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Registered number: 01250662
WATSONS OF SALISBURY LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2024
Fletcher & Partners
Chartered Accountants
Salisbury
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WATSONS OF SALISBURY LIMITED
REGISTERED NUMBER:01250662
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BALANCE SHEET
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Page 1
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WATSONS OF SALISBURY LIMITED
REGISTERED NUMBER:01250662
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BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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 comprehensive income 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:
The notes on pages 4 to 8 form part of these financial statements.
Page 2
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WATSONS OF SALISBURY LIMITED
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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Comprehensive income for the year
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Dividends: Equity capital
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Comprehensive income for the year
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Dividends: Equity capital
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The notes on pages 4 to 8 form part of these financial statements.
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Page 3
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WATSONS OF SALISBURY LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Watsons of Salisbury Limited is is a company limited by shares and incorporated in England and Wales, registered number 01250662. The registered office is Crown Chambers, Bridge Street, Salisbury, SP1 2LZ.
2.Accounting policies
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Basis of preparation of financial statements
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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 following principal accounting policies have been applied:
The directors assess whether the use of the going concern basis is appropriate, i.e. whether there are material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The directors make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue comprises rents receivable and is recognised when the rents fall due.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
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 income 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.
Page 4
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WATSONS OF SALISBURY LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Investment property is carried at fair value reviewed annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss. In 2024, the valuation was carried out by a third party.
Short term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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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.
Short-term creditors are measured at the transaction price.
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.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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The average monthly number of employees, including directors, during the year was 2 (2023 - 2).
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Page 5
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WATSONS OF SALISBURY LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Freehold investment property
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Annual revaluation surplus/(deficit):
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The 2024 valuations were made by Woolley & Wallis, on an open market value for existing use basis.
The 2009 revaluation comprised of a revaluation surplus of £612,043 and the 2019 revaluation with a £200,000 deficit.
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Prepayments and accrued income
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Cash and cash equivalents
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Page 6
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WATSONS OF SALISBURY LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Share capital treated as debt
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Share premium account
The share premium account is an equity account that represents the additional amount shareholders paid for their issued shares that was in excess of the par value of those shares.
Profit & loss account
The profit and loss account is divided into distributable and non-distributable elements. The distributable element amounts to £74,767 and the non-distributable element is £362,043.
The company operated a defined contributions pension scheme in respect of certain directors and their families. The assets of the scheme are held separately from those of the company, in an independently administered fund. The contributions in year were £3,300 (2023: £3,300). There were no contributions outstanding at the balance sheet date.
Page 7
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WATSONS OF SALISBURY LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Rents receivable under operating leases
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At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Transactions with directors
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At 31 December 2024 Graham J Annetts, a director of the company, owed Watsons of Salisbury Limited £4,456.85 (2023: £1,890.00). Advances during the year totalled £4,566.85 and repayment totalled £2,000 during the year. The remainder was repaid within nine months of the year end. The loan is interest free and repayable on demand.
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Related party transactions
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Included in creditors at 31 December 2024 is £10,047 (2023: £9,932) owed to the parent company, Watsons of Salisbury (Holdings) Limited. The loan is interest free and repayable on demand.
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The company is a subsidiary of Watsons of Salisbury (Holdings) Limited. The registered office is Crown Chambers, Bridge Street, Salisbury, SP1 3BZ. The companies are controlled by the Annetts family, who own the entire share capital of Watsons of Salisbury (Holdings) Limited.
Page 8
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