Sara Watts Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05356988 (England and Wales)

Financial Statements for the Year Ended 31 March 2019

for

Sara Watts Limited

Trading as

Edward Watts Opticians

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mrs S D Porter

SECRETARY:

Streatham Secretarial Limited

REGISTERED OFFICE:

Foresters Hall

25/27 Westow Street

Upper Norwood

London

SE19 3RY

REGISTERED NUMBER:

05356988 (England and Wales)

ACCOUNTANTS:

Gibsons Financial Limited

Chartered Accountants

Foresters Hall

25/27 Westow Street

Upper Norwood

London

SE19 3RY

FIXED ASSETS

Intangible assets

4

93,600

108,000

Tangible assets

5

60,181

65,461

153,781

173,461

CURRENT ASSETS

Stocks

32,536

35,400

Debtors

18,197

28,328

Cash at bank and in hand

25,503

8,765

76,236

72,493

CREDITORS

Amounts falling due within one year

(110,902

)

(99,117

)

NET CURRENT LIABILITIES

(34,666

)

(26,624

)

TOTAL ASSETS LESS CURRENT LIABILITIES

119,115

146,837

CREDITORS

Amounts falling due after more than one year

(1,737

)

(9,670

)

PROVISIONS FOR LIABILITIES

(8,096

)

(12,714

)

NET ASSETS

109,282

124,453

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

109,182

124,353

SHAREHOLDERS' FUNDS

109,282

124,453

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2019 in accordance with Section 444(2A) of the Companies Act 2006.

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 17 June 2019 and were signed by:

Mrs S D Porter - Director

1.	STATUTORY INFORMATION

Sara Watts Limited 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures, fittings & equipt

-

15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

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 obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital

element of the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2018 - NIL ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2018

and 31 March 2019

288,000

AMORTISATION

At 1 April 2018

180,000

Amortisation for year

14,400

At 31 March 2019

194,400

NET BOOK VALUE

At 31 March 2019

93,600

At 31 March 2018

108,000

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2018

and 31 March 2019

137,263

DEPRECIATION

At 1 April 2018

71,802

Charge for year

5,280

At 31 March 2019

77,082

NET BOOK VALUE

At 31 March 2019

60,181

At 31 March 2018

65,461

Fixed assets, included in the above, which are held under finance leases are as follows:

Fixtures,

fittings &

equipt

£

COST

At 1 April 2018

and 31 March 2019

60,880

DEPRECIATION

At 1 April 2018

25,682

Charge for year

4,425

At 31 March 2019

30,107

NET BOOK VALUE

At 31 March 2019

30,773

At 31 March 2018

35,198

6.	ULTIMATE CONTROLLING PARTY

The controlling party is Mrs S D Porter.