REGISTERED NUMBER: |
Report of the Director and |
Unaudited Financial Statements for the Year Ended 30 September 2024 |
for |
William Watson & Co Accountants Ltd |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
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: |
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 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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 |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
Plant and machinery etc | - |
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 |
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 |
AMORTISATION |
At 1 October 2023 |
Charge for year |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 October 2023 |
Additions |
Disposals | ( |
) |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.24 | 30.9.23 |
£ | £ |
Trade debtors |
Other debtors |
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 |
Social security and other taxes |
VAT | 5,657 | 6,639 |
Directors' current accounts | - | 14,639 |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.9.24 | 30.9.23 |
£ | £ |
Director's Loan account |
Hire purchase contracts |
9. | DEFERRED TAX |
£ |
Credit to Income Statement during year | ( |
) |
Balance at 30 September 2024 | ( |
) |