Registered number
SC471793
Watsons of Leven Limited
Filleted Accounts
31 March 2024
Watsons of Leven Limited
Registered number: SC471793
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 17,750 24,850
Tangible assets 4 5,497 7,351
23,247 32,201
Current assets
Stocks 10,606 10,606
Debtors 5 33,987 27,473
Cash at bank and in hand 5,638 2,782
50,231 40,861
Creditors: amounts falling due within one year 6 (43,144) (36,069)
Net current assets 7,087 4,792
Total assets less current liabilities 30,334 36,993
Creditors: amounts falling due after more than one year 7 (11) (34)
Provisions for liabilities (872) (1,089)
Net assets 29,451 35,870
Capital and reserves
Called up share capital 10 10
Profit and loss account 29,441 35,860
Shareholder's funds 29,451 35,870
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R. Watson
Director
Approved by the board on 29 October 2024
Watsons of Leven Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset as follows
Freehold buildings over 50 years
Vehicles 25% by Reducing Balance
Plant and machinery 20% by Reducing Balance
Fixtures, fittings, tools and equipment 20% by Reducing Balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 8 8
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 71,000
At 31 March 2024 71,000
Amortisation
At 1 April 2023 46,150
Provided during the year 7,100
At 31 March 2024 53,250
Net book value
At 31 March 2024 17,750
At 31 March 2023 24,850
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 16,347 12,043 28,390
At 31 March 2024 16,347 12,043 28,390
Depreciation
At 1 April 2023 10,613 10,426 21,039
Charge for the year 1,146 708 1,854
At 31 March 2024 11,759 11,134 22,893
Net book value
At 31 March 2024 4,588 909 5,497
At 31 March 2023 5,734 1,617 7,351
5 Debtors 2024 2023
£ £
Trade debtors 32,159 25,108
Other debtors 1,828 2,365
33,987 27,473
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 854 5,480
Trade creditors 39,114 27,287
Taxation and social security costs 2,335 2,462
Other creditors 841 840
43,144 36,069
7 Creditors: amounts falling due after one year 2024 2023
£ £
Director's account 11 34
8 Other information
Watsons of Leven Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
1 Victoria Road
Kirkcaldy
Fife
KY1 1DT
Watsons of Leven Limited SC471793 false 2023-04-01 2024-03-31 2024-03-31 VT Final Accounts April 2024 R. Watson No description of principal activity SC471793 2022-04-01 2023-03-31 SC471793 core:WithinOneYear 2023-03-31 SC471793 core:AfterOneYear 2023-03-31 SC471793 core:ShareCapital 2023-03-31 SC471793 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC471793 2023-04-01 2024-03-31 SC471793 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC471793 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC471793 bus:Director40 2023-04-01 2024-03-31 SC471793 1 2023-04-01 2024-03-31 SC471793 2 2023-04-01 2024-03-31 SC471793 core:Goodwill 2023-04-01 2024-03-31 SC471793 core:PlantMachinery 2023-04-01 2024-03-31 SC471793 core:Vehicles 2023-04-01 2024-03-31 SC471793 countries:England 2023-04-01 2024-03-31 SC471793 bus:FRS102 2023-04-01 2024-03-31 SC471793 bus:FilletedAccounts 2023-04-01 2024-03-31 SC471793 2024-03-31 SC471793 core:WithinOneYear 2024-03-31 SC471793 core:AfterOneYear 2024-03-31 SC471793 core:ShareCapital 2024-03-31 SC471793 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC471793 core:Goodwill 2024-03-31 SC471793 core:PlantMachinery 2024-03-31 SC471793 core:Vehicles 2024-03-31 SC471793 2023-03-31 SC471793 core:Goodwill 2023-03-31 SC471793 core:PlantMachinery 2023-03-31 SC471793 core:Vehicles 2023-03-31 iso4217:GBP xbrli:pure