Watermans of Banbury Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 04969296

Watermans of Banbury Limited

Filleted Unaudited Financial Statements

31 January 2025

Watermans of Banbury Limited

Statement of Financial Position

31 January 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	5		33,264	40,368

Current assets

Stocks		71,620	66,277
Debtors	6	5,091	6,064
Cash at bank and in hand		4,231	3,742
		--------	--------
		80,942	76,083

Creditors: amounts falling due within one year	7	99,016		88,581
		--------		--------
Net current liabilities			18,074	12,498
			--------	--------
Total assets less current liabilities			15,190	27,870

Provisions

Taxation including deferred tax	8	7,849	8,841
		--------	--------
Net assets		7,341	19,029
		--------	--------

Watermans of Banbury Limited

Statement of Financial Position (continued)

31 January 2025

	2025		2024
Note	£	£	£

Capital and reserves

Called up share capital	10	100	100
Profit and loss account		7,241	18,929
		-------	--------
Shareholders funds		7,341	19,029
		-------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 29 October 2025 , and are signed on behalf of the board by:

V LewisS Lewis

Director Director

Company registration number: 04969296

Watermans of Banbury Limited

Notes to the Financial Statements

Year ended 31 January 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 51 Parsons Street, Banbury, Oxon, OX16 5NB.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under FRS 102: - No cash flow statement has been presented for the company. - Disclosures in respect of financial instruments have not been presented.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. No significant estimates or judgements have been made in either the current or prior year.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied , stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the 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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and Machinery	-	25% reducing balance
Fixtures and Fittings	-	20% reducing balance
Equipment	-	20% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Particulars of employees

The average number of persons employed by the company during the year amounted to 6 (2024: 7 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 February 2024	40,307	129,125	28,650	198,082
Additions	–	–	1,140	1,140
	--------	---------	--------	---------
At 31 January 2025	40,307	129,125	29,790	199,222
	--------	---------	--------	---------
Depreciation
At 1 February 2024	36,950	98,826	21,938	157,714
Charge for the year	840	6,060	1,344	8,244
	--------	---------	--------	---------
At 31 January 2025	37,790	104,886	23,282	165,958
	--------	---------	--------	---------
Carrying amount
At 31 January 2025	2,517	24,239	6,508	33,264
	--------	---------	--------	---------
At 31 January 2024	3,357	30,299	6,712	40,368
	--------	---------	--------	---------

6. Debtors

	2025	2024
	£	£
Trade debtors	–	767
Prepayments and accrued income	5,091	5,297
	-------	-------
	5,091	6,064
	-------	-------

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	21,272	21,961
Trade creditors	19,729	9,294
Accruals and deferred income	2,572	2,338
Corporation tax	31,133	20,259
Social security and other taxes	12,738	15,615
Director loan accounts	11,394	16,989
Other creditors	178	2,125
	--------	--------
	99,016	88,581
	--------	--------

Bank loans are secured over the assets of the company.

8. Provisions

	Deferred tax (note 9)
	£
At 1 February 2024	8,841
Additions	( 992)
	-------
At 31 January 2025	7,849
	-------

9. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2025	2024
	£	£
Included in provisions (note 8)	7,849	8,841
	-------	-------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2025	2024
	£	£
Accelerated capital allowances	7,867	8,841
Provisions	( 18)	–
	-------	-------
	7,849	8,841
	-------	-------

10. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

11. Commitments under operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2025	2024
	£	£
Not later than 1 year	15,000	15,000
Later than 1 year and not later than 5 years	17,417	32,417
	--------	--------
	32,417	47,417
	--------	--------

12. Directors' advances, credits and guarantees

During the year the directors received dividends of £106,000 (2024: £100,000). At the end of the year the directors were owed £11,394 (2024: £16,989) by the company.

13. Controlling party

The directors consider that no one indvidual controls the company.