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Registration number: 00414237

Watling Engineers Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Watling Engineers Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Watling Engineers Limited

Company Information

Directors

Mr David Paul Cookson Babcock

Mrs Andrea Babcock

Mrs Shiona Egerton Fraser Babcock

Mr Benjamin Paul Fraser Babcock

Company secretary

Mrs Andrea Babcock

Registered office

88 Park Street Village
St Albans
Herts
AL2 2LR

Accountants

RS Partnership Ltd
Chartered Certified Accountants
10 Prospect Place
Welwyn
Hertfordshire
AL6 9EW

 

Watling Engineers Limited

(Registration number: 00414237)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

111,780

130,011

Other financial assets

5

46,705

134,065

 

158,485

264,076

Current assets

 

Debtors

6

32,544

32,471

Cash at bank and in hand

 

19,821

23,934

 

52,365

56,405

Creditors: Amounts falling due within one year

7

(47,416)

(48,304)

Net current assets

 

4,949

8,101

Total assets less current liabilities

 

163,434

272,177

Provisions for liabilities

-

(7,508)

Net assets

 

163,434

264,669

Capital and reserves

 

Called up share capital

8

1,800

1,800

Other reserves

10,705

3,065

Retained earnings

150,929

259,804

Shareholders' funds

 

163,434

264,669

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 June 2025 and signed on its behalf by:
 

 

Watling Engineers Limited

(Registration number: 00414237)
Balance Sheet as at 30 September 2024

.........................................
Mr Benjamin Paul Fraser Babcock
Director

 

Watling Engineers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
88 Park Street Village
St Albans
Herts
AL2 2LR
England

The principal place of business is:
88 Park Street Village
St Albans
Herts
AL2 2LR
England

These financial statements were authorised for issue by the Board on 2 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Pounds Sterling (£), which is the Company’s functional
currency. All amounts have been rounded to the nearest pound, unless otherwise indicated.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Watling Engineers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Computer equipment

25% reducing balance

Fixtures and fittings

25% reducing balance

Short leasehold land & buildings

5 year straight balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Watling Engineers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Watling Engineers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 October 2023

128,663

2,680

1,147

132,490

Additions

9,796

-

-

9,796

At 30 September 2024

138,459

2,680

1,147

142,286

Depreciation

At 1 October 2023

-

2,479

-

2,479

Charge for the year

27,691

50

286

28,027

At 30 September 2024

27,691

2,529

286

30,506

Carrying amount

At 30 September 2024

110,768

151

861

111,780

At 30 September 2023

128,663

201

1,147

130,011

Included within the net book value of land and buildings above is £110,768 (2023 - £128,663) in respect of short leasehold land and buildings.
 

 

Watling Engineers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

5

Other financial assets (current and non-current)

2024
£

2023
£

Non-current financial assets

Financial assets at fair value through profit and loss

46,705

134,065

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 October 2023

134,065

134,065

Fair value adjustments

7,640

7,640

Disposals

(95,000)

(95,000)

At 30 September 2024

46,705

46,705

Impairment

Carrying amount

At 30 September 2024

46,705

46,705

6

Debtors

2024
£

2023
£

Prepayments

32,379

1,268

Other debtors

165

31,203

32,544

32,471

 

Watling Engineers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

20,134

33,476

Taxation and social security

3

4

Accruals and deferred income

1,272

3,400

Other creditors

25,841

11,424

Directors Loan Account

166

-

47,416

48,304

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £1 each

1,300

1,300

1,300

1,300

Ordinary B of £0.05 each

10,000

500

10,000

500

11,300

1,800

11,300

1,800