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COMPANY REGISTRATION NUMBER: 3000893
Watson Gill Scientific Limited
Filleted Unaudited Financial Statements
31 March 2024
Watson Gill Scientific Limited
Financial Statements
Year ended 31 March 2024
Contents
Pages
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 5
Watson Gill Scientific Limited
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Watson Gill Scientific Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Watson Gill Scientific Limited for the year ended 31 March 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Watson Gill Scientific Limited in accordance with the terms of our engagement letter dated 17 November 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Watson Gill Scientific Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Watson Gill Scientific Limited and its director for our work or for this report.
It is your duty to ensure that Watson Gill Scientific Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Watson Gill Scientific Limited. You consider that Watson Gill Scientific Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Watson Gill Scientific Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
HEBBLETHWAITES Chartered Accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
8 November 2024
Watson Gill Scientific Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Current assets
Cash at bank and in hand
81
Creditors: amounts falling due within one year
4
600
34,727
----
--------
Net current liabilities
600
34,646
----
--------
Total assets less current liabilities
( 600)
( 34,646)
Creditors: amounts falling due after more than one year
5
104,904
70,000
---------
---------
Net liabilities
( 105,504)
( 104,646)
---------
---------
Watson Gill Scientific Limited
Statement of Financial Position (continued)
31 March 2024
2024
2023
Note
£
£
Capital and reserves
Called up share capital
10
10
Profit and loss account
( 105,514)
( 104,656)
---------
---------
Shareholders deficit
( 105,504)
( 104,646)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 7 November 2024 , and are signed on behalf of the board by:
Dr T Watson
Director
Company registration number: 3000893
Watson Gill Scientific Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is c/o Hebblethwaites, 2 Westbrook Court, Sharrow Vale Road, Sheffield, S11 8YZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The Statement of Financial Position at the year end date shows net current liabilities and a net total liability position. Despite this, the accounts have been prepared on a going concern basis. The director considers that this basis remains appropriate given the ongoing and committed support of the director, by way of unsecured loan to the company, this allied to the prospects of future profitable trading, with a platform of significantly reduced operating expenses.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less ) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer Equipment
-
25% straight line
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
600
34,727
----
--------
5. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
104,904
70,000
---------
--------
6. Director's advances, credits and guarantees
The company was under the control of Dr T Watson and his wife throughout the current and previous years. Dr T Watson is the sole director of Watson Gill Scientific Limited . A loan account exists as between the company and the director. At the period end date, the company was indebted to the director, in this regard, in the sum of £104,904 (2023: £103,827). The movement during the year resulted from net funds introduced of £1,077 (2023: £1,473). There are no formal terms for repayment of this loan, although the director has agreed that the balance will not be withdrawn until at least twelve months after the period end date. Interest is not being applied to the loan balance.