| REGISTERED NUMBER: |
| A. Watts & Sons Limited |
| Unaudited Financial Statements |
| for the Year Ended 31 January 2025 |
| REGISTERED NUMBER: |
| 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: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Pacioli House |
| 9 Brookfield |
| Duncan Close |
| Northampton |
| Northamptonshire |
| NN3 6WL |
| BANKERS: |
| 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 |
| CURRENT ASSETS |
| Stocks | 5 |
| Debtors | 6 |
| Cash in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 12 |
| Revaluation reserve | 13 |
| Capital redemption reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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 were approved by the Board of Directors and authorised for issue on |
| 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 |
| 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 |
| Freehold property | - |
| Improvements to property | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| 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 |
| 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 |
| DEPRECIATION |
| At 1 February 2024 |
| Charge for year |
| At 31 January 2025 |
| NET BOOK VALUE |
| At 31 January 2025 |
| At 31 January 2024 |
| 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 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans |
| 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 |
| Bank loans |
| 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 |
| Other timing differences | 120,705 | 123,649 |
| 128,120 | 132,513 |
| Deferred |
| tax |
| £ |
| Balance at 1 February 2024 |
| Credit to Income Statement during year | ( |
) |
| Revaluation reserve movement | (2,944 | ) |
| Balance at 31 January 2025 |
| 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: | £ | £ |
| Ordinary | £1 | 5,700 | 5,700 |
| 13. | RESERVES |
| Revaluation |
| Reserve |
| £ |
| At 1 February 2024 | 473,100 |
| Release of deferred tax | 2,944 |
| Depreciation written back | (14,720 | ) |
| At 31 January 2025 | 461,324 |
| 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. |