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Registration number: 04439783

Robert Watts Property Management Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Robert Watts Property Management Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 8

 

Robert Watts Property Management Limited

(Registration number: 04439783)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Intangible assets

4

 

73,560

 

84,458

Tangible assets

5

 

2,909

 

2,903

   

76,469

 

87,361

Current assets

   

 

Debtors

6

364,918

 

295,518

 

Cash at bank and in hand

 

364,012

 

367,427

 

 

728,930

 

662,945

 

Creditors: Amounts falling due within one year

7

(680,231)

 

(626,780)

 

Net current assets

   

48,699

 

36,165

Net assets

   

125,168

 

123,526

Capital and reserves

   

 

Called up share capital

9

100

 

100

 

Retained earnings

125,068

 

123,426

 

Shareholders' funds

   

125,168

 

123,526

 

Robert Watts Property Management Limited

(Registration number: 04439783)
Balance Sheet as at 31 December 2024

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her 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 and 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 7 August 2025
 

.........................................
K V Fisher
Director

 

Robert Watts Property Management Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

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

The address of its registered office is:
704 Bradford Road
Birkenshaw
Bradford
West Yorkshire
BD11 2AE

These financial statements were authorised for issue by the director on 7 August 2025.

The 2023 figures are for a 9 month reporting period as a result of a change in the year end from 31 March 2023 to 31 December 2023 and so comparative figures will not be entirely comparable. The change was to align the year end to the calendar year.

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the disclosure and presentation requirements of Section 1A and the Companies Act 2006.

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.

The company's functional and presentation currency is pound sterling.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the company retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably and (d) it is probable that future economic benefits will flow to the entity.

Government grants

Grants are recognised when there is reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received.

Grants are measured at the fair value of the asset received or receivable.

Grants relating to revenue shall be recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

Tax

The tax expense for the period comprises current 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.

 

Robert Watts Property Management Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

The current corporation 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.

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

Office equipment

25% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Purchased customer list

10% straight line basis

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Robert Watts Property Management Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, 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 for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

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

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 12 (2023 - 12).

 

Robert Watts Property Management Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2024

108,978

108,978

At 31 December 2024

108,978

108,978

Amortisation

At 1 January 2024

24,520

24,520

Amortisation charge

10,898

10,898

At 31 December 2024

35,418

35,418

Carrying amount

At 31 December 2024

73,560

73,560

At 31 December 2023

84,458

84,458

5

Tangible assets

Office equipment
 £

Total
£

Cost

At 1 January 2024

35,145

35,145

Additions

2,506

2,506

Disposals

(32,570)

(32,570)

At 31 December 2024

5,081

5,081

Depreciation

At 1 January 2024

32,242

32,242

Charge for the year

1,352

1,352

Eliminated on disposal

(31,422)

(31,422)

At 31 December 2024

2,172

2,172

Carrying amount

At 31 December 2024

2,909

2,909

At 31 December 2023

2,903

2,903

 

Robert Watts Property Management Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

2,373

-

Prepayments

4,151

1,314

Other debtors

358,394

294,204

 

364,918

295,518

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

46,351

54,109

Trade creditors

 

4,249

31,268

Taxation and social security

 

58,735

50,505

Accruals and deferred income

 

6,161

44,733

Other creditors

 

564,735

446,165

 

680,231

626,780

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

46,351

54,109

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

       
 

Robert Watts Property Management Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £8,897 (2023 - £14,187).

11

Related party transactions

Expenditure with and payables to related parties

2024

Key management
£

Amounts payable to related party

46,351

2023

Key management
£

Amounts payable to related party

54,109

The amounts payable to key management are interest free and repayable on demand.