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COMPANY REGISTRATION NUMBER: 12100059
Watkins Energy Limited
Filleted Unaudited Financial Statements
31 March 2024
Watkins Energy Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Watkins Energy Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
129,493
100,993
Current assets
Stocks
32,156
11,425
Debtors
6
268,747
232,670
Cash at bank and in hand
686,087
432,400
---------
---------
986,990
676,495
Creditors: amounts falling due within one year
7
897,068
845,276
---------
---------
Net current assets/(liabilities)
89,922
( 168,781)
---------
---------
Total assets less current liabilities
219,415
( 67,788)
Creditors: amounts falling due after more than one year
8
25,439
---------
--------
Net assets/(liabilities)
193,976
( 67,788)
---------
--------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
192,976
( 68,788)
---------
--------
Shareholders funds/(deficit)
193,976
( 67,788)
---------
--------
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 income and retained earnings has not been delivered.
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.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Watkins Energy Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 7 March 2025 , and are signed on behalf of the board by:
R Watkins
Director
Company registration number: 12100059
Watkins Energy Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Watkins House, Leigh Road, Haine Industrial Park, Ramsgate, Kent, CT12 5EU, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Going concern
The financial statements have been prepared on a going concern basis as the related parties have pledged their continuing support for a minimum of 12 months from the date of issuing these financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Office furniture
-
33% straight line
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Software
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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 stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2023: 8 ).
5. Tangible assets
Office furniture
Motor vehicles
Equipment
Software
Total
£
£
£
£
£
Cost
At 1 April 2023
5,554
113,533
6,705
13,260
139,052
Additions
52,399
1,209
6,840
60,448
-------
---------
-------
--------
---------
At 31 March 2024
5,554
165,932
7,914
20,100
199,500
-------
---------
-------
--------
---------
Depreciation
At 1 April 2023
2,598
28,383
2,658
4,420
38,059
Charge for the year
1,942
23,943
1,105
4,958
31,948
-------
---------
-------
--------
---------
At 31 March 2024
4,540
52,326
3,763
9,378
70,007
-------
---------
-------
--------
---------
Carrying amount
At 31 March 2024
1,014
113,606
4,151
10,722
129,493
-------
---------
-------
--------
---------
At 31 March 2023
2,956
85,150
4,047
8,840
100,993
-------
---------
-------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
112,076
215,726
Other debtors
156,671
16,944
---------
---------
268,747
232,670
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
51,453
264,180
Corporation tax
31,507
Social security and other taxes
112,023
70,327
Other creditors
702,085
510,769
---------
---------
897,068
845,276
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
25,439
--------
----
9. Related party transactions
During the year management no charges (2023: £200,000) were received from a company related by common directorship. At the year end the company owed £299,583 (2023: £299,583) to companies related by common directorship. At the year end the company was due £141,603 (2023: £nil) from companies related by common directorship.