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Registration number: 10507001

WA& C Watson Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2024

 

WA& C Watson Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

WA& C Watson Ltd

Company Information

Directors

Alison Watson

William George Watson

Registered office

14 Brook Dene
Winslow
Buckingham
MK18 3FU

Accountants

MK4 Accountants
14 Brook Dene
Winslow
Buckingham
Buckinghamshire
MK18 3FU

 

WA& C Watson Ltd

(Registration number: 10507001)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

78,912

87,390

Current assets

 

Debtors

6

55,517

42,745

Cash at bank and in hand

 

16,696

11,172

 

72,213

53,917

Prepayments and accrued income

 

3,202

3,052

Creditors: Amounts falling due within one year

(7,695)

(8,399)

Net current assets

 

67,720

48,570

Total assets less current liabilities

 

146,632

135,960

Creditors: Amounts falling due after more than one year

(9,588)

(13,102)

Accruals and deferred income

 

(2,556)

(5,999)

Net assets

 

134,488

116,859

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

134,388

116,759

Shareholders' funds

 

134,488

116,859

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.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

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

 

WA& C Watson Ltd

(Registration number: 10507001)
Abridged Balance Sheet as at 31 March 2024

.........................................
William George Watson
Director

 

WA& C Watson Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
14 Brook Dene
Winslow
Buckingham
MK18 3FU

The principal place of business is:
The Coal Yard
Folly Lane
Napton
Southam
CV47 8NZ

These financial statements were authorised for issue by the Board on 2 November 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 abridged 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 abridged 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.

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 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.

 

WA& C Watson Ltd

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

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.

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:

Asset class

Depreciation method and rate

Plant & Machinery

20% Reducing Balance

Furniture & Fittings

15% Reducing Balance

Office Equipment

15% Reducing Balance

Motor Vehicles

25% Reducing Balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5 Years Straight Line

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.

 

WA& C Watson Ltd

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

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

 

WA& C Watson Ltd

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

4

Intangible assets

Total
£

Cost or valuation

At 1 April 2023

25,000

At 31 March 2024

25,000

Amortisation

At 1 April 2023

25,000

At 31 March 2024

25,000

Carrying amount

At 31 March 2024

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

3,749

50,429

112,269

166,447

Additions

-

-

11,500

11,500

At 31 March 2024

3,749

50,429

123,769

177,947

Depreciation

At 1 April 2023

3,408

25,233

50,416

79,057

Charge for the year

68

5,239

14,671

19,978

At 31 March 2024

3,476

30,472

65,087

99,035

Carrying amount

At 31 March 2024

273

19,957

58,682

78,912

At 31 March 2023

341

25,196

61,853

87,390

6

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

 

WA& C Watson Ltd

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

 

2024

2023

 

No.

£

No.

£

Ordinary A of £1 each

85

85

85

85

Ordinary B of £1 each

5

5

5

5

Ordinary C of £1 each

5

5

5

5

Ordinary D of £1 each

5

5

5

5

 

100

100

100

100

8

Related party transactions

 

WA& C Watson Ltd

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

800

-

Summary of transactions with other related parties

William George Watson & Alison Watson
 The company operates from the premises known as The Coal Yard, Folly Lane, Napton, Southam. CV47 8NZ
 No rents are paid between the parties. Legal title to the premises from which the comany operates remains with William George Watson & Alison Watson