Watson Exchange Ltd - Period Ending 2020-07-31
Watson Exchange Ltd - Period Ending 2020-07-31
Registration number:
Watson Exchange Ltd
for the Period from 23 July 2019 to 31 July 2020
Watson Exchange Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Watson Exchange Ltd
Company Information
Director |
Mr Kyle Watson |
Registered office |
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Accountants |
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Watson Exchange Ltd
(Registration number: 12117825)
Balance Sheet as at 31 July 2020
Note |
2020 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
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Provisions for liabilities |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
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Profit and loss account |
6,920 |
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Shareholders' funds |
7,020 |
For the financial period ending 31 July 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Watson Exchange Ltd
(Registration number: 12117825)
Balance Sheet as at 31 July 2020
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 and Directors' Report has been taken.
Approved and authorised by the
.........................................
Director
Watson Exchange Ltd
Notes to the Unaudited Financial Statements for the Period from 23 July 2019 to 31 July 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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.
Judgements
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods 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.
Watson Exchange Ltd
Notes to the Unaudited Financial Statements for the Period from 23 July 2019 to 31 July 2020
Government grants
Government grants are recognised using the accrual model. Grants which relate to revenue shall be recognised in other operating income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.
Any amounts outstanding at the year end will be included within other debtors.
Tax
The tax expense for the period comprises deferred tax.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company.
Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the balance sheet 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 |
Office equipment |
25% on Straight Line |
Fixtures and fittings |
15% reducing balance |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
Straight line over 10 years |
Watson Exchange Ltd
Notes to the Unaudited Financial Statements for the Period from 23 July 2019 to 31 July 2020
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including the director) during the period, was
Watson Exchange Ltd
Notes to the Unaudited Financial Statements for the Period from 23 July 2019 to 31 July 2020
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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Additions acquired separately |
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At 31 July 2020 |
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Amortisation |
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Amortisation charge |
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At 31 July 2020 |
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Carrying amount |
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At 31 July 2020 |
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Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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Additions |
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At 31 July 2020 |
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Depreciation |
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Charge for the period |
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At 31 July 2020 |
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Carrying amount |
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At 31 July 2020 |
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Stocks |
2020 |
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Other inventories |
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Watson Exchange Ltd
Notes to the Unaudited Financial Statements for the Period from 23 July 2019 to 31 July 2020
Debtors |
2020 |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
2020 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
2020 |
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Due after one year |
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Loans and borrowings |
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The amount included within loans are borrowings is secured by way of a fixed and floating charge over the company and its assets.