Company No: 04301547 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

Directors	Gordon Bethell
	Murray Field
	Mark Laherty
	William Nancarrow (Appointed 01 December 2024)
	Mark Reed

Registered office	130 Fleet Street
	London
	EC4A 2BH
	United Kingdom

Company number

04301547 (England and Wales)

Accountant	Kreston Reeves LLP
	Suite 2
	Orchard House
	Orchard Street
	Canterbury
	Kent
	CT2 8AR

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	4,396		3,815
		4,396		3,815
Current assets
Debtors	4	378,921		371,739
Cash at bank and in hand		592,371		532,073
		971,292		903,812
Creditors: amounts falling due within one year	5	( 308,758)		( 264,410)
Net current assets		662,534		639,402
Total assets less current liabilities		666,930		643,217
Net assets		666,930		643,217
Capital and reserves
Called-up share capital	6	200		200
Share premium account		25,000		25,000
Profit and loss account		641,730		618,017
Total shareholders' funds		666,930		643,217

For the financial year ending 30 November 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 financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Stewart Watson & Co Limited (registered number: 04301547) were approved and authorised for issue by the Board of Directors on 23 June 2026. They were signed on its behalf by:

Mark Reed Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Stewart Watson & Co Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 130 Fleet Street, London, EC4A 2BH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements	4 years straight line
Fixtures and fittings	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Dividends

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.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	9		9

3. Tangible assets

	Leasehold improve- ments		Fixtures and fittings		Total
	£		£		£
Cost
At 01 December 2024	38,285		42,471		80,756
Additions	0		4,327		4,327
At 30 November 2025	38,285		46,798		85,083
Accumulated depreciation
At 01 December 2024	38,285		38,656		76,941
Charge for the financial year	0		3,746		3,746
At 30 November 2025	38,285		42,402		80,687
Net book value
At 30 November 2025	0		4,396		4,396
At 30 November 2024	0		3,815		3,815

4. Debtors

	2025		2024
	£		£
Trade debtors	293,371		260,975
Prepayments and accrued income	70,130		95,007
Other debtors	15,420		15,757
	378,921		371,739

5. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	5,527		24,244
Amounts owed to directors	33,679		32,215
Accruals	24,179		4,365
Corporation tax	156,763		132,354
Other taxation and social security	78,272		66,924
Other creditors	10,338		4,308
	308,758		264,410

6. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
200 Ordinary shares of £ 1.00 each	200		200

During the year the company purchased 30 of its own shares to be held in treasury , and subsequently sold these 30 treasury shares later in the year. Treasury shares are not entitled to dividends and do not carry voting rights while held by the Company. The net effect has been recognised directly in equity in accordance with FRS 102. No amounts relating to these transactions have been included in the profit and loss account.

7. Financial commitments

Commitments

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

	2025		2024
	£		£
Within one year	36,637		31,537
Between one and five years	11,495		26,069
Total future minimum lease payments under non-cancellable operating leases	48,132		57,606

8. Related party transactions

Transactions with the entity's directors

	2025		2024
	£		£
Amounts owed to directors	33,678		32,215