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Company No: 08051576 (England and Wales)

J.M. WATTS COMMERCIAL PROPERTY LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

J.M. WATTS COMMERCIAL PROPERTY LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

J.M. WATTS COMMERCIAL PROPERTY LIMITED

BALANCE SHEET

As at 31 August 2024
J.M. WATTS COMMERCIAL PROPERTY LIMITED

BALANCE SHEET (continued)

As at 31 August 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 159,592 161,018
159,592 161,018
Current assets
Stocks 5 96,276 291,128
Debtors 6 32,977 31,782
Cash at bank and in hand 2,301 8,414
131,554 331,324
Creditors: amounts falling due within one year 7 ( 167,490) ( 173,113)
Net current (liabilities)/assets (35,936) 158,211
Total assets less current liabilities 123,656 319,229
Creditors: amounts falling due after more than one year 8 ( 107,387) ( 304,776)
Net assets 16,269 14,453
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 16,169 14,353
Total shareholders' funds 16,269 14,453

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

Directors' responsibilities:

The financial statements of J.M. WATTS COMMERCIAL PROPERTY LIMITED (registered number: 08051576) were approved and authorised for issue by the Board of Directors on 29 August 2025. They were signed on its behalf by:

J Watts
Director
J.M. WATTS COMMERCIAL PROPERTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
J.M. WATTS COMMERCIAL PROPERTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

J.M. WATTS COMMERCIAL PROPERTY LIMITED (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 September 2023 10,000 10,000
At 31 August 2024 10,000 10,000
Accumulated amortisation
At 01 September 2023 10,000 10,000
At 31 August 2024 10,000 10,000
Net book value
At 31 August 2024 0 0
At 31 August 2023 0 0

4. Tangible assets

Land and buildings Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 September 2023 149,969 1,795 29,553 8,034 189,351
Additions 0 0 0 1,744 1,744
At 31 August 2024 149,969 1,795 29,553 9,778 191,095
Accumulated depreciation
At 01 September 2023 0 586 20,589 7,158 28,333
Charge for the financial year 0 303 2,241 626 3,170
At 31 August 2024 0 889 22,830 7,784 31,503
Net book value
At 31 August 2024 149,969 906 6,723 1,994 159,592
At 31 August 2023 149,969 1,209 8,964 876 161,018

5. Stocks

2024 2023
£ £
Stocks 96,276 291,128

6. Debtors

2024 2023
£ £
Trade debtors 0 2,592
Other debtors 32,977 29,190
32,977 31,782

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 489 5,059
Trade creditors 10,049 3,261
Taxation and social security 47,497 33,093
Other creditors 109,455 131,700
167,490 173,113

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 0 489
Other creditors 107,387 304,287
107,387 304,776

There are no amounts included above in respect of which any security has been given by the small entity.

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
60 Ordinary A shares of £ 1.00 each 60 60
20 Ordinary B shares of £ 1.00 each 20 20
20 Ordinary C shares of £ 1.00 each 20 20
100 100