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REGISTERED NUMBER: 00228609 (England and Wales)




















A. Watts & Sons Limited

Unaudited Financial Statements

for the Year Ended 31 January 2025






A. Watts & Sons Limited (Registered number: 00228609)






Contents of the Financial Statements
for the year ended 31 January 2025




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 8


A. Watts & Sons Limited

Company Information
for the year ended 31 January 2025







DIRECTORS: Mr R K Harland
Mrs P J Harland
Mr A T Harland
Mr M G Long
Mrs S P Long



SECRETARY: Mrs P J Harland



REGISTERED OFFICE: The White House
80 Abington Street
Northampton
Northamptonshire
NN1 2BB



REGISTERED NUMBER: 00228609 (England and Wales)



ACCOUNTANTS: Clifford Roberts
Chartered Accountants
Pacioli House
9 Brookfield
Duncan Close
Northampton
Northamptonshire
NN3 6WL



BANKERS: HSBC Plc
22 Abington Street
Northampton
Northamptonshire
NN1 2AN

A. Watts & Sons Limited (Registered number: 00228609)

Balance Sheet
31 January 2025

2025 2024
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 1,150,124 1,184,852

CURRENT ASSETS
Stocks 5 245,276 248,774
Debtors 6 13,828 22,310
Cash in hand 206 324
259,310 271,408
CREDITORS
Amounts falling due within one year 7 378,537 346,969
NET CURRENT LIABILITIES (119,227 ) (75,561 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,030,897

1,109,291

CREDITORS
Amounts falling due after more than one
year

8

(13,301

)

(51,751

)

PROVISIONS FOR LIABILITIES 11 (128,120 ) (132,513 )
NET ASSETS 889,476 925,027

CAPITAL AND RESERVES
Called up share capital 12 5,700 5,700
Revaluation reserve 13 461,324 473,100
Capital redemption reserve 2,300 2,300
Retained earnings 420,152 443,927
SHAREHOLDERS' FUNDS 889,476 925,027

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

A. Watts & Sons Limited (Registered number: 00228609)

Balance Sheet - continued
31 January 2025


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 May 2025 and were signed on its behalf by:





Mr R K Harland - Director


A. Watts & Sons Limited (Registered number: 00228609)

Notes to the Financial Statements
for the year ended 31 January 2025

1. STATUTORY INFORMATION

A. Watts & Sons Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared on the historical cost basis modified to include the deemed cost of freehold property.

The financial statements are presented in Sterling (£) and cover the period to 31st January each year.

Going concern
The company relies upon the support of its bankers and creditors to continue trading. These financial statements are prepared on the assumption that this support will continue for a period of at least one year from the date of the signing of the accounts.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents net invoiced sales of furniture and goods, excluding value added tax. Turnover is recognised upon delivery to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Improvements to property - 4% on cost or lease term if shorter
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Purchases of furniture and goods are valued at cost price, calculated on a first in first out basis. Net realisable value is based on estimated selling price, less any further costs expected to be incurred to completion.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


A. Watts & Sons Limited (Registered number: 00228609)

Notes to the Financial Statements - continued
for the year ended 31 January 2025

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.

Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at undiscounted cost less impairment losses for bad and doubtful debts.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at undiscounted cost.

Interest bearing borrowings
Interest bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the statement of comprehensive income over the period of the borrowings, together with any interest and fees payable, using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2024 - 5 ) .

A. Watts & Sons Limited (Registered number: 00228609)

Notes to the Financial Statements - continued
for the year ended 31 January 2025

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
Freehold to and Motor
property property fittings vehicles Totals
£    £    £    £    £   
COST
At 1 February 2024
and 31 January 2025 1,355,000 47,970 65,086 48,240 1,516,296
DEPRECIATION
At 1 February 2024 216,800 22,864 64,443 27,337 331,444
Charge for year 27,100 1,919 483 5,226 34,728
At 31 January 2025 243,900 24,783 64,926 32,563 366,172
NET BOOK VALUE
At 31 January 2025 1,111,100 23,187 160 15,677 1,150,124
At 31 January 2024 1,138,200 25,106 643 20,903 1,184,852

The Directors revalued the freehold properties to £1,355,000 as at 31st January, 2016. The historical cost of freehold land and buildings was £618,997. On transition to FRS 102 Section 1A the revalued amount was regarded as deemed cost.

