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Registration number: 07182121

RMA Watts Construction Ltd

trading as Watts Construction RM Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

RMA Watts Construction Ltd

trading as Watts Construction RM Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

RMA Watts Construction Ltd

trading as Watts Construction RM Ltd

Company Information

Directors

R M Watts

MAT Watts

Registered office

Croham Lodge
Croham Road
Crowborough
East Sussex
TN6 2RH

Accountants

Redshield Business Solutions Limited
Chartered Accountants
Suite 3, 1 - 3 Warren Court
Park Road
Crowborough
East Sussex
TN6 2QX

 

RMA Watts Construction Ltd

trading as Watts Construction RM Ltd

(Registration number: 07182121)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

21,804

28,250

Current assets

 

Debtors

5

260,445

473,312

Cash at bank and in hand

 

614,775

261,442

 

875,220

734,754

Creditors: Amounts falling due within one year

6

(342,190)

(359,727)

Net current assets

 

533,030

375,027

Total assets less current liabilities

 

554,834

403,277

Provisions for liabilities

(1,161)

(2,773)

Net assets

 

553,673

400,504

Capital and reserves

 

Called up share capital

7

2,000

2,000

Retained earnings

551,673

398,504

Shareholders' funds

 

553,673

400,504

 

RMA Watts Construction Ltd

trading as Watts Construction RM Ltd

(Registration number: 07182121)
Balance Sheet as at 31 March 2024 (continued)

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 December 2024 and signed on its behalf by:
 

MAT Watts
Director

   
     
 

RMA Watts Construction Ltd

trading as Watts Construction RM Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Croham Lodge
Croham Road
Crowborough
East Sussex
TN6 2RH
United Kingdom

The principal place of business is:
Croham Lodge
Croham Road
Crowborough
East Sussex
TN6 2RH
United Kingdom

These financial statements were authorised for issue by the Board on 2 December 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

 

RMA Watts Construction Ltd

trading as Watts Construction RM Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

RMA Watts Construction Ltd

trading as Watts Construction RM Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance basis

Office equipment

25% reducing balance basis

Fixtures and Fittings

25% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

RMA Watts Construction Ltd

trading as Watts Construction RM Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

RMA Watts Construction Ltd

trading as Watts Construction RM Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2023 - 13).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

5,851

95,323

101,174

Additions

823

-

823

At 31 March 2024

6,674

95,323

101,997

Depreciation

At 1 April 2023

4,134

68,790

72,924

Charge for the year

636

6,633

7,269

At 31 March 2024

4,770

75,423

80,193

Carrying amount

At 31 March 2024

1,904

19,900

21,804

At 31 March 2023

1,717

26,533

28,250

5

Debtors

Current

2024
£

2023
£

Trade debtors

71,927

252,221

Prepayments

118,945

115,571

Other debtors

69,573

105,520

 

260,445

473,312

 

RMA Watts Construction Ltd

trading as Watts Construction RM Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

105,429

141,882

Taxation and social security

178,452

152,224

Accruals and deferred income

58,309

65,621

342,190

359,727

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A Shares of £1 each

1,000

1,000

1,000

1,000

Ordinary B Shares of £1 each

1,000

1,000

1,000

1,000

2,000

2,000

2,000

2,000

 

RMA Watts Construction Ltd

trading as Watts Construction RM Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

8

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £71.81 (2023 - £77.58) per each Ordinary A Shares

71,810

77,580

Interim dividend of £75.40 (2023 - £81.46) per each Ordinary B Shares

75,400

81,460

147,210

159,040

9

Related party transactions

 

RMA Watts Construction Ltd

trading as Watts Construction RM Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

9

Related party transactions (continued)

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

25,140

19,080

Contributions paid to money purchase schemes

13,883

4,245

39,023

23,325