back to WATCHHEATH LIMITED detail Watchheath Ltd. - Period Ending 2018-03-31
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Registration number: 01252460

Watchheath Ltd.

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

image-name

Lucraft Hodgson & Dawes LLP
2/4 Ash Lane
Rustington
West Sussex
BN16 3BZ

 

Watchheath Ltd.

Contents

Company Information

1

Director's Report

2

Balance Sheet

3

Notes to the Financial Statements

4 to 7

 

Watchheath Ltd.

Company Information

Director

Mrs Eunice Poole

Registered office

2/4 Ash Lane
Rustington
Littlehampton
Sussex
BN16 3BZ

Accountants

Lucraft Hodgson & Dawes LLP
2/4 Ash Lane
Rustington
West Sussex
BN16 3BZ

 

Watchheath Ltd.

Director's Report for the Year Ended 31 March 2018

The director presents her report and the financial statements for the year ended 31 March 2018.

Director of the company

The director who held office during the year was as follows:

Mrs Eunice Poole

Principal activity

The principal activity of the company is farming

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the director on 29 November 2018 and signed on its behalf by:

.........................................
Mrs Eunice Poole
Director

 

Watchheath Ltd.

(Registration number: 01252460)
Balance Sheet as at 31 March 2018

Note

2018
 £

2017
 £

Fixed assets

 

Tangible assets

3

530

623

Current assets

 

Debtors

4

11

105

Cash at bank and in hand

 

15,912

22,921

 

15,923

23,026

Creditors: Amounts falling due within one year

5

(14,946)

(24,751)

Net current assets/(liabilities)

 

977

(1,725)

Net assets/(liabilities)

 

1,507

(1,102)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

1,407

(1,202)

Total equity

 

1,507

(1,102)

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

Director's responsibilities:

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

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 29 November 2018
 

.........................................

Mrs Eunice Poole
Director

 

Watchheath Ltd.

Notes to the Financial Statements for the Year Ended 31 March 2018

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
2/4 Ash Lane
Rustington
Littlehampton
Sussex
BN16 3BZ
United Kingdom

These financial statements were authorised for issue by the director on 29 November 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Sterling, which is also the company's functional currency. The financial statements are rounded to the nearest £1.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Watchheath Ltd.

Notes to the Financial Statements for the Year Ended 31 March 2018

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

4% on cost

Plant and machinery

15% reducing balance

Fixtures and fittings

15% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Watchheath Ltd.

Notes to the Financial Statements for the Year Ended 31 March 2018

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2017

31,028

1,735

10,701

43,464

At 31 March 2018

31,028

1,735

10,701

43,464

Depreciation

At 1 April 2017

31,028

1,426

10,387

42,841

Charge for the year

-

46

47

93

At 31 March 2018

31,028

1,472

10,434

42,934

Carrying amount

At 31 March 2018

-

263

267

530

At 31 March 2017

-

309

314

623

Included within the net book value of land and buildings above is £Nil (2017 - £Nil) in respect of freehold land and buildings.
 

 

Watchheath Ltd.

Notes to the Financial Statements for the Year Ended 31 March 2018

4

Debtors

2018
£

2017
£

Other debtors

11

105

11

105

5

Creditors

Creditors: amounts falling due within one year

Note

2018
 £

2017
 £

Due within one year

 

Loans and borrowings

6

14,326

24,151

Accrued expenses

 

620

600

 

14,946

24,751

6

Loans and borrowings

2018
 £

2017
 £

Current loans and borrowings

Other borrowings

14,326

24,151

14,326

24,151