S.W. Watson & Son Limited 04169932 false 2023-09-01 2024-10-31 2024-10-31 The principal activity of the company is manufacture of shop fittings. Digita Accounts Production Advanced 6.30.9574.0 true true true 04169932 2023-09-01 2024-10-31 04169932 2024-10-31 04169932 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-10-31 04169932 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-10-31 04169932 core:CurrentFinancialInstruments 2024-10-31 04169932 core:CurrentFinancialInstruments core:WithinOneYear 2024-10-31 04169932 core:Non-currentFinancialInstruments core:AfterOneYear 2024-10-31 04169932 core:FurnitureFittingsToolsEquipment 2024-10-31 04169932 core:LandBuildings 2024-10-31 04169932 core:MotorVehicles 2024-10-31 04169932 1 2024-10-31 04169932 bus:SmallEntities 2023-09-01 2024-10-31 04169932 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-10-31 04169932 bus:FilletedAccounts 2023-09-01 2024-10-31 04169932 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-10-31 04169932 bus:RegisteredOffice 2023-09-01 2024-10-31 04169932 bus:Director1 2023-09-01 2024-10-31 04169932 bus:Director2 2023-09-01 2024-10-31 04169932 bus:Director3 2023-09-01 2024-10-31 04169932 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-10-31 04169932 bus:Agent1 2023-09-01 2024-10-31 04169932 core:FurnitureFittingsToolsEquipment 2023-09-01 2024-10-31 04169932 core:LandBuildings 2023-09-01 2024-10-31 04169932 core:MotorVehicles 2023-09-01 2024-10-31 04169932 core:OfficeEquipment 2023-09-01 2024-10-31 04169932 core:PlantMachinery 2023-09-01 2024-10-31 04169932 countries:EnglandWales 2023-09-01 2024-10-31 04169932 1 2023-09-01 2024-10-31 04169932 2023-08-31 04169932 core:FurnitureFittingsToolsEquipment 2023-08-31 04169932 core:LandBuildings 2023-08-31 04169932 core:MotorVehicles 2023-08-31 04169932 1 2023-08-31 04169932 2022-09-01 2023-08-31 04169932 2023-08-31 04169932 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-08-31 04169932 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-08-31 04169932 core:CurrentFinancialInstruments 2023-08-31 04169932 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 04169932 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 04169932 core:FurnitureFittingsToolsEquipment 2023-08-31 04169932 core:LandBuildings 2023-08-31 04169932 core:MotorVehicles 2023-08-31 04169932 1 2023-08-31 04169932 1 2022-09-01 2023-08-31 04169932 1 2022-08-31 iso4217:GBP xbrli:pure

Registration number: 04169932

S.W. Watson & Son Limited

Unaudited Filleted Financial Statements

for the Period from 1 September 2023 to 31 October 2024

 

S.W. Watson & Son Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 12

 

S.W. Watson & Son Limited

Company Information

Directors

Mr P A Watson

Mr C P Watson

Mr M L Watson

Registered office

Unit 1 Roman Way Industrial Estate
Longridge Road
Preston
Lancashire
PR2 5BB

Accountants

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
S.W. Watson & Son Limited
for the Period Ended 31 October 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of S.W. Watson & Son Limited for the period ended 31 October 2024 as set out on pages 3 to 12 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 at
http://www.icaew.com/regulation.

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

It is your duty to ensure that S.W. Watson & Son Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of S.W. Watson & Son Limited. You consider that S.W. Watson & Son Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of S.W. Watson & Son 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 accounts.

......................................

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

7 March 2025

 

S.W. Watson & Son Limited

(Registration number: 04169932)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,442,406

2,823,346

Current assets

 

Stocks

5

29,868

152,390

Debtors

6

3,113,054

2,580,627

Cash at bank and in hand

 

1,214,011

1,004,397

 

4,356,933

3,737,414

Creditors: Amounts falling due within one year

7

(575,606)

(563,310)

Net current assets

 

3,781,327

3,174,104

Total assets less current liabilities

 

7,223,733

5,997,450

Creditors: Amounts falling due after more than one year

7

(430,868)

-

Provisions for liabilities

(354,263)

(191,470)

Net assets

 

6,438,602

5,805,980

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

830,120

830,120

Retained earnings

5,608,382

4,975,760

Shareholders' funds

 

6,438,602

5,805,980

For the financial period ending 31 October 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 period 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

S.W. Watson & Son Limited

(Registration number: 04169932)
Balance Sheet as at 31 October 2024

Approved and authorised by the Board on 7 March 2025 and signed on its behalf by:
 

.........................................
Mr P A Watson
Director

 

S.W. Watson & Son Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2023 to 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 1 Roman Way Industrial Estate
Longridge Road
Preston
Lancashire
PR2 5BB

These financial statements were authorised for issue by the Board on 7 March 2025.

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 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 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.

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.

 

S.W. Watson & Son Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2023 to 31 October 2024

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

Land and buildings

2% straight line

Plant and machinery

15% reducing balance

Office equipment

33% straight line

Motor vehicles

25% reducing balance

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

 

S.W. Watson & Son Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2023 to 31 October 2024

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

S.W. Watson & Son Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2023 to 31 October 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period was 25 (2023 - 21).

 

S.W. Watson & Son Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2023 to 31 October 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

2,245,576

2,104,780

198,391

4,548,747

Additions

-

822,380

-

822,380

At 31 October 2024

2,245,576

2,927,160

198,391

5,371,127

Depreciation

At 1 September 2023

254,576

1,405,285

65,540

1,725,401

Charge for the period

31,792

132,778

38,750

203,320

At 31 October 2024

286,368

1,538,063

104,290

1,928,721

Carrying amount

At 31 October 2024

1,959,208

1,389,097

94,101

3,442,406

At 31 August 2023

1,991,000

699,495

132,851

2,823,346

Included within the net book value of land and buildings above is £1,959,208 (2023 - £1,991,000) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's Land and buildings was revalued on 1 August 2019 by an independent valuer. The name and qualification of the independent valuer are Parkinson Real Estate.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £1,076,102 (2023 - £1,107,894).

5

Stocks

2024
£

2023
£

Other inventories

29,868

152,390

 

S.W. Watson & Son Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2023 to 31 October 2024

6

Debtors

2024
£

2023
£

Trade debtors

879,646

1,170,142

Prepayments

28,472

12,228

Other debtors

2,204,936

1,398,257

3,113,054

2,580,627

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

108,418

102,014

Trade creditors

 

185,803

155,712

Taxation and social security

 

177,837

201,473

Accruals and deferred income

 

25,001

23,451

Other creditors

 

78,547

80,660

 

575,606

563,310

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

430,868

-

 

S.W. Watson & Son Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2023 to 31 October 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

430,868

-

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

28,676

Hire purchase contracts

108,418

73,338

108,418

102,014

The bank loan is secured by a fixed and floating charge over the company's assets. The finance leases are secured on the assets concerned.

 

S.W. Watson & Son Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2023 to 31 October 2024

9

Related party transactions

Transactions with directors

2024

At 1 September 2023
£

Advances to director
£

Repayments by director
£

At 31 October 2024
£

Unsecured and repayable on demand - interest charged at official rate

1,398,255

2,214,078

(1,412,358)

2,199,975

 

2023

At 1 September 2022
£

Advances to director
£

Repayments by director
£

At 31 August 2023
£

Unsecured and repayable on demand - interest charged at official rate

1,159,723

1,338,532

(1,100,000)

1,398,255