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Registered Number: 02877836
England and Wales

 

 

 


Unaudited Financial Statements


for the year ended 31 December 2024

for

WATERSHED PACKAGING LIMITED

Watershed Packaging Limited
Contents Page
For the year ended 31 December 2024
 
 		 Notes
 		 2024
£		   2023
£
Fixed assets      
Intangible fixed assets 3 2,520    2,520 
Tangible fixed assets 4 7,615,561    7,507,255 
Investments 5 938,779    871,768 
8,556,860    8,381,543 
Current assets      
Stocks 6 1,428,113    950,905 
Debtors 7 2,078,917    1,891,381 
Cash at bank and in hand 136,393    63,355 
3,643,423    2,905,641 
Creditors: amount falling due within one year 8 (4,658,326)   (3,900,529)
Net current assets (1,014,903)   (994,888)
 
Total assets less current liabilities 7,541,957    7,386,655 
Creditors: amount falling due after more than one year (2,152,276)   (2,094,412)
Provisions for liabilities 9 (1,035,630)   (1,121,137)
Net assets 4,354,051    4,171,106 
 

Capital and reserves 		     
Called up share capital 1,005    1,005 
Profit and loss account 4,353,046    4,170,101 
Shareholders' funds 4,354,051    4,171,106 
 


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

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 25 September 2025 and were signed on its behalf by:


-------------------------------
J Waters
Director
1
General Information
Watershed Packaging Limited is a private company, limited by shares, registered in England and Wales, registration number 02877836, registration address Wigton Heath , Manor House Lane , Leeds , West Yorkshire, LS17 9JD.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Research and development expenditure
Research and development expenditure is charged to the income statement in the period in which it is incurred.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and Buildings 0% Reducing Balance
Plant and Machinery 3-25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures and Fittings 25% Reducing Balance
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Factored debts
The company includes factored debts within trade debtors since most of the risks and rewards of ownership of the factored debts have not passed to the factors. A corresponding liability is included in liabilities in respect of the proceeds received from the factor.
Current asset investments
Current asset investments are stated at the lower of cost and net realisable value.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 49 (2023 : 49).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 January 2024 181,353    181,353 
Additions -    - 
Disposals -    - 
At 31 December 2024 181,353    181,353 
Amortisation
At 01 January 2024 178,833    178,833 
Charge for year -    - 
On disposals -    - 
At 31 December 2024 178,833    178,833 
Net book values
At 31 December 2024 2,520    2,520 
At 31 December 2023 2,520    2,520 


4.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Total
  £   £   £   £   £
At 01 January 2024 3,258,306    10,532,582    115,470    27,924    13,934,282 
Additions -    608,056    69,007    -    677,063 
Disposals -    -    (15,349)   -    (15,349)
At 31 December 2024 3,258,306    11,140,638    169,128    27,924    14,595,996 
Depreciation
At 01 January 2024 201,252    6,144,349    60,266    21,160    6,427,027 
Charge for year -    543,622    22,794    2,021    568,437 
On disposals -    -    (15,029)   -    (15,029)
At 31 December 2024 201,252    6,687,971    68,031    23,181    6,980,435 
Net book values
Closing balance as at 31 December 2024 3,057,054    4,452,667    101,097    4,743    7,615,561 
Opening balance as at 01 January 2024 3,057,054    4,388,233    55,204    6,764    7,507,255 


5.

Investments

Cost Other investments other than loans   Total
  £   £
At 01 January 2024 871,768    871,768 
Additions 67,011    67,011 
Disposals -    - 
At 31 December 2024 938,779    938,779 

6.

Stocks

2024
£		   2023
£
Stocks 1,428,113    950,905 
1,428,113    950,905 

7.

Debtors: amounts falling due within one year

2024
£		   2023
£
Trade Debtors 1,663,515    1,516,678 
Prepayments & Accrued Income 218,386    117,196 
Other Debtors 197,016    257,507 
2,078,917    1,891,381 

8.

Creditors: amount falling due within one year

2024
£		   2023
£
Trade Creditors 1,331,453    705,564 
Bank Loans & Overdrafts 627,751    496,585 
Corporation Tax 10,637    49,868 
PAYE & Social Security 364,024    247,097 
Accrued Expenses 239,755    127,518 
Other Creditors 1,616,103    1,760,014 
Obligations under HP/Financial Leases 360,500    465,200 
Directors' Current Accounts 108,103    48,683 
4,658,326    3,900,529 

9.

Provisions for liabilities

2024
£		   2023
£
Deferred Tax 1,121,137    676,512 
Charged to Profit & Loss (85,507)   444,625 
1,035,630    1,121,137 

2