Company Registration No. 11342581 (England and Wales)
Watson & Hunter Specialised Vehicles Limited
Unaudited accounts
for the year ended 31 May 2024
Watson & Hunter Specialised Vehicles Limited
Unaudited accounts
Contents
Watson & Hunter Specialised Vehicles Limited
Company Information
for the year ended 31 May 2024
Directors
A M Hunter
M Watson
Company Number
11342581 (England and Wales)
Registered Office
Becklands Park Industrial Estate
York Road
Market Weighton
East Yorkshire
YO43 3GA
United Kingdom
Accountants
Woolley & Co - Accountants and Chartered Tax Advisors
Crown House, York Road
Shiptonthorpe
York
East Yorkshire
YO43 3PF
Watson & Hunter Specialised Vehicles Limited
Statement of financial position
as at 31 May 2024
Tangible assets
90,474
101,842
Inventories
350,500
263,250
Cash at bank and in hand
376,372
585,793
Creditors: amounts falling due within one year
(431,698)
(542,579)
Net current assets
427,043
471,546
Total assets less current liabilities
517,517
573,388
Creditors: amounts falling due after more than one year
(11,667)
(21,667)
Provisions for liabilities
Deferred tax
(17,190)
(19,350)
Net assets
488,660
532,371
Called up share capital
100
100
Profit and loss account
488,560
532,271
Shareholders' funds
488,660
532,371
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 6 September 2024 and were signed on its behalf by
A M Hunter
Director
Company Registration No. 11342581
Watson & Hunter Specialised Vehicles Limited
Notes to the Accounts
for the year ended 31 May 2024
Watson & Hunter Specialised Vehicles Limited is a private company, limited by shares, registered in England and Wales, registration number 11342581. The registered office is Becklands Park Industrial Estate, York Road, Market Weighton, East Yorkshire, YO43 3GA, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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 accounts. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% on a reducing balance
Motor vehicles
20% on a reducing balance
Fixtures & fittings
20% on a reducing balance
Watson & Hunter Specialised Vehicles Limited
Notes to the Accounts
for the year ended 31 May 2024
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 June 2023
45,557
61,319
64,670
171,546
At 31 May 2024
45,557
70,319
64,670
180,546
At 1 June 2023
29,861
37,687
2,156
69,704
Charge for the year
3,139
4,726
12,503
20,368
At 31 May 2024
33,000
42,413
14,659
90,072
At 31 May 2024
12,557
27,906
50,011
90,474
At 31 May 2023
15,696
23,632
62,514
101,842
Amounts falling due within one year
Trade debtors
65,352
94,602
Other debtors
66,517
70,480
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
10,000
10,000
Obligations under finance leases and hire purchase contracts
-
2,020
Trade creditors
95,399
46,149
Taxes and social security
19,568
55,960
Other creditors
60,000
57,839
Deferred income
177,500
310,000
7
Creditors: amounts falling due after more than one year
2024
2023
Watson & Hunter Specialised Vehicles Limited
Notes to the Accounts
for the year ended 31 May 2024
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Loan
29,377
27,747
29,377
27,747
Loan
41,103
38,770
41,103
38,770
70,480
66,517
70,480
66,517
The loan balances will be cleared at 31 October 2024 with directors' bonuses.
9
Transactions with related parties
During the year rent was paid to the directors' joint property account for the use of the factory unit utilised by the company, that the directors own in joint names. The amount of rent charged was £60,000 (2023 : £60,000) with a further £50,000 accrued in 2023 for back rent due to a change in previous rental agreement.
There were no amounts outstanding at either the 2024 or 2023 financial year end.
10
Average number of employees
During the year the average number of employees was 23 (2023: 20).