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REGISTERED NUMBER: SC285080 (Scotland)















Report of the Director and

Unaudited Financial Statements for the Year Ended 30 September 2024

for

William Watson & Co Accountants Ltd

William Watson & Co Accountants Ltd (Registered number: SC285080)






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




Page

Company Information 1

Report of the Director 2

Statement of Financial Position 3

Notes to the Financial Statements 5


William Watson & Co Accountants Ltd

Company Information
for the Year Ended 30 September 2024







DIRECTOR: W Watson





REGISTERED OFFICE: 51 Lynnhurst
Uddingston
GLASGOW
Lanarkshire
G71 6SA





REGISTERED NUMBER: SC285080 (Scotland)





ACCOUNTANTS: William Watson & Company Accountants Ltd
51 Lynnhurst
Uddingston
G71 6SA

William Watson & Co Accountants Ltd (Registered number: SC285080)

Report of the Director
for the Year Ended 30 September 2024

The director presents his report with the financial statements of the company for the year ended 30 September 2024.

REVIEW OF BUSINESS
Gilts have moved as expected however proposed budget changes in debt calculations have increased government borrowing costs slightly. Most commentators expect commercial interest rates to fall in the coming year.

The election in America will have a significant effect in the UK if the USA embarks on a protectionist stance on imports.

The company is delighted to engage another family member who has excellent data skills to train some clients on the Xero and Quickbooks platform. These skills will be added to the trusted and tested Sage platforms to ensure that clients can pick and work with the platforms they desire.

Referrals from existing clients are the main source of new clients. The software enhancements available to all parties and the roll out of making tax digital has increased the reporting times available to clients who are proactive with their books and records. This year is another successful one where we filed accounts within the deadlines in accordance with HMRC and our underwriters for tax investigation fee protection.

The shareholder, who is the only director, has deferred the repayment on his loan for the benefit of the company.

All tax liabilities are up to date and paid as they fall due.

DIRECTOR
W Watson held office during the whole of the period from 1 October 2023 to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE
During the year the company made payments amounting to £2,400 to Christians Against Poverty and Glasgow City Mission. These charities offer solutions to people trapped in debt and operate in Glasgow and the UK.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





W Watson - Director


29 October 2024

William Watson & Co Accountants Ltd (Registered number: SC285080)

Statement of Financial Position
30 September 2024

30.9.24 30.9.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 15,255 30,510
Tangible assets 5 34,324 10,804
49,579 41,314

CURRENT ASSETS
Debtors 6 1,621 166
Cash at bank 34 39
1,655 205
CREDITORS
Amounts falling due within one year 7 25,194 36,788
NET CURRENT LIABILITIES (23,539 ) (36,583 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

26,040

4,731

CREDITORS
Amounts falling due after more than one
year

8

111,582

98,347
NET LIABILITIES (85,542 ) (93,616 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (85,642 ) (93,716 )
SHAREHOLDERS' FUNDS (85,542 ) (93,616 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

William Watson & Co Accountants Ltd (Registered number: SC285080)

Statement of Financial Position - continued
30 September 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 29 October 2024 and were signed by:





W Watson - Director


William Watson & Co Accountants Ltd (Registered number: SC285080)

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

1. STATUTORY INFORMATION

William Watson & Co Accountants Ltd 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.

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 2005, is being amortised evenly over its estimated useful life of twenty years.

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.
Plant and machinery etc - 33% on cost and 25% on cost

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 statement of financial position date.

Deferred tax
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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 3 ) .

William Watson & Co Accountants Ltd (Registered number: SC285080)

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

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 October 2023
and 30 September 2024 305,100
AMORTISATION
At 1 October 2023 274,590
Charge for year 15,255
At 30 September 2024 289,845
NET BOOK VALUE
At 30 September 2024 15,255
At 30 September 2023 30,510

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 October 2023 29,199
Additions 42,768
Disposals (19,498 )
At 30 September 2024 52,469
DEPRECIATION
At 1 October 2023 18,395
Charge for year 11,022
Eliminated on disposal (11,272 )
At 30 September 2024 18,145
NET BOOK VALUE
At 30 September 2024 34,324
At 30 September 2023 10,804

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade debtors 1,560 166
Other debtors 61 -
1,621 166

William Watson & Co Accountants Ltd (Registered number: SC285080)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Hire purchase contracts 7,332 809
Social security and other taxes 11,205 10,979
VAT 5,657 6,639
Directors' current accounts - 14,639
Accrued expenses 1,000 3,722
25,194 36,788

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.9.24 30.9.23
£    £   
Director's Loan account 101,182 98,347
Hire purchase contracts 10,400 -
111,582 98,347

9. DEFERRED TAX
£   
Credit to Income Statement during year (61 )
Balance at 30 September 2024 (61 )