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Registered number: 07210230









KARL WATSON CONTRACTING LIMITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2024

 
KARL WATSON CONTRACTING LIMITED
REGISTERED NUMBER: 07210230

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 5 
2,355,114
2,359,973

  
2,355,114
2,359,973

Creditors: amounts falling due within one year
 6 
(278,900)
(283,759)

Net current assets
  
 
 
2,076,214
 
 
2,076,214

Total assets less current liabilities
  
2,076,214
2,076,214

  

Net assets
  
2,076,214
2,076,214


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
2,076,114
2,076,114

  
2,076,214
2,076,214


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 income and retained earnings 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 by: 






................................................
Mr P O Callington
Director

Date: 23 June 2025

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
KARL WATSON CONTRACTING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Karl Watson Contracting Limited is a private Company limited by shares incorporated in England and Wales within the United Kindom. The address of the registered office is 1 Brook Park, Gaddesby Lane, Rearsby, Leicester, Leicestershire, LE7 4ZB.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The Company's functional and presentational currency is pounds sterling.
The level of rounding is to the nearest £.

 
2.2

Going concern

The company's financial statements have been prepared under the going concern basis. The Director believes that the going concern basis is appropriate for the foreseeable future. 

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

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 corporation 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.


 
2.6

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the statement of Income and Retained Earnings over its useful economic life.

Page 2

 
KARL WATSON CONTRACTING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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.

 
2.9

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.

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objectives evidence of impairment is found an impairment loss is recognised in the Profit and Loss Account.


3.


Employees




The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 3

 
KARL WATSON CONTRACTING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 June 2023
250,000



At 31 May 2024

250,000



Amortisation


At 1 June 2023
250,000



At 31 May 2024

250,000



Net book value



At 31 May 2024
-



At 31 May 2023
-




5.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
2,076,212
2,069,233

Other debtors
278,902
290,740

2,355,114
2,359,973



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
149
149

Corporation tax
-
4,410

Other taxation and social security
451
450

Other creditors
275,000
275,000

Accruals and deferred income
3,300
3,750

278,900
283,759


Page 4

 
KARL WATSON CONTRACTING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

7.


Related party transactions

The Company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.


8.


Auditors' information

The auditors' report on the financial statements for the year ended 31 May 2024 was unqualified.

The audit report was signed on 23 June 2025 by Peter Morris FCA (Senior Statutory Auditor) on behalf of Torr Waterfield Limited.


Page 5