REGISTERED NUMBER: 00391968 (England and Wales)

Audited Financial Statements

for the Year Ended 31 March 2025

for

W.Clifford Watts Limited

Page

Balance Sheet

1

Notes to the Financial Statements

2

Fixed assets

Tangible assets

4

8,104,447

7,864,201

Current assets

Stocks

45,596

42,875

Debtors

5

4,830,039

4,630,092

Cash at bank and in hand

4,160,977

3,191,546

9,036,612

7,864,513

Creditors

Amounts falling due within one year

6

1,631,715

1,828,151

Net current assets

7,404,897

6,036,362

Total assets less current liabilities

15,509,344

13,900,563

Provisions for liabilities

800,657

678,202

Net assets

14,708,687

13,222,361

Capital and reserves

Called up share capital

9

586

586

Capital redemption reserve

209

209

Retained earnings

14,707,892

13,221,566

Shareholders' funds

14,708,687

13,222,361

The 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 November 2025 and were signed on its behalf by:

W R Watts - Director

1.	Statutory information

W.Clifford Watts Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

00391968

Registered office:

Watts House

Carnaby Industrial Estate

Lancaster Road, Carnaby

Bridlington

East Riding

YO15 3QY

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold property

No depreciation

Improvement to leasehold property

10% on cost

Plant and machinery

20% on reducing balance

Motor vehicles

25% on reducing balance

Computer equipment

33% on reducing balance

The directors consider that all freehold land and buildings are maintained in such a state of repair that their residual value is at least equal to their net book value. As a result, the corresponding depreciation would not be material and therefore is not charged to the profit and loss account

Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Debtors and creditors receivable / payable within one year

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.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Leases

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Turnover and other income

Turnover 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 turnover are as follows:

Sale of goods

Turnover from the sale of insert detail 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 insert detail (eg. dispatch of the goods).

Rendering of services

When the outcome of a transaction can be estimated reliably, turnover from insert detail is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to insert detail.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Interest and royalties receivable

Interest income is recognised using the effective interest method and income from royalties is recognised on an accrual basis in accordance with the substance of the relevant agreement.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the performance/accrual model.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company contributes to a defined contribution workplace pension plan for the benefit of its employees. Contributions are charged to the profit and loss in the period to which they relate.

3.	Employees and directors

The average number of employees during the year was 44 (2024 - 44 ) .

4.	Tangible fixed assets

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Cost

At 1 April 2024

4,599,135

10,403,999

15,003,134

Additions

133,606

961,955

1,095,561

Disposals

-

(689,485

)

(689,485

)

At 31 March 2025

4,732,741

10,676,469

15,409,210

Depreciation

At 1 April 2024

248,805

6,890,128

7,138,933

Charge for year

20,614

799,306

819,920

Eliminated on disposal

-

(654,090

)

(654,090

)

At 31 March 2025

269,419

7,035,344

7,304,763

Net book value

At 31 March 2025

4,463,322

3,641,125

8,104,447

At 31 March 2024

4,350,330

3,513,871

7,864,201

5.

Debtors: amounts falling due within one year

2025

2024

£

£

Trade debtors

1,286,174

1,380,502

Amounts owed by related undertakings

3,290,696

2,163,836

Other debtors

253,169

1,085,754

4,830,039

4,630,092

6.

Creditors: amounts falling due within one year

2025

2024

£

£

Hire purchase contracts (see note 7)

-

33,676

Trade creditors

682,337

780,487

Amounts owed to related undertakings

4,902

16,559

Taxation and social security

605,595

682,328

Other creditors

338,881

315,101

1,631,715

1,828,151

7.	Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase

contracts

2025

2024

£

£

Net obligations repayable:

Within one year

-

33,676

Non-cancellable

operating leases

2025

2024

£

£

Within one year

18,750

21,825

Between one and five years

75,000

75,000

In more than five years

192,750

211,500

286,500

308,325

The carrying value of assets which are subject to hire purchase contracts is £nil (2024: £20,750).

8.	Secured debts

The following secured debts are included within creditors:

2025

2024

£

£

Hire purchase contracts

-

33,676

The hire purchase contracts are secured on the assets to which the finance agreement relates.

9.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

586

Ordinary

£1

586

586

10.	Disclosure under Section 444(5B) of the Companies Act 2006

The Auditors' Report was unqualified.

Timothy Jones FCA (Senior Statutory Auditor)

for and on behalf of Ashby Berry Coulsons Limited

11.	Contingent liabilities

The company is liable for the costs to be incurred in restoring its open quarries to a condition specified by the local authorities when its licences expire or cannot be renewed. These cannot however be measured with sufficient reliability due to having to estimate the cost and volumes of the materials required, the cost of own and subcontracted labour, the time in the future when the work is to be started and the timescale in which the work must be completed. For these reasons the costs are not provided for in these accounts.

12.	Capital commitments

2025

2024

£

£

Contracted but not provided for in the

financial statements

82,000

-

13.	Ultimate controlling party

The company is a wholly owned subsidiary of Watts Group Yorkshire Limited (formerly WWW & K Watts Limited), whose registered office is Watts House, Carnaby Industrial Estate, Lancaster Road, Bridlington, East Yorkshire YO15 3QY.