Silverfin false false 31/08/2023 01/09/2022 31/08/2023 R Morris 30/04/2012 K Spicer 30/04/2012 J Watts 30/04/2012 21 November 2024 The principal activity of the Company during the financial year was that of property brokerage, letting and development. 08051576 2023-08-31 08051576 bus:Director1 2023-08-31 08051576 bus:Director2 2023-08-31 08051576 bus:Director3 2023-08-31 08051576 2022-08-31 08051576 core:CurrentFinancialInstruments 2023-08-31 08051576 core:CurrentFinancialInstruments 2022-08-31 08051576 core:Non-currentFinancialInstruments 2023-08-31 08051576 core:Non-currentFinancialInstruments 2022-08-31 08051576 core:ShareCapital 2023-08-31 08051576 core:ShareCapital 2022-08-31 08051576 core:RetainedEarningsAccumulatedLosses 2023-08-31 08051576 core:RetainedEarningsAccumulatedLosses 2022-08-31 08051576 core:Goodwill 2022-08-31 08051576 core:Goodwill 2023-08-31 08051576 core:LandBuildings 2022-08-31 08051576 core:PlantMachinery 2022-08-31 08051576 core:Vehicles 2022-08-31 08051576 core:OfficeEquipment 2022-08-31 08051576 core:LandBuildings 2023-08-31 08051576 core:PlantMachinery 2023-08-31 08051576 core:Vehicles 2023-08-31 08051576 core:OfficeEquipment 2023-08-31 08051576 2022-09-01 2023-08-31 08051576 bus:FilletedAccounts 2022-09-01 2023-08-31 08051576 bus:SmallEntities 2022-09-01 2023-08-31 08051576 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 08051576 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 08051576 bus:Director1 2022-09-01 2023-08-31 08051576 bus:Director2 2022-09-01 2023-08-31 08051576 bus:Director3 2022-09-01 2023-08-31 08051576 core:Goodwill core:TopRangeValue 2022-09-01 2023-08-31 08051576 core:PlantMachinery 2022-09-01 2023-08-31 08051576 core:Vehicles 2022-09-01 2023-08-31 08051576 core:OfficeEquipment core:TopRangeValue 2022-09-01 2023-08-31 08051576 2021-09-01 2022-08-31 08051576 core:LandBuildings 2022-09-01 2023-08-31 08051576 core:OfficeEquipment 2022-09-01 2023-08-31 08051576 core:Non-currentFinancialInstruments 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure

Company No: 08051576 (England and Wales)

J.M. WATTS COMMERCIAL PROPERTY LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2023
Pages for filing with the registrar

J.M. WATTS COMMERCIAL PROPERTY LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2023

Contents

J.M. WATTS COMMERCIAL PROPERTY LIMITED

BALANCE SHEET

As at 31 August 2023
J.M. WATTS COMMERCIAL PROPERTY LIMITED

BALANCE SHEET (continued)

As at 31 August 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 161,018 164,126
161,018 164,126
Current assets
Stocks 5 291,128 954,719
Debtors 6 31,782 34,158
Cash at bank and in hand 8,414 9,964
331,324 998,841
Creditors: amounts falling due within one year 7 ( 173,113) ( 170,507)
Net current assets 158,211 828,334
Total assets less current liabilities 319,229 992,460
Creditors: amounts falling due after more than one year 8 ( 304,776) ( 964,835)
Net assets 14,453 27,625
Capital and reserves
Called-up share capital 100 100
Profit and loss account 14,353 27,525
Total shareholders' funds 14,453 27,625

For the financial year ending 31 August 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of J.M. WATTS COMMERCIAL PROPERTY LIMITED (registered number: 08051576) were approved and authorised for issue by the Board of Directors on 21 November 2024. They were signed on its behalf by:

J Watts
Director
J.M. WATTS COMMERCIAL PROPERTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
J.M. WATTS COMMERCIAL PROPERTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

J.M. WATTS COMMERCIAL PROPERTY LIMITED (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
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 property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 September 2022 10,000 10,000
At 31 August 2023 10,000 10,000
Accumulated amortisation
At 01 September 2022 10,000 10,000
At 31 August 2023 10,000 10,000
Net book value
At 31 August 2023 0 0
At 31 August 2022 0 0

4. Tangible assets

Land and buildings Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 September 2022 149,969 803 29,553 7,754 188,079
Additions 0 992 0 280 1,272
At 31 August 2023 149,969 1,795 29,553 8,034 189,351
Accumulated depreciation
At 01 September 2022 0 248 17,602 6,103 23,953
Charge for the financial year 0 338 2,987 1,055 4,380
At 31 August 2023 0 586 20,589 7,158 28,333
Net book value
At 31 August 2023 149,969 1,209 8,964 876 161,018
At 31 August 2022 149,969 555 11,951 1,651 164,126

5. Stocks

2023 2022
£ £
Stocks 291,128 954,719

6. Debtors

2023 2022
£ £
Trade debtors 2,592 4,800
Other debtors 29,190 29,358
31,782 34,158

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 5,059 5,059
Trade creditors 3,261 6,913
Taxation and social security 33,093 24,281
Other creditors 131,700 134,254
173,113 170,507

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 489 5,548
Other creditors 304,287 959,287
304,776 964,835

There are no amounts included above in respect of which any security has been given by the small entity.