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REGISTERED NUMBER: 01685141 (England and Wales)















Financial Statements for the Year Ended 31 January 2024

for

T E Watson & Co. Limited

T E Watson & Co. Limited (Registered number: 01685141)






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


T E Watson & Co. Limited

Company Information
for the Year Ended 31 January 2024







DIRECTORS: R D Watson
A E Watson
J T Watson
R Watson





REGISTERED OFFICE: Old Acres Farm
Sedgefield
Co. Durham
TS21 3HS





REGISTERED NUMBER: 01685141 (England and Wales)





ACCOUNTANTS: Yorkshire Accountants Ripon
Eva Lett House
1 South Crescent
Ripon
North Yorkshire
HG4 1SN

T E Watson & Co. Limited (Registered number: 01685141)

Balance Sheet
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 319 319
Tangible Assets 5 4,168,342 4,196,687
4,168,661 4,197,006

CURRENT ASSETS
Stocks 6 1,111,696 1,547,572
Debtors 7 138,578 24,274
Investments 8 78 78
Cash at bank 1,516,707 701,302
2,767,059 2,273,226
CREDITORS
Amounts falling due within one year 9 434,848 275,531
NET CURRENT ASSETS 2,332,211 1,997,695
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,500,872

6,194,701

CREDITORS
Amounts falling due after more than one
year

10

(66,569

)

(195,282

)

PROVISIONS FOR LIABILITIES (317,957 ) (317,957 )
NET ASSETS 6,116,346 5,681,462

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 6,115,346 5,680,462
SHAREHOLDERS' FUNDS 6,116,346 5,681,462

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 directors acknowledge their 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.

T E Watson & Co. Limited (Registered number: 01685141)

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 and authorised for issue by the Board of Directors and authorised for issue on 29 October 2024 and were signed on its behalf by:





R D Watson - Director


T E Watson & Co. Limited (Registered number: 01685141)

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

1. STATUTORY INFORMATION

T E Watson & Co. 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.

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.

Entitlements are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold Property - not provided in accordance with FRS 15
Improvements to Property - 15% on reducing balance
Plant and Machinery - 15% on reducing balance
Office Equipment - 20% on reducing balance
Motor Vehicles - 25% on reducing balance
Tractors - 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.

T E Watson & Co. Limited (Registered number: 01685141)

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

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
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 operates a defined contribution pension scheme. Contributions payable for the year are charged in the profit and loss account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 February 2023
and 31 January 2024 10,469
AMORTISATION
At 1 February 2023
and 31 January 2024 10,150
NET BOOK VALUE
At 31 January 2024 319
At 31 January 2023 319

5. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
Property Property Machinery
£    £    £   
COST
At 1 February 2023 2,824,663 444,604 1,930,802
Additions - - 57,115
Disposals - - (3,361 )
At 31 January 2024 2,824,663 444,604 1,984,556
DEPRECIATION
At 1 February 2023 - 240,661 1,186,178
Charge for year - 39,143 119,757
At 31 January 2024 - 279,804 1,305,935
NET BOOK VALUE
At 31 January 2024 2,824,663 164,800 678,621
At 31 January 2023 2,824,663 203,943 744,624

T E Watson & Co. Limited (Registered number: 01685141)

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

5. TANGIBLE FIXED ASSETS - continued

Office Motor
Equipment Vehicles Tractors Totals
£    £    £    £   
COST
At 1 February 2023 7,196 70,467 969,122 6,246,854
Additions - 83,297 174,000 314,412
Disposals - (44,000 ) (40,000 ) (87,361 )
At 31 January 2024 7,196 109,764 1,103,122 6,473,905
DEPRECIATION
At 1 February 2023 5,247 39,937 578,144 2,050,167
Charge for year 292 17,457 78,747 255,396
At 31 January 2024 5,539 57,394 656,891 2,305,563
NET BOOK VALUE
At 31 January 2024 1,657 52,370 446,231 4,168,342
At 31 January 2023 1,949 30,530 390,978 4,196,687

The net book value of assets held under hire purchase agreements at the balance sheet date was £665,954 (2023: £491,954 ).

6. STOCKS
2024 2023
£    £   
Growing Crops & Stores 1,111,696 1,547,572

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade Debtors 113,834 -
Other Debtors 23,429 23,151
Prepayments and Accrued Income 1,315 1,123
138,578 24,274

8. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Unlisted Investments 78 78

T E Watson & Co. Limited (Registered number: 01685141)

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

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 21,732 18,328
Hire purchase contracts 186,538 111,327
Trade Creditors 38,073 15,812
Taxation 150,966 58,326
Directors Current Accounts 18,934 53,263
Accruals and Deferred Income 18,605 18,475
434,848 275,531

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 66,569 195,282