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REGISTERED NUMBER: 00391968 (England and Wales)












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 7,864,201 8,247,129

Current assets
Stocks 42,875 34,237
Debtors 5 4,630,092 2,990,225
Cash at bank and in hand 3,191,546 3,706,258
7,864,513 6,730,720
Creditors
Amounts falling due within one year 6 1,828,151 1,943,966
Net current assets 6,036,362 4,786,754
Total assets less current liabilities 13,900,563 13,033,883

Creditors
Amounts falling due after more than one
year

7

-

(33,676

)

Provisions for liabilities (678,202 ) (786,167 )
Net assets 13,222,361 12,214,040

Capital and reserves
Called up share capital 10 586 586
Capital redemption reserve 209 209
Retained earnings 13,221,566 12,213,245
Shareholders' funds 13,222,361 12,214,040

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 December 2024 and were signed on its behalf by:




W R Watts - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 00391968

Registered office: Watts House
Carnaby Industrial Estate
Lancaster Road, Carnaby
Bridlington
East Riding
YO15 3QY

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 property10% on cost
Plant and machinery20% on reducing balance
Motor vehicles25% on reducing balance
Computer equipment33% 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 44 (2023 - 45 ) .

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 4,392,995 - 7,313,167
Additions - 206,140 367,382
Disposals - - (101,557 )
At 31 March 2024 4,392,995 206,140 7,578,992
Depreciation
At 1 April 2023 228,191 - 4,856,365
Charge for year - 20,614 553,021
Eliminated on disposal - - (97,990 )
At 31 March 2024 228,191 20,614 5,311,396
Net book value
At 31 March 2024 4,164,804 185,526 2,267,596
At 31 March 2023 4,164,804 - 2,456,802

Motor Computer
vehicles equipment Totals
£    £    £   
Cost
At 1 April 2023 3,440,481 35,823 15,182,466
Additions 73,550 - 647,072
Disposals (724,847 ) - (826,404 )
At 31 March 2024 2,789,184 35,823 15,003,134
Depreciation
At 1 April 2023 1,814,958 35,823 6,935,337
Charge for year 365,778 - 939,413
Eliminated on disposal (637,827 ) - (735,817 )
At 31 March 2024 1,542,909 35,823 7,138,933
Net book value
At 31 March 2024 1,246,275 - 7,864,201
At 31 March 2023 1,625,523 - 8,247,129


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 1,380,502 1,470,262
Amounts owed by related undertakings 2,163,836 955,413
Other debtors 1,085,754 564,550
4,630,092 2,990,225

6. Creditors: amounts falling due within one year
2024 2023
£    £   
Hire purchase contracts (see note 8) 33,676 146,427
Trade creditors 780,487 858,962
Amounts owed to related undertakings 16,559 16,321
Taxation and social security 682,328 367,358
Other creditors 315,101 554,898
1,828,151 1,943,966

7. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Hire purchase contracts (see note 8) - 33,676

8. Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 33,676 146,427
Between one and five years - 33,676
33,676 180,103

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 21,825 31,050
Between one and five years 75,000 78,075
In more than five years 211,500 226,500
308,325 335,625

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: £    £   
586 Ordinary £1 586 586

11. Disclosure under Section 444(5B) of the Companies Act 2006

The Auditors' Report was unqualified.

Timothy Jones FCA (Senior Statutory Auditor)
for and on behalf of Ashby Berry Coulsons Limited

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 - 98,602