BUCKLEY WATSON LIMITED 30/04/2023 iXBRL

BUCKLEY WATSON LIMITED - Company Information

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Company registration number: 05998364

BUCKLEY WATSON LIMITED

Unaudited filleted financial statements

30 April 2023

BUCKLEY WATSON LIMITED

Contents

Directors and other information

Accountants report

Statement of financial position

Notes to the financial statements

BUCKLEY WATSON LIMITED

Directors and other information


Directors	S F Watson
	S G Tierney	(Appointed 30 December 2022)
	J K Edwards	(Appointed 30 December 2022)


Company number	05998364


Registered office	57a Broadway
	Leigh on Sea
	Essex
	SS9 1PE


Accountants	Buckley Watson Limited
	57a Broadway
	Leigh on Sea
	Essex
	SS9 1PE

BUCKLEY WATSON LIMITED

Chartered accountants report to the board of directors on the preparation of the

unaudited statutory financial statements of BUCKLEY WATSON LIMITED

Year ended 30 April 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of BUCKLEY WATSON LIMITED for the year ended 30 April 2023 which comprise the statement of financial position and 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 http://www.icaew.com /en/members/regulations-standards-and-guidance/.

This report is made solely to the board of directors of BUCKLEY WATSON LIMITED, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of BUCKLEY WATSON LIMITED and state those matters that we have agreed to state to the board of directors of BUCKLEY WATSON LIMITED as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than BUCKLEY WATSON LIMITED and its board of directors as a body for our work or for this report.

It is your duty to ensure that BUCKLEY WATSON LIMITED 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 profit of BUCKLEY WATSON LIMITED. You consider that BUCKLEY WATSON LIMITED 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 BUCKLEY WATSON LIMITED. 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.

Buckley Watson Limited

Chartered Accountants & Registered Auditors

57a Broadway

Leigh on Sea

Essex

SS9 1PE

22 May 2023

BUCKLEY WATSON LIMITED

Statement of financial position

30 April 2023

		2023		2022
	Note	£	£	£	£

Fixed assets
Intangible assets	5	699,025		309,856
Tangible assets	6	7,007		1,862
Investments	7	298,451		202,500
		_______		_______
			1,004,483		514,218

Current assets
Debtors	8	457,978		157,549
Cash at bank and in hand		182,404		265,691
		_______		_______
		640,382		423,240
Creditors: amounts falling due
within one year	9	( 588,779)		( 280,946)
		_______		_______
Net current assets			51,603		142,294
			_______		_______
Total assets less current liabilities			1,056,086		656,512

Creditors: amounts falling due
after more than one year	10		( 275,000)		( 380,859)
			_______		_______
Net assets			781,086		275,653
			_______		_______

Capital and reserves
Called up share capital			100		100
Profit and loss account			780,986		275,553
			_______		_______
Shareholders funds			781,086		275,653
			_______		_______

For the year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 22 May 2023 , and are signed on behalf of the board by:

S F Watson

Director

Company registration number: 05998364

BUCKLEY WATSON LIMITED

Notes to the financial statements

Year ended 30 April 2023

1. General information

The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 57a Broadway, Leigh on Sea, Essex, SS9 1PE.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:


Goodwill	-	10 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Fittings fixtures and equipment	-	20% reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 20 (2022: 9 ).

5. Intangible assets

	Goodwill	Total
	£	£
Cost
At 1 May 2022	712,000	712,000
Additions	500,000	500,000
	_______	_______
At 30 April 2023	1,212,000	1,212,000
	_______	_______
Amortisation
At 1 May 2022	402,144	402,144
Charge for the year	110,831	110,831
	_______	_______
At 30 April 2023	512,975	512,975
	_______	_______
Carrying amount
At 30 April 2023	699,025	699,025
	_______	_______
At 30 April 2022	309,856	309,856
	_______	_______

6. Tangible assets

	Fixtures, fittings and equipment	Total
	£	£
Cost
At 1 May 2022	4,558	4,558
Additions	6,897	6,897
	_______	_______
At 30 April 2023	11,455	11,455
	_______	_______
Depreciation
At 1 May 2022	2,696	2,696
Charge for the year	1,752	1,752
	_______	_______
At 30 April 2023	4,448	4,448
	_______	_______
Carrying amount
At 30 April 2023	7,007	7,007
	_______	_______
At 30 April 2022	1,862	1,862
	_______	_______

7. Investments

	Other investments other than loans	Total
	£	£
Cost
At 1 May 2022	202,500	202,500
Additions	95,951	95,951
	_______	_______
At 30 April 2023	298,451	298,451
	_______	_______
Impairment
At 1 May 2022 and 30 April 2023	-	-
	_______	_______
Carrying amount
At 30 April 2023	298,451	298,451
	_______	_______
At 30 April 2022	202,500	202,500
	_______	_______

8. Debtors

	2023	2022
	£	£
Trade debtors	457,978	157,549
	_______	_______

9. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	-	34,969
Corporation tax	268,868	104,267
Social security and other taxes	225,998	85,567
Other creditors	93,913	56,143
	_______	_______
	588,779	280,946
	_______	_______

10. Creditors: amounts falling due after more than one year

	2023	2022
	£	£
Bank loans and overdrafts	-	380,859
Amounts owed to group undertakings and undertakings in which the company has a participating interest	275,000	-
	_______	_______
	275,000	380,859
	_______	_______

11. Controlling party

S F Watson is deemed the ultimate controlling party for the current and preceding period by virtue of his shareholding in the ultimate parent company Buckley Watson Holdings Limited.