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REGISTERED NUMBER: 06502488 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Watchorn Financial Services Ltd

Watchorn Financial Services Ltd (Registered number: 06502488)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Watchorn Financial Services Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTOR: Mr J R Watchorn





SECRETARY: Miss L Robinson





REGISTERED OFFICE: 1 Buckminster Yard
Buckminster
Grantham
Lincolnshire
NG33 5RS





REGISTERED NUMBER: 06502488 (England and Wales)





ACCOUNTANTS: SRB Associates (Leicestershire) Limited
Pera Business Park
Nottingham Road
Melton Mowbray
Leicestershire
LE13 0PB

Watchorn Financial Services Ltd (Registered number: 06502488)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 17,134 10,056

CURRENT ASSETS
Debtors 6 65,295 53,134
Investments 7 135,149 122,480
Prepayments and accrued income 8,703 7,467
Cash at bank and in hand 147,810 177,894
356,957 360,975
CREDITORS
Amounts falling due within one year 8 26,567 18,952
NET CURRENT ASSETS 330,390 342,023
TOTAL ASSETS LESS CURRENT
LIABILITIES

347,524

352,079

CREDITORS
Amounts falling due after more than one year 9 (21,708 ) (31,670 )

PROVISIONS FOR LIABILITIES 10 (3,255 ) (1,911 )
NET ASSETS 322,561 318,498

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 322,461 318,398
SHAREHOLDERS' FUNDS 322,561 318,498

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

Watchorn Financial Services Ltd (Registered number: 06502488)

Balance Sheet - continued
31 March 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 3 May 2024 and were signed by:





Mr J R Watchorn - Director


Watchorn Financial Services Ltd (Registered number: 06502488)

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

1. STATUTORY INFORMATION

Watchorn Financial Services Ltd 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents amounts receivable for services provided in the normal course of business, net of trade discounts, VAT and other sales related taxes.

Tangible fixed assets
Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows

Furniture & fittings - 20% Reducing Balance Basis
Computer equipment - 33.3% Straight Line Basis
Plant & equipment - 20% Reducing Balance Basis
Motor vehicles 25% Reducing Balance Basis

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.

Watchorn Financial Services Ltd (Registered number: 06502488)

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

3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce constant periodic rates of charge on the net obligationsoutstanding in each period.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 7 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 930 6,794 6,350 27,664 41,738
Additions - - 12,550 2,621 15,171
At 31 March 2024 930 6,794 18,900 30,285 56,909
DEPRECIATION
At 1 April 2023 335 6,023 1,588 23,736 31,682
Charge for year 119 154 4,328 3,492 8,093
At 31 March 2024 454 6,177 5,916 27,228 39,775
NET BOOK VALUE
At 31 March 2024 476 617 12,984 3,057 17,134
At 31 March 2023 595 771 4,762 3,928 10,056

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 35,295 23,534
Other debtors 30,000 29,600
65,295 53,134

7. CURRENT ASSET INVESTMENTS
31.3.24 31.3.23
£    £   
Investments 135,149 122,480

Watchorn Financial Services Ltd (Registered number: 06502488)

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

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Taxation and social security 20,015 15,647
Other creditors 6,552 3,305
26,567 18,952

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 21,708 31,670

10. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax 3,255 1,911

Deferred
tax
£   
Balance at 1 April 2023 1,911
Charge to Income Statement during year 1,344
Balance at 31 March 2024 3,255

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
100 Ordinary £1 100 100

12. ULTIMATE CONTROLLING PARTY

Mr J R Watchorn has the controlling interest in the company by way of majority shareholding.