Watson Gym Equipment Ltd - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 06132239

Abbreviated Unaudited Accounts for the Year Ended 30 June 2014

for

WATSON GYM EQUIPMENT LTD

Page

Company Information

1

Chartered Accountants' Report

2

Abbreviated Balance Sheet

3

Notes to the Abbreviated Accounts

5

DIRECTORS:

S Watson

S Donald

SECRETARY:

C B Watson

REGISTERED OFFICE:

Unit B3

Commerce Park

Frome

Somerset

BA11 2FB

REGISTERED NUMBER:

06132239

ACCOUNTANTS:

Richardson Swift

Chartered Accountants

11 Laura Place

Bath

BA2 4BL

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements, from which the unaudited abbreviated accounts (set out on

pages three to six) have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval

the financial statements of Watson Gym Equipment Ltd for the year ended 30 June 2014 which comprise the

Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records

and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we

are subject to its ethical and other professional requirements which are detailed at

icaew.com/membershandbook.

This report is made solely to the Board of Directors of Watson Gym Equipment Ltd, as a body, in accordance

with our terms of engagement. Our work has been undertaken solely to prepare for your approval the

financial statements of Watson Gym Equipment Ltd and state those matters that we have agreed to state to

the Board of Directors of Watson Gym Equipment Ltd, as a body, in this report in accordance with AAF 2/10

as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume

responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this

report.

It is your duty to ensure that Watson Gym Equipment Ltd has kept adequate accounting records and to

prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position

and loss of Watson Gym Equipment Ltd. You consider that Watson Gym Equipment Ltd is exempt from the

statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Watson Gym

Equipment Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records

or information and explanations you have given to us and we do not, therefore, express any opinion on the

statutory financial statements.

Richardson Swift

Chartered Accountants

11 Laura Place

Bath

BA2 4BL

26 March 2015

FIXED ASSETS

Tangible assets

2

370,637

267,126

CURRENT ASSETS

Stocks

70,136

24,424

Debtors

351,764

359,006

Cash at bank

252,769

167,998

674,669

551,428

CREDITORS

Amounts falling due within one year

3

584,656

357,538

NET CURRENT ASSETS

90,013

193,890

TOTAL ASSETS LESS CURRENT LIABILITIES

460,650

461,016

CREDITORS

Amounts falling due after more than one year

3

(235,228

)

(153,677

)

PROVISIONS FOR LIABILITIES

(29,636

)

(15,148

)

NET ASSETS

195,786

292,191

CAPITAL AND RESERVES

Called up share capital

4

100

100

Profit and loss account

195,686

292,091

SHAREHOLDERS' FUNDS

195,786

292,191

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2014 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 25 March 2015 and were signed on its behalf by:

S Watson - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax. Turnover is recognised

when goods are dispatched.

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.

Freehold property

-

10% on cost

Plant and equipment

-

15% on reducing balance

Office equipment

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Website

-

20% on cost

Stocks

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

obsolete and slow moving items.

Deferred tax

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

the balance sheet date.

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 the profit and loss account over the relevant

period. The capital element of the future payments is treated as a liability.

Pension costs

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

company's pension scheme are charged to the profit and loss account in the period to which they

relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2013

323,578

Additions

152,172

Disposals

(3,695

)

At 30 June 2014

472,055

DEPRECIATION

At 1 July 2013

56,452

Charge for year

45,408

Eliminated on disposal

(442

)

At 30 June 2014

101,418

NET BOOK VALUE

At 30 June 2014

370,637

At 30 June 2013

267,126

3.

CREDITORS

Creditors include an amount of £ 160,219 (2013 - £ 168,348 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

100

Ordinary

£1

100

100

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2014 and

30 June 2013:

2014

2013

£

£

S Watson

Balance outstanding at start of year

14,517

24,521

Amounts advanced

21,087

14,996

Amounts repaid

(57,257

)

(25,000

)

Balance outstanding at end of year

(21,653

)

14,517

The company paid rent of £21,250 (2013: £27,500) for the pension schemes portion of the premises

jointly owned with the company.

The company paid rent to S Watson of £30,067 (2013: £nil).

During the year payments of £353,121 (2013: £363,000) were made to Peak Performance

Professional Contracts Limited for making available the services of a consultant whilst they were also

a director of Watson Gym Equipment Limited. This amount is included in directors' fees.