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REGISTERED NUMBER: SC058423 (Scotland)















Unaudited Financial Statements

for the Year Ended 30 June 2024

for

P. & S. Watt Limited

P. & S. Watt Limited (Registered number: SC058423)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


P. & S. Watt Limited

Company Information
for the Year Ended 30 June 2024







DIRECTOR: Mrs L Kermally





REGISTERED OFFICE: 28 Albyn Place
Aberdeen
AB10 1YL





REGISTERED NUMBER: SC058423 (Scotland)





ACCOUNTANTS: SBP
Accountants
42 Queens Road
Aberdeen
AB15 4YE

P. & S. Watt Limited (Registered number: SC058423)

Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 260,000 165,000

CURRENT ASSETS
Debtors 5 - 1,063
Cash at bank 42,870 35,982
42,870 37,045
CREDITORS
Amounts falling due within one year 6 5,566 2,360
NET CURRENT ASSETS 37,304 34,685
TOTAL ASSETS LESS CURRENT
LIABILITIES

297,304

199,685

PROVISIONS FOR LIABILITIES 31,961 13,911
NET ASSETS 265,343 185,774

CAPITAL AND RESERVES
Called up share capital 26,408 26,408
Other reserves 191,340 114,390
Retained earnings 47,595 44,976
265,343 185,774

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

P. & S. Watt Limited (Registered number: SC058423)

Balance Sheet - continued
30 June 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 1 October 2024 and were signed by:





Mrs L Kermally - Director


P. & S. Watt Limited (Registered number: SC058423)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

P. & S. Watt Limited is a private company, limited by shares , registered in Scotland. 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 as modified by the revaluation of certain assets.

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

Investment property
Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

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.

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.

3. EMPLOYEES AND DIRECTORS

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

P. & S. Watt Limited (Registered number: SC058423)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2023 165,000
Revaluations 95,000
At 30 June 2024 260,000
NET BOOK VALUE
At 30 June 2024 260,000
At 30 June 2023 165,000

Fair value at 30 June 2024 is represented by:
£   
Valuation in 2018 113,300
Valuation in 2023 15,000
Valuation in 2024 95,000
Cost 36,700
260,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Other debtors - 1,063

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Taxation and social security 657 907
Other creditors 4,909 1,453
5,566 2,360

7. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the estate of the late Mrs S S Watt.