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Company registration number: NI618819
WATTERSON ESTATES LTD
UNAUDITED FILLETED FINANCIAL STATEMENTS
31 March 2024
WATTERSON ESTATES LTD
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
_________________________________________________________________________________________
Contents
Directors and other information
Accountants report
Balance sheet
Notes to the financial statements
WATTERSON ESTATES LTD
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
_________________________________________________________________________________________
Director Mrs Frances Menary
Company number NI618819
Registered office 9 Brough Road
Castledawson
BT45 8ER
Business address 9 Brough Road
Castledawson
BT45 8ER
Accountants Kelly & O'Neill Ltd
15E Molesworth Street
Cookstown
Co Tyrone
BT80 8NX
Bankers Danske Bank
1-2 Broadway
Ballymena
Antrim
BT43 7AA
Solicitors Doris & MacMahon
63 James Street
Cookstown
Tyrone
BT80 8AE
WATTERSON ESTATES LTD
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE
UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WATTERSON ESTATES LTD (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
________________________________________________________________________________________
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Watterson Estates Ltd for the year ended 31 March 2024 which comprise the Balance Sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the director of Watterson Estates Ltd, as a body, in accordance with the terms of our engagement letter dated 1 February 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Watterson Estates Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Watterson Estates Ltd and its director as a body for our work or for this report.
It is your duty to ensure that Watterson Estates Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Watterson Estates Ltd. You consider that Watterson Estates Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Watterson Estates Ltd. 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 financial statements.
Kelly & O'Neill Ltd
Chartered Accountants
15E Molesworth Street
Cookstown
Co Tyrone
BT80 8NX
25 April 2025
WATTERSON ESTATES LTD
BALANCE SHEET (CONTINUED)
31 MARCH 2024
_________________________________________________________________________________________
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 1,829,021 1,834,660
_______ _______
1,829,021 1,834,660
Current assets
Debtors 6 237,554 267,548
Cash at bank and in hand - 6,727
_______ _______
237,554 274,275
Creditors: amounts falling due
within one year 7 ( 1,147,702) ( 512,308)
_______ _______
Net current liabilities ( 910,148) ( 238,033)
_______ _______
Total assets less current liabilities 918,873 1,596,627
Creditors: amounts falling due
after more than one year 8 - ( 898,822)
_______ _______
Net assets 918,873 697,805
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 918,872 697,804
_______ _______
Shareholder funds 918,873 697,805
_______ _______
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 25 April 2025 , and are signed on behalf of the board by:
Mrs Frances Menary
Director
Company registration number: NI618819
WATTERSON ESTATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
_________________________________________________________________________________________
1. General information
The company is a private company limited by shares, registered in NI. The address of the registered office is 9 Brough Road, Castledawson, BT45 8ER.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023: Nil).
5. Tangible assets
Fixtures, fittings and equipment Property Total
£ £ £
Cost
At 1 April 2023 and 31 March 2024 83,545 1,812,103 1,895,648
_______ _______ _______
Depreciation
At 1 April 2023 60,988 - 60,988
Charge for the year 5,639 - 5,639
_______ _______ _______
At 31 March 2024 66,627 - 66,627
_______ _______ _______
Carrying amount
At 31 March 2024 16,918 1,812,103 1,829,021
_______ _______ _______
At 31 March 2023 22,557 1,812,103 1,834,660
_______ _______ _______
The company's Investment Properties are held at historic cost. In the opinion of the director, this approximates to their fair value at the balance sheet date.
6. Debtors
2024 2023
£ £
Trade debtors 6,530 6,530
Other debtors 231,024 261,018
_______ _______
237,554 267,548
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts - 108,000
Corporation tax 151,788 76,218
Other creditors 995,914 328,090
_______ _______
1,147,702 512,308
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts - 898,822
_______ _______
9. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
15FM Limited ( 3,370) 92,587 218,672 222,042
Me & Mrs Jones (Portstewart) Limited 29,793 14,559 44,352 14,559
_______ _______ _______ _______
Mrs Menary owns the entire share capital of Me & Mrs Jones (Portstewart) Limited.