Registered number
04467420
T. Watts Waste Limited
Unaudited Filleted Accounts
31 July 2024
T. Watts Waste Limited
Registered number: 04467420
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 33,115 27,681
Current assets
Debtors 4 1,192,742 981,489
Cash at bank and in hand 319,259 337,418
1,512,001 1,318,907
Creditors: amounts falling due within one year 5 (278,396) (330,677)
Net current assets 1,233,605 988,230
Total assets less current liabilities 1,266,720 1,015,911
Provisions for liabilities (7,547) (6,027)
Net assets 1,259,173 1,009,884
Capital and reserves
Called up share capital 500 500
Share premium 112,782 112,782
Capital Redemption Reserve 500 500
Profit and loss account 1,145,391 896,102
Shareholder's funds 1,259,173 1,009,884
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr A A Allen
Director
Approved by the board on 16 April 2025
T. Watts Waste Limited
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2023 193,987
Additions 16,540
At 31 July 2024 210,527
Depreciation
At 1 August 2023 166,306
Charge for the year 11,106
At 31 July 2024 177,412
Net book value
At 31 July 2024 33,115
At 31 July 2023 27,681
4 Debtors 2024 2023
£ £
Trade debtors 304,874 326,277
Other debtors 887,868 655,212
1,192,742 981,489
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 131,645 111,016
Taxation and social security costs 127,653 185,964
Other creditors 19,098 33,697
278,396 330,677
6 Contingent liabilities
The company entered into an unlimited cross guarantee to secure certain bank borrowings of T. Watts Scrap Metal Merchants Limited and T. Watts Properties Limited. As at 31 July 2024 the contingent liability in respect of this guarantee amounted to: T. Watts Scrap Metal Merchants Limited £491 (2023: £120,059) and T. Watts Properties Limited £644,053 (2023: £672,125).
7 Controlling party
The company was controlled throughout the year by Mr A A Allen the director and shareholder of the company.
8 Other information
T. Watts Waste Limited is a private company limited by shares and incorporated in England. Its registered office is:
Barkby Road
Leicester
Leicestershire
LE4 9LG
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