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Company Registration No. 00293258 (England and Wales)
E.W. WATTS (WISHAW) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
E.W. WATTS (WISHAW) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
E.W. WATTS (WISHAW) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,070,362
1,213,035
Current assets
Debtors
4
147,758
114,934
Creditors: amounts falling due within one year
5
(123,503)
(120,865)
Net current assets/(liabilities)
24,255
(5,931)
Total assets less current liabilities
1,094,617
1,207,104
Creditors: amounts falling due after more than one year
6
(399,242)
(428,186)
Provisions for liabilities
(1,593)
(2,259)
Net assets
693,782
776,659
Capital and reserves
Called up share capital
150
150
Share premium account
2,477
2,477
Profit and loss reserves
691,155
774,032
Total equity
693,782
776,659

For the financial year ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

E.W. WATTS (WISHAW) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2018
31 March 2018
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 15 November 2018
I.R. Watts
Director
Company Registration No. 00293258
E.W. WATTS (WISHAW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 3 -
1
Accounting policies
Company information

E.W. Watts (Wishaw) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Manor Farm, Daventry Road, Byfield, Northants, NN11 6YH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

1.2
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Income is recognised when goods are physically delivered to the customer.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Freehold land and buildings
Not depreciated
Plant and machinery
25% reducing balance

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.

1.4
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Financial assets, which comprise trade and other debtors and cash and bank balances, are initially measured at transaction price (including transaction costs) and are subsequently measured at the undiscounted amount receivable.

Basic financial liabilities

Financial liabilities, which comprises of trade creditors and bank loans, are initially recognised at transaction price (including transaction costs) and are subsequently measured at the undiscounted amount payable.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

E.W. WATTS (WISHAW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 1 (2017 - 1).

E.W. WATTS (WISHAW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2017
1,200,454
154,906
1,355,360
Additions
400,000
-
400,000
Disposals
(539,528)
-
(539,528)
At 31 March 2018
1,060,926
154,906
1,215,832
Depreciation and impairment
At 1 April 2017
-
142,324
142,324
Depreciation charged in the year
-
3,146
3,146
At 31 March 2018
-
145,470
145,470
Carrying amount
At 31 March 2018
1,060,926
9,436
1,070,362
At 31 March 2017
1,200,454
12,581
1,213,035
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
581
581
Other debtors
147,177
114,353
147,758
114,934
5
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
85,957
84,290
Corporation tax
13,823
14,851
Other taxation and social security
19,546
18,355
Other creditors
4,177
3,369
123,503
120,865
E.W. WATTS (WISHAW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 6 -
6
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
399,242
428,186

The bank loans are secured by way of a first charge over all of the land and buildings owned by the company.

2018-03-312017-04-01falseCCH SoftwareCCH Accounts Production 2018.300No description of principal activity15 November 2018Mr I WattsR.W. Watts (Retired 27/04/2013)002932582017-04-012018-03-31002932582018-03-31002932582017-03-3100293258core:LandBuildings2018-03-3100293258core:OtherPropertyPlantEquipment2018-03-3100293258core:LandBuildings2017-03-3100293258core:OtherPropertyPlantEquipment2017-03-3100293258core:CurrentFinancialInstruments2018-03-3100293258core:CurrentFinancialInstruments2017-03-3100293258core:Non-currentFinancialInstruments2018-03-3100293258core:Non-currentFinancialInstruments2017-03-3100293258core:ShareCapital2018-03-3100293258core:ShareCapital2017-03-3100293258core:SharePremium2018-03-3100293258core:SharePremium2017-03-3100293258core:RetainedEarningsAccumulatedLosses2018-03-3100293258core:RetainedEarningsAccumulatedLosses2017-03-3100293258bus:Director12017-04-012018-03-3100293258core:LandBuildingscore:OwnedOrFreeholdAssets2017-04-012018-03-3100293258core:PlantMachinery2017-04-012018-03-3100293258core:LandBuildings2017-03-3100293258core:OtherPropertyPlantEquipment2017-03-31002932582017-03-3100293258core:LandBuildings2017-04-012018-03-3100293258core:OtherPropertyPlantEquipment2017-04-012018-03-3100293258bus:PrivateLimitedCompanyLtd2017-04-012018-03-3100293258bus:FRS1022017-04-012018-03-3100293258bus:AuditExemptWithAccountantsReport2017-04-012018-03-3100293258bus:SmallCompaniesRegimeForAccounts2017-04-012018-03-3100293258bus:CompanySecretary12017-04-012018-03-3100293258bus:FullAccounts2017-04-012018-03-31xbrli:purexbrli:sharesiso4217:GBP