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REGISTERED NUMBER: 00556022 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 October 2024

for

Peter Watson (Skipton) Limited

Peter Watson (Skipton) Limited (Registered number: 00556022)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 9

Peter Watson (Skipton) Limited

Company Information
for the Year Ended 31 October 2024







DIRECTORS: P Watson
Mrs C M Watson
R P Watson
M Peers
Mrs L N Musgrove





SECRETARY: Mrs C M Watson





REGISTERED OFFICE: Otley Road
Skipton
North Yorkshire
BD23 1EY





REGISTERED NUMBER: 00556022 (England and Wales)





ACCOUNTANTS: Stirk Lambert & Co
Chartered Accountants
Russell Chambers
61a North Street
Keighley
West Yorkshire
BD21 3DS

Peter Watson (Skipton) Limited (Registered number: 00556022)

Balance Sheet
31 October 2024

31.10.24 31.10.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 1,158,309 997,846

CURRENT ASSETS
Stocks 287,488 238,818
Debtors 5 329,061 398,061
Cash at bank and in hand 67,342 87,074
683,891 723,953
CREDITORS
Amounts falling due within one year 6 (632,841 ) (608,539 )
NET CURRENT ASSETS 51,050 115,414
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,209,359

1,113,260

CREDITORS
Amounts falling due after more than one
year

7

(43,159

)

(25,452

)

PROVISIONS FOR LIABILITIES (52,461 ) (26,471 )
NET ASSETS 1,113,739 1,061,337

CAPITAL AND RESERVES
Called up share capital 7,350 7,350
Revaluation reserve 9 124,988 129,020
Retained earnings 981,401 924,967
SHAREHOLDERS' FUNDS 1,113,739 1,061,337

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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.

Peter Watson (Skipton) Limited (Registered number: 00556022)

Balance Sheet - continued
31 October 2024



The financial statements were approved by the Board of Directors and authorised for issue on 20 December 2024 and were signed on its behalf by:





P Watson - Director


Peter Watson (Skipton) Limited (Registered number: 00556022)

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

1. STATUTORY INFORMATION

Peter Watson (Skipton) Limited 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. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents the amounts received or receivable for goods and services provided to customers, excluding VAT.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Improvements to property - 2% on cost
Plant and machinery - 15% on reducing balance
Vehicle fleet - 20% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 25% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Peter Watson (Skipton) Limited (Registered number: 00556022)

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

2. ACCOUNTING POLICIES - continued

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.

Operating leases
Rental income from operating leases is included in profit and loss on a straight-line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2023 - 22 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST OR VALUATION
At 1 November 2023 284,170 740,856 323,246
Additions - 130,906 36,277
Disposals (4,325 ) - -
At 31 October 2024 279,845 871,762 359,523
DEPRECIATION
At 1 November 2023 100,802 63,277 238,210
Charge for year 5,618 17,036 16,560
Eliminated on disposal (79 ) - -
At 31 October 2024 106,341 80,313 254,770
NET BOOK VALUE
At 31 October 2024 173,504 791,449 104,753
At 31 October 2023 183,368 677,579 85,036

Peter Watson (Skipton) Limited (Registered number: 00556022)

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

4. TANGIBLE FIXED ASSETS - continued

Vehicle Motor Computer
fleet vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 November 2023 4,392 66,517 13,935 1,433,116
Additions - 62,204 8,761 238,148
Disposals - (27,917 ) - (32,242 )
At 31 October 2024 4,392 100,804 22,696 1,639,022
DEPRECIATION
At 1 November 2023 4,375 17,745 10,861 435,270
Charge for year 3 8,630 5,231 53,078
Eliminated on disposal - (7,556 ) - (7,635 )
At 31 October 2024 4,378 18,819 16,092 480,713
NET BOOK VALUE
At 31 October 2024 14 81,985 6,604 1,158,309
At 31 October 2023 17 48,772 3,074 997,846

The vehicle fleet above consists of assets leased to third parties under operating leases.

Cost or valuation at 31 October 2024 is represented by:

Improvements
Freehold to Plant and
property property machinery
£    £    £   
Valuation in 2002 201,596 - -
Cost 78,249 871,762 359,523
279,845 871,762 359,523

Vehicle Motor Computer
fleet vehicles equipment Totals
£    £    £    £   
Valuation in 2002 - - - 201,596
Cost 4,392 100,804 22,696 1,437,426
4,392 100,804 22,696 1,639,022

5. DEBTORS
31.10.24 31.10.23
£    £   
Amounts falling due within one year:
Trade debtors 31,464 36,279
Prepayments and accrued income 13,627 12,288
45,091 48,567

Peter Watson (Skipton) Limited (Registered number: 00556022)

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

5. DEBTORS - continued
31.10.24 31.10.23
£    £   
Amounts falling due after more than one year:
Amounts owed by group undertakings 283,970 349,494

Aggregate amounts 329,061 398,061

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Bank loans and overdrafts 10,434 10,303
Hire purchase contracts (see note 8) 26,495 7,833
Trade creditors 129,486 119,706
Tax 31,357 48,204
Social security and other taxes 12,804 11,831
VAT 48,538 6,124
Other creditors 363,773 394,953
Service and warranty reserve 5,000 5,000
Accruals and deferred income 4,954 4,585
632,841 608,539

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.24 31.10.23
£    £   
Bank loans - 1-2 years 6,086 10,303
Bank loans - 2-5 years - 6,010
Hire purchase contracts (see note 8) 37,073 9,139
43,159 25,452

Peter Watson (Skipton) Limited (Registered number: 00556022)

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

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.10.24 31.10.23
£    £   
Gross obligations repayable:
Within one year 29,683 8,730
Between one and five years 41,615 10,185
71,298 18,915

Finance charges repayable:
Within one year 3,188 897
Between one and five years 4,542 1,046
7,730 1,943

Net obligations repayable:
Within one year 26,495 7,833
Between one and five years 37,073 9,139
63,568 16,972

9. RESERVES
Revaluation
reserve
£   
At 1 November 2023 129,020
Revaluation reserve adjustment (4,032 )

At 31 October 2024 124,988

10. ULTIMATE CONTROLLING PARTY

The company is controlled by the directors by virtue of their shareholding in the ultimate parent company, Watson Holdings (Skipton) Limited.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Peter Watson (Skipton) Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Peter Watson (Skipton) Limited for the year ended 31 October 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Peter Watson (Skipton) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Peter Watson (Skipton) Limited and state those matters that we have agreed to state to the Board of Directors of Peter Watson (Skipton) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Peter Watson (Skipton) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Peter Watson (Skipton) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Peter Watson (Skipton) Limited. You consider that Peter Watson (Skipton) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Peter Watson (Skipton) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Stirk Lambert & Co
Chartered Accountants
Russell Chambers
61a North Street
Keighley
West Yorkshire
BD21 3DS


20 December 2024