Company Registration No. 01520240 (England and Wales)
Watson Trading Co. (London) Limited
Unaudited accounts
for the year ended 31 March 2023
Watson Trading Co. (London) Limited
Unaudited accounts
Contents
Watson Trading Co. (London) Limited
Company Information
for the year ended 31 March 2023
Company Number
01520240 (England and Wales)
Registered Office
1 Frith Street
London
W1D 3HZ
England
Accountants
Tuite Tang Wong
Chartered Certified Accountants
Alliance House
2nd floor 29-30 High Holborn
London
WC1V 6AZ
Watson Trading Co. (London) Limited
Statement of financial position
as at 31 March 2023
Tangible assets
4,089
4,605
Inventories
102,585
89,204
Cash at bank and in hand
36,675
121,229
Creditors: amounts falling due within one year
(271,230)
(301,737)
Net current (liabilities)/assets
(61,573)
44,374
Total assets less current liabilities
(57,483)
48,980
Creditors: amounts falling due after more than one year
(106,096)
(143,518)
Net liabilities
(163,579)
(94,538)
Called up share capital
4
4
Profit and loss account
(163,583)
(94,542)
Shareholders' funds
(163,579)
(94,538)
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 28 July 2023 and were signed on its behalf by
Chee Kin Yeung
Director
Company Registration No. 01520240
Watson Trading Co. (London) Limited
Notes to the Accounts
for the year ended 31 March 2023
Watson Trading Co. (London) Limited is a private company, limited by shares, registered in England and Wales, registration number 01520240. The registered office is 1 Frith Street, London, W1D 3HZ, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The financial statements have been prepared on a going concern basis. Despite the reported loss of £69,041 for the year, the director remains confident in its ability to continue operating and meet its financial obligations. The company director is committed to injecting additional funds whenever necessary to support cash flow needs and ensure the company's financial stability. The director believes that the company can successfully manage its business risks and it is appropriate to continue to adopt the going concern basis in preparing the annual report and accounts.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% reducing balance
Fixtures & fittings
20% reducing balance
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Watson Trading Co. (London) Limited
Notes to the Accounts
for the year ended 31 March 2023
4
Intangible fixed assets
Goodwill
5
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 April 2022
5,007
3,967
8,974
At 31 March 2023
5,514
3,967
9,481
At 1 April 2022
1,090
3,279
4,369
Charge for the year
885
138
1,023
At 31 March 2023
1,975
3,417
5,392
At 31 March 2023
3,539
550
4,089
At 31 March 2022
3,917
688
4,605
Amounts falling due within one year
Trade debtors
45,615
109,856
Accrued income and prepayments
516
594
Watson Trading Co. (London) Limited
Notes to the Accounts
for the year ended 31 March 2023
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
5,016
4,878
Trade creditors
77,759
83,115
Other creditors
158
73,989
Loans from directors
24,965
22,056
8
Creditors: amounts falling due after more than one year
2023
2022
Loans from directors
66,825
97,346
9
Transactions with related parties
The company director made a loan of £140,000 to the company in March 2022. Interest is payable at 3.12% fixed rate. At the year end, the company owed the company's director £91,792 (2022: £119,401).
10
Average number of employees
During the year the average number of employees was 4 (2022: 3).
