Watts Engineering Services Limited - Abbreviated accounts 16.1
Watts Engineering Services Limited - Abbreviated accounts 16.1
| REGISTERED NUMBER: |
| Abbreviated Unaudited Accounts for the Year Ended 31 January 2016 |
| for |
| Watts Engineering Services Limited |
| Watts Engineering Services Limited (Registered number: 05655964) |
| Contents of the Abbreviated Accounts |
| for the Year Ended 31 January 2016 |
| Page |
| Company Information | 1 |
| Abbreviated Balance Sheet | 2 |
| Notes to the Abbreviated Accounts | 4 |
| Chartered Accountant's Report | 7 |
| Watts Engineering Services Limited |
| Company Information |
| for the Year Ended 31 January 2016 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANT: |
| Chartered Accountants |
| Watts Engineering Services Limited (Registered number: 05655964) |
| Abbreviated Balance Sheet |
| 31 January 2016 |
| 2016 | 2015 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 2 |
| Tangible assets | 3 |
| CURRENT ASSETS |
| Stocks |
| Debtors |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 4 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
4 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 5 |
| Profit and loss account |
| SHAREHOLDERS' FUNDS |
| 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. |
| Watts Engineering Services Limited (Registered number: 05655964) |
| Abbreviated Balance Sheet - continued |
| 31 January 2016 |
| The financial statements were approved by the Board of Directors on |
| Watts Engineering Services Limited (Registered number: 05655964) |
| Notes to the Abbreviated Accounts |
| for the Year Ended 31 January 2016 |
| 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 January 2015). |
| Turnover |
| Turnover represents net invoiced sales of goods, excluding value added tax. |
| Goodwill |
| The company purchased goodwill in 2014 £87,000, this is to be amortised over five years. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
| moving items. |
| 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 |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
| under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
| are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to the profit and loss account over the relevant period. The |
| capital element of the future payments is treated as a liability. |
| 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. |
| Watts Engineering Services Limited (Registered number: 05655964) |
| Notes to the Abbreviated Accounts - continued |
| for the Year Ended 31 January 2016 |
| 2. | INTANGIBLE FIXED ASSETS |
| Total |
| £ |
| COST |
| At 1 February 2015 |
| and 31 January 2016 |
| AMORTISATION |
| At 1 February 2015 |
| Amortisation for year |
| At 31 January 2016 |
| NET BOOK VALUE |
| At 31 January 2016 |
| At 31 January 2015 |
| 3. | TANGIBLE FIXED ASSETS |
| Total |
| £ |
| COST |
| At 1 February 2015 |
| Additions |
| Disposals | ( |
) |
| At 31 January 2016 |
| DEPRECIATION |
| At 1 February 2015 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 January 2016 |
| NET BOOK VALUE |
| At 31 January 2016 |
| At 31 January 2015 |
| 4. | CREDITORS |
| Creditors include an amount of £ |
| 5. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2016 | 2015 |
| value: | £ | £ |
| Ordinary | £1 |
| Watts Engineering Services Limited (Registered number: 05655964) |
| Notes to the Abbreviated Accounts - continued |
| for the Year Ended 31 January 2016 |
| 6. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 January 2016 and |
| 31 January 2015: |
| 2016 | 2015 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Balance outstanding at end of year |
| Balance outstanding at start of year | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Balance outstanding at end of year | ( |
) | ( |
) |
| The company loaned monies to the directors on an unsecured basis, interest being charged @ 3.25%. These |
| monies were repaid to the company on 31st October 2016. |
| Chartered Accountant's Report to the Board of Directors |
| on the Unaudited Financial Statements of |
| Watts Engineering Services Limited |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual |
| unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to six) have |
| been prepared. |
| In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial |
| statements of Watts Engineering Services Limited for the year ended 31 January 2016 which comprise the Profit and |
| Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and |
| explanations you have given me. |
| As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook. |
| This report is made solely to the Board of Directors of Watts Engineering Services Limited, as a body, in accordance with my terms of engagement. My work has been undertaken solely to prepare for your approval the financial statements of Watts Engineering Services Limited and state those matters that I have agreed to state to the Board of Directors of Watts Engineering Services Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for my work or for this report. |
| It is your duty to ensure that Watts Engineering Services 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 Engineering Services Limited. You consider that Watts Engineering Services Limited is exempt from the statutory audit requirement for the year. |
| I have not been instructed to carry out an audit or a review of the financial statements of Watts Engineering Services Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements. |
| Chartered Accountants |
| 27 October 2016 |