Registered number
04467152
T. Watts Properties Limited
Unaudited Filleted Accounts
31 July 2024
T. Watts Properties Limited
Registered number: 04467152
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 8,176,161 8,136,323
Current assets
Debtors 4 623,984 592,199
Cash at bank and in hand 384,394 218,258
1,008,378 810,457
Creditors: amounts falling due within one year 5 (1,348,058) (1,179,947)
Net current liabilities (339,680) (369,490)
Total assets less current liabilities 7,836,481 7,766,833
Creditors: amounts falling due after more than one year 6 (613,652) (643,136)
Provisions for liabilities (500,146) (509,101)
Net assets 6,722,683 6,614,596
Capital and reserves
Called up share capital 750 750
Share premium 1,355,320 1,355,320
Revaluation reserve 8 3,395,420 3,395,420
Capital redemption reserve 250 250
Profit and loss account 1,970,943 1,862,856
Shareholders' funds 6,722,683 6,614,596
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 members have 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.
A A Allen
Director
Approved by the board on 16 April 2025
T. Watts Properties 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, as modified by the revaluation of land and buildings, 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 represents rental income and recharges for the year. Rentals received under operating leases are credited to revenue on a straight line basis over the period of the lease.
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
Motor vehicles over 5 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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 3
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 August 2023 8,125,822 10,829 19,690 8,156,341
Additions 43,776 - - 43,776
Disposals - (10,829) - (10,829)
At 31 July 2024 8,169,598 - 19,690 8,189,288
Depreciation
At 1 August 2023 - 10,829 9,189 20,018
Charge for the year - - 3,938 3,938
On disposals - (10,829) - (10,829)
At 31 July 2024 - - 13,127 13,127
Net book value
At 31 July 2024 8,169,598 - 6,563 8,176,161
At 31 July 2023 8,125,822 - 10,501 8,136,323
Freehold land and buildings: 2024 2023
£ £
Historical cost 4,279,670 4,235,894
4,279,670 4,235,894
The directors had a formal valuation completed in the prior year. The valuation was carried out by Innes England. The directors consider this valuation to still reflect the fair value of the properties.
4 Debtors 2024 2023
£ £
Trade debtors 58,106 31,124
Other debtors 565,878 561,075
623,984 592,199
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 30,401 28,989
Trade creditors 21,953 17,874
Amounts owed to group undertakings and undertakings in which the company has a participating interest 464,702 295,245
Taxation and social security costs 55,224 52,257
Other creditors 775,778 785,582
1,348,058 1,179,947
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 613,652 643,136
7 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 422,917 463,785
Secured bank loans 644,053 672,125
The bank loans are secured in the investment properties.
8 Revaluation reserve 2024 2023
£ £
At 1 August 2023 3,395,420 3,395,420
At 31 July 2024 3,395,420 3,395,420
9 Contingent liabilities
The company has entered into an unlimited cross guarantee to secure certain bank borrowings of T. Watts Scrap Metal Merchants Limited and T. Watts Waste Limited. At 31 July 2024 the contingent liability in respect of this guarantee amounted to T. Watts Scrap Metal Merchants Limited £492 (2023: £120,059) and T. Watts Waste Limited £nil (2023: £nil).
10 Loans to directors
Repayable on demand, interest charged on balances above £10,000. B/fwd Paid Repaid C/fwd
£ £ £ £
A A Allen
Directors loan account 72 - (72) -
72 - (72) -
11 Controlling party
The company was under the control of T. Watts Scrap Metal Merchants Limited, a company incorporated in England. Its registered office is Barkby Road, Leicester, Leicestershire. LE4 9LG.

On 31 July 2024 as part of a restructure the shares were transferred to Watts Holdco Ltd and then to Watts Topco Ltd. Watts Topco Ltd is a company incorporated in England. Its registered office is Barkby Road, Leicester, Leicestershire. LE4 9LG.

As a small group, group accounts are not required to be prepared.
12 Other information
T. Watts Properties 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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