Watchonly Limited 02757921 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the commercial letting of investment property. Digita Accounts Production Advanced 6.30.9574.0 true true 02757921 2023-04-01 2024-03-31 02757921 2024-03-31 02757921 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2024-03-31 02757921 core:CurrentFinancialInstruments 2024-03-31 02757921 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 02757921 core:FurnitureFittingsToolsEquipment 2024-03-31 02757921 bus:SmallEntities 2023-04-01 2024-03-31 02757921 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 02757921 bus:FilletedAccounts 2023-04-01 2024-03-31 02757921 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 02757921 bus:RegisteredOffice 2023-04-01 2024-03-31 02757921 bus:Director1 2023-04-01 2024-03-31 02757921 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2023-04-01 2024-03-31 02757921 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02757921 core:OtherRelatedParties 2023-04-01 2024-03-31 02757921 countries:EnglandWales 2023-04-01 2024-03-31 02757921 2023-03-31 02757921 core:FurnitureFittingsToolsEquipment 2023-03-31 02757921 2022-04-01 2023-03-31 02757921 2023-03-31 02757921 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2023-03-31 02757921 core:CurrentFinancialInstruments 2023-03-31 02757921 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 02757921 core:FurnitureFittingsToolsEquipment 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 02757921

Watchonly Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Watchonly Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Watchonly Limited

Company Information

Director

P. K. Turner

Registered office

Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

Accountants

Robert Whowell & Partners LLP
Chartered Accountants
Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

 

Watchonly Limited

(Registration number: 02757921)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

5

1,715,000

1,271,564

Current assets

 

Debtors

-

7,003

Cash at bank and in hand

 

446,367

136,807

 

446,367

143,810

Creditors: Amounts falling due within one year

6

(280,274)

(10,986)

Net current assets

 

166,093

132,824

Total assets less current liabilities

 

1,881,093

1,404,388

Provisions for liabilities

(22,770)

-

Net assets

 

1,858,323

1,404,388

Capital and reserves

 

Called up share capital

7

300,000

300,000

Non-distributable reserve

621,457

200,791

Retained earnings

936,866

903,597

Shareholders' funds

 

1,858,323

1,404,388

 

Watchonly Limited

(Registration number: 02757921)
Balance Sheet as at 31 March 2024

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 September 2024
 

.........................................
P. K. Turner
Director

 

Watchonly Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

These financial statements were authorised for issue by the director on 30 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the rent received in the ordinary course of the company’s activities. Turnover is shown net of value added tax, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

 

Watchonly Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tax

The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in the profit and loss account.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Watchonly Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

4

Tangible assets

Fixtures, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

12,509

12,509

At 31 March 2024

12,509

12,509

Depreciation

At 1 April 2023

12,509

12,509

At 31 March 2024

12,509

12,509

Carrying amount

At 31 March 2024

-

-

At 31 March 2023

-

-

5

Investment properties

2024
£

At 1 April 2023

1,271,564

Fair value adjustments

443,436

At 31 March 2024

1,715,000

There has been revaluation of investment property by independent valuer.
 

 

Watchonly Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

1,470

-

Taxation and social security

15,024

8,871

Accruals and deferred income

2,115

2,115

Other creditors

261,665

-

280,274

10,986

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

300,000

300,000

300,000

300,000

         

8

Related party transactions

Summary of transactions with other related parties

During the year a director received dividends of £nil (2023 - £nil).