Watts And Co. (Furnishings) Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 02173133 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2022

for

Watts And Co. (Furnishings) Limited

Page

Chartered Accountants' Report

1

Balance Sheet

2

Notes to the Financial Statements

3

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Watts And Co. (Furnishings) Limited for the year ended 31 December 2022 which comprise the Income Statement, 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Watts And Co. (Furnishings) Limited, 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 Watts And Co. (Furnishings) Limited and state those matters that we have agreed to state to the Board of Directors of Watts And Co. (Furnishings) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Watts And Co. (Furnishings) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Watts And Co. (Furnishings) 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 Watts And Co. (Furnishings) Limited. You consider that Watts And Co. (Furnishings) 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 Watts And Co. (Furnishings) 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.

Haggards Crowther Professional Services LLP

Chartered Accountants

2nd Floor, Heathmans House

19 Heathmans Road

London

SW6 4TJ

18 May 2023

CURRENT ASSETS

Stocks

457,858

449,186

Debtors

5

291,228

383,235

Cash at bank

969,202

830,592

1,718,288

1,663,013

CREDITORS

Amounts falling due within one year

6

622,448

669,312

NET CURRENT ASSETS

1,095,840

993,701

TOTAL ASSETS LESS CURRENT LIABILITIES

1,095,840

993,701

CAPITAL AND RESERVES

Called up share capital

1,317

1,317

Share premium

7

233,680

233,680

Capital redemption reserve

7

253

253

Retained earnings

7

860,590

758,451

1,095,840

993,701

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 May 2023 and were signed on its behalf by:

Mr M G Hoare - Director

1.	STATUTORY INFORMATION

Watts and Co Furnishings Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 02173133 and its registered address is 219b Chelsea Harbour Design Centre, London, England, SW10 0XE

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the opinion of the directors there are no judgements or key sources of estimation uncertainty that affect the preparation of the financial statements.

Turnover

Turnover is stated net of VAT. Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date, turnover represents the value of the services provided to date based on a proportion of the total contract value. Where payments are received from customers in advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year.

Tangible fixed assets

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

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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company makes payments to a defined contribution pension scheme. Contributions payable to the pension scheme are charged to profit or loss in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2021 - 7 ) .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

17,117

110,866

Other debtors

274,111

272,369

291,228

383,235

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Payments on account

422,038

412,725

Trade creditors

132,660

147,602

Taxation and social security

-

33,722

Other creditors

67,750

75,263

622,448

669,312

7.

RESERVES

Capital

Retained

Share

redemption

earnings

premium

reserve

Totals

£

£

£

£

At 1 January 2022

758,451

233,680

253

992,384

Profit for the year

102,139

102,139

At 31 December 2022

860,590

233,680

253

1,094,523

8.	RELATED PARTY DISCLOSURES

Included in other debtors is an interest free loan of £149,337 (2021 - £149,337) made to Watts and Company Limited, A UK company under common control. The loan is unsecured, interest free and repayable on demand.

9.	ULTIMATE CONTROLLING PARTY

During the current and previous year, there was no majority shareholder. The directors Mr R Hoare and Ms MS De Caraman Chimay combined, control 74% of the issued share capital.