Watson Wealth Management Limited - Limited company - abbreviated - 11.0.0

REGISTERED NUMBER: 07633687 (England and Wales)

Abbreviated Unaudited Accounts

for the Period 1 June 2013 to 31 March 2014

for

Watson Wealth Management Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

D C Watson

SECRETARY:

M E Winston

REGISTERED OFFICE:

34 Thorpe Arch Park

Wetherby

West Yorkshire

LS23 7AN

REGISTERED NUMBER:

07633687 (England and Wales)

ACCOUNTANTS:

Paylings

Accountants

7 The Office Campus

Paragon Business Village

Red Hall Court

Wakefield

West Yorkshire

WF1 2UY

FIXED ASSETS

Intangible assets

2

1,021,637

1,071,225

Tangible assets

3

4,352

4,958

1,025,989

1,076,183

CURRENT ASSETS

Debtors

42,658

10,350

Cash at bank

14,719

26,038

57,377

36,388

CREDITORS

Amounts falling due within one year

207,445

230,836

NET CURRENT LIABILITIES

(150,068

)

(194,448

)

TOTAL ASSETS LESS CURRENT LIABILITIES

875,921

881,735

CREDITORS

Amounts falling due after more than one year

4

(620,554

)

(700,000

)

PROVISIONS FOR LIABILITIES

(395

)

-

NET ASSETS

254,972

181,735

CAPITAL AND RESERVES

Called up share capital

5

100

100

Profit and loss account

254,872

181,635

SHAREHOLDERS' FUNDS

254,972

181,735

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2014.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2014 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 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 director on 8 August 2014 and were signed by:

D C 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 services, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant & machinery etc

-

25% on cost and 15% on reducing balance

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

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

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 the profit and loss account in the period to which they relate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2013

and 31 March 2014

1,190,106

AMORTISATION

At 1 June 2013

118,881

Amortisation for period

49,588

At 31 March 2014

168,469

NET BOOK VALUE

At 31 March 2014

1,021,637

At 31 May 2013

1,071,225

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2013

6,742

Additions

1,551

At 31 March 2014

8,293

DEPRECIATION

At 1 June 2013

1,784

Charge for period

2,157

At 31 March 2014

3,941

NET BOOK VALUE

At 31 March 2014

4,352

At 31 May 2013

4,958

4.

CREDITORS

Creditors include an amount of £ 100,000 (2013 - £ 100,000 ) for which security has been given.

They also include the following debts falling due in more than five years:

2014

2013

£

£

Repayable otherwise than by instalments

100,000

100,000

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

100

Ordinary

£1

100

100

6.	RELATED PARTY DISCLOSURES

Included in amounts due within one year is the sum of £158,000 (2013- £183,330) due to the director, Mrs DC

Watson. Included in amounts due in excess of one year is the sum of £520,554 ( 2013 - £600,000) also due to

Mrs DC Watson.

There are no formal repayment terms and these amounts do not carry interest.