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REGISTERED NUMBER: 05655964 (England and Wales)










Unaudited Financial Statements for the Year Ended 31 January 2024

for

Watts Engineering Services Limited

Watts Engineering Services Limited (Registered number: 05655964)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Watts Engineering Services Limited

Company Information
for the Year Ended 31 January 2024







DIRECTOR: D Watts





REGISTERED OFFICE: Unit 6 Aldwarke Business Park
Waddington Way
Rotherham
South Yorkshire
S65 3SH





REGISTERED NUMBER: 05655964 (England and Wales)

Watts Engineering Services Limited (Registered number: 05655964)

Balance Sheet
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 10,000 15,000
Tangible assets 5 120,564 113,869
130,564 128,869

CURRENT ASSETS
Stocks 60,000 45,000
Debtors 6 380,490 306,472
Cash at bank 211,931 184,895
652,421 536,367
CREDITORS
Amounts falling due within one year 7 287,146 269,449
NET CURRENT ASSETS 365,275 266,918
TOTAL ASSETS LESS CURRENT
LIABILITIES

495,839

395,787

CREDITORS
Amounts falling due after more than one
year

8

(51,831

)

(68,258

)

PROVISIONS FOR LIABILITIES (30,141 ) (29,044 )
NET ASSETS 413,867 298,485

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 413,866 298,484
SHAREHOLDERS' FUNDS 413,867 298,485

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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.

Watts Engineering Services Limited (Registered number: 05655964)

Balance Sheet - continued
31 January 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 28 October 2024 and were signed by:





D Watts - Director


Watts Engineering Services Limited (Registered number: 05655964)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Watts Engineering Services 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of twenty years.

The goodwill purchased in 2006 will be fully written off by 2026. The residual value of the goodwill being at a level when FRS 102 was introduced to be written off within 10 years of that date, being consistent with the historic policy.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33% on cost, 25% on reducing balance and 15% on reducing balance

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

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.

Watts Engineering Services Limited (Registered number: 05655964)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company makes pension contributions in accordance with auto enrolment legislation.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2023
and 31 January 2024 100,000
AMORTISATION
At 1 February 2023 85,000
Charge for year 5,000
At 31 January 2024 90,000
NET BOOK VALUE
At 31 January 2024 10,000
At 31 January 2023 15,000

Watts Engineering Services Limited (Registered number: 05655964)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2023 240,902
Additions 36,396
Transfer to ownership 1
At 31 January 2024 277,299
DEPRECIATION
At 1 February 2023 127,033
Charge for year 29,702
At 31 January 2024 156,735
NET BOOK VALUE
At 31 January 2024 120,564
At 31 January 2023 113,869

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 February 2023 102,955
Additions 14,100
Transfer to ownership (14,624 )
At 31 January 2024 102,431
DEPRECIATION
At 1 February 2023 47,730
Charge for year 14,099
Transfer to ownership (12,021 )
At 31 January 2024 49,808
NET BOOK VALUE
At 31 January 2024 52,623
At 31 January 2023 55,225

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 376,346 299,228
Other debtors 4,144 7,244
380,490 306,472

Watts Engineering Services Limited (Registered number: 05655964)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,141 10,253
Hire purchase contracts (see note 9) 20,620 19,155
Trade creditors 118,280 122,255
Amounts owed to group undertakings - 252
Taxation and social security 125,375 111,082
Other creditors 12,730 6,452
287,146 269,449

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 13,149 23,055
Hire purchase contracts (see note 9) 38,682 45,203
51,831 68,258

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 20,620 19,155
Between one and five years 38,682 45,203
59,302 64,358

Non-cancellable operating leases
2024 2023
£    £   
Within one year 58,000 9,666
Between one and five years 58,000 -
116,000 9,666

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 59,302 64,358

Watts Engineering Services Limited (Registered number: 05655964)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

11. RELATED PARTY DISCLOSURES

Watts & Thompson Limited

The parent company of Watts Engineering Services Limited.

Monies were loaned on an interest free basis repayable upon demand, the balance at the year end owing to Watts & Thompson Limited £Nil, (2023: £252).

12. ULTIMATE CONTROLLING PARTY

The controlling party is Watts & Thompson Limited, a company registered in England and Wales..

The company is a wholly owned subsidiary of Watts & Thompson Limited a company controlled by Mr D Watts a director of both companies.