REGISTERED NUMBER: |
Audited Financial Statements |
for the Year Ended 31 March 2024 |
for |
W.Clifford Watts Limited |
REGISTERED NUMBER: |
Audited Financial Statements |
for the Year Ended 31 March 2024 |
for |
W.Clifford Watts Limited |
W.Clifford Watts Limited (Registered number: 00391968) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 2 |
W.Clifford Watts Limited (Registered number: 00391968) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 6 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
7 |
( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 10 |
Capital redemption reserve |
Retained earnings |
Shareholders' funds |
The financial statements were approved by the Board of Directors and authorised for issue on |
W.Clifford Watts Limited (Registered number: 00391968) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | Statutory information |
W.Clifford Watts Limited is a |
Registered number: |
Registered office: |
2. | Accounting policies |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
W.Clifford Watts Limited (Registered number: 00391968) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | Accounting policies - continued |
Tangible fixed assets |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: |
Freehold property | No depreciation |
Improvement to leasehold property | 10% on cost |
Plant and machinery | 20% on reducing balance |
Motor vehicles | 25% on reducing balance |
Computer equipment | 33% on reducing balance |
The directors consider that all freehold land and buildings are maintained in such a state of repair that their residual value is at least equal to their net book value. As a result, the corresponding depreciation would not be material and therefore is not charged to the profit and loss account |
Investments |
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment. |
Stocks |
Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
W.Clifford Watts Limited (Registered number: 00391968) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | Accounting policies - continued |
Debtors and creditors receivable / payable within one year |
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 |
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. |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
Provisions |
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated. |
Leases |
Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors. |
Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
Taxation |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. |
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset. |
W.Clifford Watts Limited (Registered number: 00391968) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | Accounting policies - continued |
Turnover and other income |
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: |
Sale of goods |
Turnover from the sale of insert detail is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on insert detail (eg. dispatch of the goods). |
Rendering of services |
When the outcome of a transaction can be estimated reliably, turnover from insert detail is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to insert detail. |
Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable. |
Interest and royalties receivable |
Interest income is recognised using the effective interest method and income from royalties is recognised on an accrual basis in accordance with the substance of the relevant agreement. |
Government grants |
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the performance/accrual model. |
Employee benefits |
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. |
The company contributes to a defined contribution workplace pension plan for the benefit of its employees. Contributions are charged to the profit and loss in the period to which they relate. |
3. | Employees and directors |
The average number of employees during the year was |
W.Clifford Watts Limited (Registered number: 00391968) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
4. | Tangible fixed assets |
Improvement |
to |
Freehold | leasehold | Plant and |
property | property | machinery |
£ | £ | £ |
Cost |
At 1 April 2023 |
Additions |
Disposals | ( |
) |
At 31 March 2024 |
Depreciation |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 March 2023 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
Cost |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2024 |
Depreciation |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 March 2023 |
W.Clifford Watts Limited (Registered number: 00391968) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
5. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by related undertakings |
Other debtors |
6. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 8) |
Trade creditors |
Amounts owed to related undertakings |
Taxation and social security |
Other creditors |
7. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 8) |
8. | Leasing agreements |
Minimum lease payments fall due as follows: |
Hire purchase | contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
W.Clifford Watts Limited (Registered number: 00391968) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
8. | Leasing agreements - continued |
Non-cancellable | operating leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
The carrying value of assets which are subject to hire purchase contracts is £20,750 (2023: £223,767). |
9. | Secured debts |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Hire purchase contracts | 33,676 | 180,103 |
The bank loan is secured on the freehold property to which it relates and by a personal guarantee given by the two directors. |
The hire purchase contracts are secured on the assets to which the finance agreement relates. |
10. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 586 | 586 |
11. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Auditors' Report was unqualified. |
for and on behalf of |
12. | Contingent liabilities |
The company is liable for the costs to be incurred in restoring its open quarries to a condition specified by the local authorities when its licences expire or cannot be renewed. These cannot however be measured with sufficient reliability due to having to estimate the cost and volumes of the materials required, the cost of own and subcontracted labour, the time in the future when the work is to be started and the timescale in which the work must be completed. For these reasons the costs are not provided for in these accounts. |
W.Clifford Watts Limited (Registered number: 00391968) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
13. | Capital commitments |
2024 | 2023 |
£ | £ |
Contracted but not provided for in the |
financial statements |