditors 3,129    6,065 
Directors' Current Accounts 2,031    2,236 
100,010    85,596 

7.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 73,768    6,691 
73,768    6,691 

8.

Reserves

2024
£
  2023
£
Revaluation Reserve 78,750   
78,750   

4