5. STOCKS
2025 2024
£    £   
Finished goods 245,276 248,774

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Trade debtors 9,234 14,397
Other debtors 4,594 7,913
13,828 22,310

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Bank loans and overdrafts 123,772 123,728
Trade creditors 48,401 60,309
Taxation and social security 16,480 18,304
Other creditors 189,884 144,628
378,537 346,969

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2025 2024
£    £   
Bank loans 13,301 51,751

A. Watts & Sons Limited (Registered number: 00228609)

Notes to the Financial Statements - continued
for the year ended 31 January 2025

9. SECURED DEBTS

The following secured debts are included within creditors:

2025 2024
£    £   
Bank overdrafts 87,137 88,285
Bank loans 49,936 87,194
137,073 175,479

10. FINANCIAL INSTRUMENTS

The company does not have significant exposure to foreign currency risk due to the nature of its trade. Exposure to other risks arise in the normal course of the company's business. These risks are limited by the company's financial management policies and practices described below.

Credit risk
The company has limited exposure to credit risk as most customers pay on or before the date of delivery.

Liquidity risk
The directors have ultimate responsibility for liquidity risk management in maintaining adequate reserves and banking facilities. The only significant non-derivative financial liabilities remaining at the reporting date are the overdraft on the bank account and bank loans remaining on the freehold property.

Market risk
There is a market risk associated with the fluctuation in demand for the products provided. Most of this is mitigated by monitoring the markets and competition.

Interest rate risk
The company has minor exposure to interest rate risk through the impact of rate changes in interest bearing borrowings. Active management of the company's exposure to interest rate fluctuations is undertaken.

The company holds no derivative financial instruments at the year end.

11. PROVISIONS FOR LIABILITIES
2025 2024
£    £   
Deferred tax
Accelerated capital allowances 7,415 8,864
Other timing differences 120,705 123,649
128,120 132,513

Deferred
tax
£   
Balance at 1 February 2024 132,513
Credit to Income Statement during year (1,449 )
Revaluation reserve movement (2,944 )
Balance at 31 January 2025 128,120

A. Watts & Sons Limited (Registered number: 00228609)

Notes to the Financial Statements - continued
for the year ended 31 January 2025

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2025 2024
value: £    £   
5,700 Ordinary £1 5,700 5,700

13. RESERVES

Revaluation
Reserve
£
At 1 February 2024473,100
Release of deferred tax2,944
Depreciation written back(14,720)
At 31 January 2025461,324

Revaluation reserve
The reserve includes all current year and prior year period gains and losses on revaluing the freehold property to deemed cost during the transition period to FRS 102 Section 1A. The amount taken to the revaluation reserve has been subject to deferred tax and appropriate transfers between reserves.

14. PENSION COMMITMENTS

The company operates a defined contribution pension scheme in respect of the employees. The scheme and its assets are held by independent managers. Contributions totalling £1,312 (2024: £1,311) were payable to the scheme as at the year end.

15. CONTINGENT LIABILITIES

The company has a contingent liability to HSBC Bank Plc in respect of a first mortgage dated 10th November, 1982 over freehold property known as 80 Abington Street, Northampton, together with a debenture dated 31st March, 1999 which includes a fixed and floating charge over all assets both present and future owned by the company. The bank also has a mortgage dated 19th August, 2002 over property known as 239-241 Birchfield Road, Northampton.

On the 29th March 2011, the bank granted a mortgage for the purchase of the property, former bus garage premises at The Ridings, Northampton. This was secured with a legal mortgage charge over the assets purchased.

16. RELATED PARTY DISCLOSURES

People with control, joint control or significant influence over the entity

2025 2024
£ £
Interest payable on loan from a related party 600 600
Rents received from a related party 14,864 14,891
Amounts, including loans, owing to related parties 149,103 108,704

17. ULTIMATE CONTROLLING PARTY

The company is under the control of Mr. and Mrs. R.K. Harland who own 66.3% of the voting issued ordinary share capital.