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Registered number: 12362918 WATSONS PROPERTY GROUP LTD UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 OCTOBER 2025
WATSONS PROPERTY GROUP LTD REGISTERED NUMBER: 12362918 STATEMENT OF FINANCIAL POSITION AS AT 31 OCTOBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 5 |  | 200,684 |  | 227,742
Tangible assets | 6 |  | 22,174 |  | 25,288
|  |  | 222,858 |  | 253,030
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 7 | 841,762 |  | 922,746 |
Bank and cash balances |  | 384,785 |  | - |
|  | 1,226,547 |  | 922,746 |
Creditors: amounts falling due within one year | 8 | (969,404) |  | (1,145,059) |
Net current assets/(liabilities) |  |  | 257,143 |  | (222,313)
Total assets less current liabilities |  |  | 480,001 |  | 30,717
Creditors: amounts falling due after more than one year | 9 |  | (344,295) |  | (29,166)
Net assets |  |  | 135,706 |  | 1,551
Capital and reserves |  |  |  |  |
Profit and loss account |  |  | 135,706 |  | 1,551
|  |  | 135,706 |  | 1,551
Page 1
WATSONS PROPERTY GROUP LTD REGISTERED NUMBER: 12362918 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 OCTOBER 2025 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. 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. 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 income statement 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:
................................................ R J Smith | ................................................ N E Eley
Director | Director
Date: 16 July 2026 | Date:16 July 2026
The notes on pages 3 to 11 form part of these financial statements. Page 2
WATSONS PROPERTY GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
1. | General information
Watsons Property Group Ltd is a private company limited by shares and incorporated in England and Wales, registration number 12362918. The address of the registered office is 18 Meridian Way, Meridian Business Park, Norwich, Norfolk, England, NR7 0TA. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. 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.
| 2.2 | Going concern
The Directors have considered the Company’s position at the time of signing the financial statements, and in particular the effects on the Company of the wider economy. As part of their assessment, they have taken into consideration a number of possible trading performance, profitability and cash flow scenarios. Based on this assessment, the Directors have concluded that they have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future, being at least twelve months from the date of signing these financial statements, and they therefore continue to adopt the going concern basis of accounting in preparing these financial statements.
| 2.3 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: Rendering of services Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of turnover can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Page 3
WATSONS PROPERTY GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.5 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.6 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.7 | Pensions
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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.8 | Taxation
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 reporting date in the countries where the Company operates and generates income. Page 4
WATSONS PROPERTY GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.9 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Income statement over its useful economic life. Other intangible assets Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
| 2.10 | Tangible fixed assets
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, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Fixtures and fittings | - | 25% | Reducing balance
|  |  |  | Computer equipment | - | 25% | Reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.11 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Page 5
WATSONS PROPERTY GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.12 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.13 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.14 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
3. | Employees
| The average monthly number of employees, including directors, during the year was 88 (2024 - 84).
4. | Reclassification of comparatives
| Certain comparative amounts within cost of sales and administrative expenses have been reclassified to improve presentation. The reclassification has no impact on operating profit or profit for the year.
Page 6
WATSONS PROPERTY GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
5. | Intangible assets
|  | Goodwill
|  | £
| Cost |
| At 1 November 2024 | 270,584
| At 31 October 2025 | 270,584
| Amortisation |
| At 1 November 2024 | 42,842
| Charge for the year on owned assets | 27,058
| At 31 October 2025 | 69,900
| Net book value |
| At 31 October 2025 | 200,684
| At 31 October 2024 | 227,742
Page 7
WATSONS PROPERTY GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
6. | Tangible fixed assets
|  | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 November 2024 | 257,706 | 327,759 | 585,465
| Additions | 2,220 | 2,740 | 4,960
| Disposals | (250,447) | (270,418) | (520,865)
| At 31 October 2025 | 9,479 | 60,081 | 69,560
| Depreciation |  |  |
| At 1 November 2024 | 252,841 | 307,336 | 560,177
| Charge for the year on owned assets | 1,017 | 5,114 | 6,131
| Disposals | (249,506) | (269,416) | (518,922)
| At 31 October 2025 | 4,352 | 43,034 | 47,386
| Net book value |  |  |
| At 31 October 2025 | 5,127 | 17,047 | 22,174
| At 31 October 2024 | 4,865 | 20,423 | 25,288
7. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 479,077 | 480,118
| Other debtors | 268,560 | 268,730
| Prepayments and accrued income | 94,125 | 173,898
|  | 841,762 | 922,746
Page 8
WATSONS PROPERTY GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank overdrafts | - | 10,284
| Bank loans | 98,370 | 81,756
| Other loans | - | 12,500
| Trade creditors | 133,369 | 172,136
| Corporation tax | 66,309 | 120,498
| Other taxation and social security | 389,396 | 705,659
| Other creditors | 131,645 | 20,754
| Accruals and deferred income | 150,315 | 21,472
|  | 969,404 | 1,145,059
| The commercial bank loan is secured by way of a legal charge over the assets of the company and a limited personal guarantee from the Directors. Within other creditors is a liability in relation to an invoice financing arrangement. This liability is secured over the book value of the debts.
9. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 344,295 | 29,166
|  | 344,295 | 29,166
Page 9
WATSONS PROPERTY GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
10. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 98,370 | 81,756
| Other loans | - | 12,500
|  | 98,370 | 94,256
| Amounts falling due 1-2 years |  |
| Bank loans | 98,370 | 29,166
|  | 98,370 | 29,166
| Amounts falling due 2-5 years |  |
| Bank loans | 245,925 | -
|  | 245,925 | -
|  | 442,665 | 123,422
11. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 2 Ordinary A shares of £0.01 each | 0.02 | 0.02
12. | Pension commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The contribution to the scheme amounted to £252,127 (2024: £119,177). Contributions totalling £23,029 (2024: £6,751) were payable to the fund at the balance sheet date and are included in creditors. Page 10
WATSONS PROPERTY GROUP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
13. | Commitments under operating leases
| At 31 October 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 102,949 | 102,949
| Later than 1 year and not later than 5 years | 346,694 | 370,143
| Later than 5 years | 172,250 | 251,750
|  | 621,893 | 724,842
14. | Transactions with directors
At the year end, the directors owed the company £199,782 (2024: £199,537). Interest has been charged on this balance totalling £6,092 (2024: £4,405), being at a rate of 2.25% to 5 April 2025 and then 3.75% from 6 April 2025.
Page 11