Company registration number 11367000 (England and Wales)
WATTS REED LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
WATTS REED LIMITED
CONTENTS
Page
Balance sheet
2
Notes to the financial statements
3 - 4
WATTS REED LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2024
- 1 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

WATTS REED LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
1,300,293
1,300,293
Current assets
Debtors
4
-
0
1,278
Cash at bank and in hand
27,152
21,972
27,152
23,250
Creditors: amounts falling due within one year
5
(75,178)
(76,373)
Net current liabilities
(48,026)
(53,123)
Total assets less current liabilities
1,252,267
1,247,170
Creditors: amounts falling due after more than one year
6
(828,177)
(870,340)
Net assets
424,090
376,830
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
423,990
376,730
Total equity
424,090
376,830

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 20 February 2025 and are signed on its behalf by:
Mr Justin Reed
Director
Company registration number 11367000 (England and Wales)
WATTS REED LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information

Watts Reed Limited is a private company limited by shares incorporated in England and Wales. The registered office is Celtic House, Caxton Place, Pentwyn, Cardiff, CF23 8HA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.3
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
4
4
WATTS REED LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
3
Fixed asset investments
2024
2023
£
£
Other investments other than loans
1,300,293
1,300,293
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
-
0
1,278
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
73,524
73,524
Other creditors
250
250
Accruals and deferred income
1,404
2,599
75,178
76,373
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
828,177
870,340
Amounts included above which fall due after five years are as follows:
Payable by instalments
534,080
576,243
7
Related party transactions

JJ & VJ Reed Ltd

The directors Mr J Reed & Mrs V Reed are also director shareholders in JJ & VJ Reed Ltd which owns 50% of the shares in Watts Reed Limited. At the year end, the balance owed by the company was £250 (2023: £250).

 

Treforest Pharmacy Ltd

The directors of the company are also director shareholders in Treforest Pharmacy Ltd. At the year end, the balance owed to the company was £Nil (2023: £Nil).

8
Ultimate Controlling Party

The company is jointly controlled by JJ & VJ Reed Ltd and D.R. Cecil Jones & Son Limited.

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