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Registered number: 04927808










WATSON WESTMORLAND LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024




















 
WATSON WESTMORLAND LIMITED
 
 
Company Information


Directors
The Earl of Westmorland 
P S Watson 




Company secretary
P S Watson



Registered number
04927808



Registered office
32 Tonsley Road

London

SW18 1BG





 
WATSON WESTMORLAND LIMITED
Registered number: 04927808

Balance sheet
As at 31 August 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
813
702

  
813
702

Current assets
  

Debtors: amounts falling due within one year
 5 
15,232
25,294

Cash at bank and in hand
  
8,833
3,971

  
24,065
29,265

Creditors: amounts falling due within one year
 6 
(23,869)
(31,574)

Net current assets/(liabilities)
  
 
 
196
 
 
(2,309)

Total assets less current liabilities
  
1,009
(1,607)

  

Net assets/(liabilities)
  
1,009
(1,607)


Capital and reserves
  

Called up share capital 
 7 
2
2

Profit and loss account
  
1,007
(1,609)

  
1,009
(1,607)


Page 1

 
WATSON WESTMORLAND LIMITED
Registered number: 04927808
    
Balance sheet (continued)
As at 31 August 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 April 2025.



P S Watson
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
WATSON WESTMORLAND LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 August 2024

1.


General information

Watson Westmorland Limited is a private company limited by share capital, incorporated in England and Wales, registration number 04927808. The address of the registered office is 32 Tonsley Road, London, SW18 1BG.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
WATSON WESTMORLAND LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 August 2024

2.Accounting policies (continued)

 
2.3

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant & machinery
-
33.33% reducing balance
Fixtures & fittings
-
33.33% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
WATSON WESTMORLAND LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 August 2024

2.Accounting policies (continued)

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 5

 
WATSON WESTMORLAND LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 August 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Tangible fixed assets





Plant & machinery
Fixtures & fittings
Total

£
£
£



Cost


At 1 September 2023
11,008
2,748
13,756


Additions
1,216
-
1,216


Disposals
(1,049)
-
(1,049)



At 31 August 2024

11,175
2,748
13,923



Depreciation


At 1 September 2023
10,307
2,747
13,054


Charge for the year on owned assets
406
-
406


Disposals
(350)
-
(350)



At 31 August 2024

10,363
2,747
13,110



Net book value



At 31 August 2024
812
1
813



At 31 August 2023
701
1
702

Page 6

 
WATSON WESTMORLAND LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 August 2024

5.


Debtors

2024
2023
£
£


Trade debtors
302
-

Other debtors
14,930
25,294

15,232
25,294



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
12,043
6,160

Corporation tax
4,106
6,125

Other taxation and social security
830
661

Other creditors
6,890
18,628

23,869
31,574



7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2 (2023 - 2) Ordinary shares of £1.00 each
2
2



8.


Related party transactions

At the balance sheet date, the company was owed a total of £7,534 (2023: £16,869) from directors and shareholders. 

 
Page 7