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Registered number: 00532657
CHARLES WATSON (IRONMONGERS) LIMITED
Financial statements
Information for filing with the registrar
for the year ended 31 December 2024
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CHARLES WATSON (IRONMONGERS) LIMITED
Company Information
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PKF Smith Cooper Audit Limited
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CHARLES WATSON (IRONMONGERS) LIMITED
Registered number: 00532657
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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Capital redemption reserve
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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 2 to 6 form part of these financial statements.
Page 1
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CHARLES WATSON (IRONMONGERS) LIMITED
Notes to the financial statements
for the year ended 31 December 2024
Charles Watson (Ironmongers) Limited is a private company limited by shares incorporated in England within the United Kingdom. The address of the registered office is given in the company information of these financial statements. The company's registration number is 00532657.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared on a going concern basis under the historical cost convention modified to include items at fair value. The financial statements have been prepared in accordance with FRS 102 Section 1A small entities, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006.
The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £1.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Revenue is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of revenue are as follows:
Sale of goods
Revenue from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
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.
Page 2
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CHARLES WATSON (IRONMONGERS) LIMITED
Notes to the financial statements
for the year ended 31 December 2024
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. 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.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either the straight-line method or the reducing balance method.
Depreciation is provided on the following basis:
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Leasehold property improvements
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Stocks are stated at the lower of cost and net realisable value. Cost includes all costs of purchase, costs of conversion and other costs in bringing stock to its present condition and location. Cost is calculated using the first-in first-out formula. Provision is made for damaged, obsolete and slow moving stock where appropriate.
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Short term debtors and creditors
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Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Page 3
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CHARLES WATSON (IRONMONGERS) LIMITED
Notes to the financial statements
for the year ended 31 December 2024
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The average monthly number of employees, including directors, during the year was 11 (2023 - 12).
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Leasehold property improvements
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Charge for the year on owned assets
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Page 4
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CHARLES WATSON (IRONMONGERS) LIMITED
Notes to the financial statements
for the year ended 31 December 2024
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Amounts owed by group undertakings
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Prepayments and accrued income
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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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Allotted, called up and fully paid
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10,000 (2023 - 10,000) Ordinary shares of £1.00 each
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There exists a cross-company guarantee and set-off agreement in favour of Lloyds Bank Plc between the Company and the companies comprising the group headed by Frank Key Holdings Limited.
The company operates a defined contribution pension scheme. The pension charge for the year represents contributions payable by the company to the scheme and amounted to £11,212 (2023: £10,497). An amount of £nil (2023: £nil) was payable to the scheme at the year end.
Page 5
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CHARLES WATSON (IRONMONGERS) LIMITED
Notes to the financial statements
for the year ended 31 December 2024
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Commitments 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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Related party transactions
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The company has taken advantage of the exemption in section 33.1A of FRS 102 from disclosing transactions entered into between two or more members of the group as all subsidiaries are wholly owned.
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The ultimate parent undertaking is Frank Key Holdings Limited.
The ultimate controlling parties are Mr R M & Mrs S E Sansom.
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.
The audit report was signed on 30 September 2025 by James Bagley (Senior statutory auditor) on behalf of PKF Smith Cooper Audit Limited.
Page 6
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