Watchorn Financial Services Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06502488 (England and Wales)

Unaudited Financial Statements for the Year Ended 28 February 2019

for

Watchorn Financial Services Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mr J R Watchorn

SECRETARY:

Miss L Robinson

REGISTERED OFFICE:

8 Buckminster Yard

Buckminster

Grantham

Lincolnshire

NG33 5RS

REGISTERED NUMBER:

06502488 (England and Wales)

ACCOUNTANTS:

SRB Associates (Leicestershire) Limited

Pera Business Park

Nottingham Road

Melton Mowbray

Leicestershire

LE13 0PB

FIXED ASSETS

Tangible assets

5

4,104

3,063

CURRENT ASSETS

Debtors

6

42,825

21,032

Prepayments and accrued income

783

488

Cash at bank and in hand

170,777

151,448

214,385

172,968

CREDITORS

Amounts falling due within one year

7

17,619

18,358

NET CURRENT ASSETS

196,766

154,610

TOTAL ASSETS LESS CURRENT LIABILITIES

200,870

157,673

PROVISIONS FOR LIABILITIES

8

780

582

NET ASSETS

200,090

157,091

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

199,990

156,991

SHAREHOLDERS' FUNDS

200,090

157,091

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 26 April 2019 and were signed by:

Mr J R Watchorn - Director

1.	STATUTORY INFORMATION

Watchorn Financial Services Ltd is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

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

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents amounts receivable for services provided in the normal course of business, net of trade

discounts, VAT and other sales related taxes.

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 properties and freehold land, at rates

calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful

life, as follows

Furniture & fittings - 20% Reducing Balance Basis

Computer equipment - 33.3% Straight Line Basis

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

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.

Hire purchase and leasing commitments

Assets under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the

shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of

the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit

and loss account so as to produce constant periodic rates of charge on the net obligationsoutstanding in each

period.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2018 - 5 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 March 2018

6,194

12,469

18,663

Additions

-

3,570

3,570

At 28 February 2019

6,194

16,039

22,233

DEPRECIATION

At 1 March 2018

4,991

10,609

15,600

Charge for year

241

2,288

2,529

At 28 February 2019

5,232

12,897

18,129

NET BOOK VALUE

At 28 February 2019

962

3,142

4,104

At 28 February 2018

1,203

1,860

3,063

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.19

28.2.18

£

£

Trade debtors

17,825

18,032

Other debtors

25,000

3,000

42,825

21,032

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.19

28.2.18

£

£

Taxation and social security

15,901

15,368

Other creditors

1,718

2,990

17,619

18,358

8.	PROVISIONS FOR LIABILITIES

28.2.19

28.2.18

£

£

Deferred tax

780

582

Deferred

tax

£

Balance at 1 March 2018

582

Charge to Income Statement during year

198

Balance at 28 February 2019

780

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

28.2.19

28.2.18

value:

£

£

100

Ordinary

£1

100

100

10.	RELATED PARTY DISCLOSURES

Included within other creditors is an amount of £ Nil (2018: £1,062) representing a loan by the director to the

company. The loan is interest free and repayable on demand.

11.	ULTIMATE CONTROLLING PARTY

Mr J R Watchorn has the controlling interest in the company by way of majority shareholding.