Watchorn Financial Services Ltd - Accounts to registrar (filleted) - small 22.3
Watchorn Financial Services Ltd - Accounts to registrar (filleted) - small 22.3
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 March 2023 |
| for |
| Watchorn Financial Services Ltd |
| Watchorn Financial Services Ltd (Registered number: 06502488) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2023 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Watchorn Financial Services Ltd |
| Company Information |
| for the Year Ended 31 March 2023 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Pera Business Park |
| Nottingham Road |
| Melton Mowbray |
| Leicestershire |
| LE13 0PB |
| Watchorn Financial Services Ltd (Registered number: 06502488) |
| Balance Sheet |
| 31 March 2023 |
| 31.3.23 | 31.3.22 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Investments | 7 |
| Prepayments and accrued income |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 11 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his 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. |
| Watchorn Financial Services Ltd (Registered number: 06502488) |
| Balance Sheet - continued |
| 31 March 2023 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director and authorised for issue on |
| Watchorn Financial Services Ltd (Registered number: 06502488) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2023 |
| 1. | STATUTORY INFORMATION |
| Watchorn Financial Services Ltd is a |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents amounts receivable for services provided in the normal course of business, net of trade discounts, VAT and other sales related taxes. |
| Tangible fixed assets |
| Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows |
| Furniture & fittings - 20% Reducing Balance Basis |
| Computer equipment - 33.3% Straight Line Basis |
| Plant & equipment - 20% Reducing Balance Basis |
| Motor vehicles 25% Reducing Balance Basis |
| 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. |
| Watchorn Financial Services Ltd (Registered number: 06502488) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 3. | ACCOUNTING POLICIES - continued |
| Hire purchase and leasing commitments |
| Assets under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce constant periodic rates of charge on the net obligationsoutstanding in each period. |
| 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 profit or loss in the period to which they relate. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Motor | Computer |
| machinery | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 April 2022 |
| Additions |
| At 31 March 2023 |
| DEPRECIATION |
| At 1 April 2022 |
| Charge for year |
| At 31 March 2023 |
| NET BOOK VALUE |
| At 31 March 2023 |
| At 31 March 2022 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.23 | 31.3.22 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 7. | CURRENT ASSET INVESTMENTS |
| 31.3.23 | 31.3.22 |
| £ | £ |
| Investments |
| Watchorn Financial Services Ltd (Registered number: 06502488) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2023 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.23 | 31.3.22 |
| £ | £ |
| Taxation and social security |
| Other creditors |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.3.23 | 31.3.22 |
| £ | £ |
| Bank loans |
| 10. | PROVISIONS FOR LIABILITIES |
| 31.3.23 | 31.3.22 |
| £ | £ |
| Deferred tax | 1,911 | 1,068 |
| Deferred |
| tax |
| £ |
| Balance at 1 April 2022 |
| Charge to Income Statement during year |
| Balance at 31 March 2023 |
| 11. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.3.23 | 31.3.22 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| 12. | ULTIMATE CONTROLLING PARTY |
| Mr J R Watchorn has the controlling interest in the company by way of majority shareholding. |