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Company registration number: 10793002
Watcho MK Ltd
Unaudited filleted financial statements
31 March 2024
Watcho MK Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Watcho MK Ltd
Directors and other information
Director Joy Choksi
Secretary Vidya Choksi
Company number 10793002
Registered office 12 Deer Walk
Milton Keynes
England
MK9 3AB
Accountants ACE Accounts & Tax Limited
2 Whittle Court
Knowlhill
Milton Keynes
MK5 8FT
Watcho MK Ltd
Report to the director on the preparation of the
unaudited statutory financial statements of Watcho MK Ltd
Year ended 31 March 2024
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 March 2024 which comprise the statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
ACE Accounts & Tax Limited
Chartered Certified Accountants
2 Whittle Court
Knowlhill
Milton Keynes
MK5 8FT
24 December 2024
Watcho MK Ltd
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 59,908 42,571
_______ _______
59,908 42,571
Current assets
Stocks 311,115 326,470
Debtors 6 110,715 92,535
Cash at bank and in hand 324,188 390,239
_______ _______
746,018 809,244
Creditors: amounts falling due
within one year 7 ( 410,993) ( 438,367)
_______ _______
Net current assets 335,025 370,877
_______ _______
Total assets less current liabilities 394,933 413,448
Creditors: amounts falling due
after more than one year 8 ( 101,750) ( 134,750)
_______ _______
Net assets 293,183 278,698
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 293,083 278,598
_______ _______
Shareholders funds 293,183 278,698
_______ _______
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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 December 2024 , and are signed on behalf of the board by:
Joy Choksi
Director
Company registration number: 10793002
Watcho MK Ltd
Statement of changes in equity
Year ended 31 March 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2021 100 273,902 274,002
Profit for the year 44,696 44,696
_______ _______ _______
Total comprehensive income for the year - 44,696 44,696
Dividends paid and payable ( 40,000) ( 40,000)
_______ _______ _______
Total investments by and distributions to owners - ( 40,000) ( 40,000)
_______ _______ _______
At 31 March 2023 and 1 April 2023 100 278,598 278,698
Profit for the year 54,485 54,485
_______ _______ _______
Total comprehensive income for the year - 54,485 54,485
Dividends paid and payable ( 40,000) ( 40,000)
_______ _______ _______
Total investments by and distributions to owners - ( 40,000) ( 40,000)
_______ _______ _______
At 31 March 2024 100 293,083 293,183
_______ _______ _______
Watcho MK Ltd
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Englandf and Wales. The address of the registered office is 12 Deer Walk, Milton Keynes, England, MK9 3AB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % straight line
Computer equipment - 33.33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
4. Staff costs
The average number of persons employed by the company during the year amounted to 9 (2023: 7 ).
The aggregate payroll costs incurred during the year were:
2024 2023
£ £
Wages and salaries 76,545 94,314
Social security costs - 1,131
Other pension costs 424 1,462
_______ _______
76,969 96,907
_______ _______
5. Tangible assets
Short leasehold property Fixtures, fittings and equipment Motor vehicles Computer equipment Total
£ £ £ £ £
Cost
At 1 April 2023 5,325 20,950 28,095 1,904 56,274
Additions - 32,951 - 599 33,550
_______ _______ _______ _______ _______
At 31 March 2024 5,325 53,901 28,095 2,503 89,824
_______ _______ _______ _______ _______
Depreciation
At 1 April 2023 - 2,998 9,951 754 13,703
Charge for the year - 8,619 7,024 570 16,213
_______ _______ _______ _______ _______
At 31 March 2024 - 11,617 16,975 1,324 29,916
_______ _______ _______ _______ _______
Carrying amount
At 31 March 2024 5,325 42,284 11,120 1,179 59,908
_______ _______ _______ _______ _______
At 31 March 2023 5,325 17,952 18,144 1,150 42,571
_______ _______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 23,320 17,740
Other debtors 87,395 74,795
_______ _______
110,715 92,535
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 240,638 161,836
Corporation tax 2,437 23,308
Social security and other taxes 17,129 13,525
Other creditors 150,789 239,698
_______ _______
410,993 438,367
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 101,750 134,750
_______ _______
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Joy Choksi ( 208,712) 209,698 ( 118,403) ( 117,417)
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Joy Choksi ( 304,138) 181,181 ( 85,755) ( 208,712)
_______ _______ _______ _______