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WATSON & SOLE ASSOCIATES LIMITED

Registered Number
01024026
(England and Wales)

Unaudited Financial Statements for the Year ended
31 July 2024

WATSON & SOLE ASSOCIATES LIMITED
Company Information
for the year from 1 August 2023 to 31 July 2024

Directors

DENTON, Samuel Garry
MCLAUGHLIN, Lisa
VERMONT, Paul

Company Secretary

VERMONT, Paul

Registered Address

1 Gemini Court
42a Throwley Way
Sutton
SM1 4AF

Registered Number

01024026 (England and Wales)
WATSON & SOLE ASSOCIATES LIMITED
Statement of Financial Position
31 July 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets335,00940,482
35,00940,482
Current assets
Debtors4299,672187,667
Cash at bank and on hand82,021155,742
381,693343,409
Creditors amounts falling due within one year5(101,907)(103,634)
Net current assets (liabilities)279,786239,775
Total assets less current liabilities314,795280,257
Provisions for liabilities6(6,376)(7,355)
Accruals and deferred income(13,724)(13,510)
Net assets294,695259,392
Capital and reserves
Called up share capital500500
Profit and loss account294,195258,892
Shareholders' funds294,695259,392
The financial statements were approved and authorised for issue by the Board of Directors on 26 March 2025, and are signed on its behalf by:
DENTON, Samuel Garry
Director
MCLAUGHLIN, Lisa
Director
VERMONT, Paul
Director

Registered Company No. 01024026
WATSON & SOLE ASSOCIATES LIMITED
Notes to the Financial Statements
for the year ended 31 July 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Turnover policy
Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due.
Employee benefits
The company operates defined contribution pension schemes. Contributions payable to the company's pension schemes are charged to profit or loss in the period to which they relate. The company has an automatic enrolment workplace pension in which two of the directors and relevant staff are enrolled. The contributions for each individual are held separately with The People's Pension scheme no: 139980. One of the director's pension schemes is The Executive Pension Plan Scheme no:2916960 (Zurich). The assets of the scheme are held separately in an independently administered fund.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
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
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Fixtures and fittings25
Office Equipment25
Finance leases and hire purchase contracts
Rentals paid under operating leases are charged to profit & loss on a straight line basis over the period of the lease.
2.Average number of employees

20242023
Average number of employees during the year1415
3.Tangible fixed assets

Fixtures & fittings

Office Equipment

Total

£££
Cost or valuation
At 01 August 2320,901133,430154,331
Additions2,7883,4086,196
At 31 July 2423,689136,838160,527
Depreciation and impairment
At 01 August 2320,44993,400113,849
Charge for year81010,85911,669
At 31 July 2421,259104,259125,518
Net book value
At 31 July 242,43032,57935,009
At 31 July 2345240,03040,482
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables190,316164,126
Other debtors89,661-
Prepayments and accrued income19,69523,541
Total299,672187,667
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables41,69342,905
Taxation and social security58,84256,018
Other creditors1,3724,711
Total101,907103,634
6.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)6,3767,355
Total6,3767,355
7.Other commitments
Charges on the company There is a Debenture, fixed and floating charge from National Westminster Bank PLC.
8.Related party transactions
The company paid rent during the year of £34,836 (2023 - £30,146) to Colston Trustees Limited, of which two of the directors are members. The rent was paid on normal commercial terms and there was nothing outstanding at the balance sheet date.
9.Further information regarding the company's financial position
Research & Development The company has made strides in enhancing the capabilities of Inteli-Scan, our Online Operations & Maintenance (O&M) Portal, through focused research and development initiatives. These advancements reflect a deliberate effort to refine the software’s core architecture and integrate modern technology, ensuring that it stays ahead of the curve in an ever-evolving digital landscape. As part of our ongoing R&D efforts, we have worked extensively to enhance system performance, optimize scalability, and increase compatibility with a wide range of platforms and technologies. This allows Inteli-Scan to seamlessly integrate into our clients' diverse technological ecosystems, providing a more robust and adaptive solution for O&M management. Our technical teams have prioritized addressing key areas such as system stability and real-time data processing to ensure that Inteli-Scan delivers superior performance under varying conditions. This includes fine-tuning software algorithms for better data processing, improving user interface responsiveness, and increasing overall system speed. These technical refinements reflect our commitment to providing a tool that not only meets present operational needs but is also poised to evolve with future technological trends Future Developments Looking to the future, the company remains dedicated to continuous development of Inteli-Scan, with a strategic focus on simplifying its functionality while expanding its capabilities. This will unlock greater commercial value by empowering our clients with advanced tools for decision-making, performance monitoring, and operational efficiency. Future R&D efforts will include the implementation of improved analytics to provide deeper insights and enhanced functionality. We are also exploring opportunities to leverage emerging technologies to ensure that Inteli-Scan remains adaptable to the ever-changing technological landscape. This will ensure that the software is an essential and flexible tool for our clients, with an intuitive interface that continues to deliver high user satisfaction. The ongoing R&D in Inteli-Scan is driven by our focus on innovation, user-centric design, and future-proofing the software to guarantee its longevity and effectiveness in addressing both current and future operational challenges. We are committed to staying at the forefront of technological advancements, ensuring that Inteli-Scan is an invaluable asset for our clients now and in the years to come.