Karl Watson Contracting Limited,Ltd - Accounts

KARL WATSON CONTRACTING LIMITED - Company Information

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Karl Watson Contracting Limited

For the year ended 31 March 2016

Unaudited Abbreviated Report and Financial Statements

England and Wales

Registered Number: 07210230

Contents Page

Karl Watson Contracting Limited

For the year ended 31 March 2016

Accountants' Report

Balance Sheet

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Notes to the Abbreviated Financial Statements

Karl Watson Contracting Limited

Accountants' Report

For the year ended 31 March 2016

As described on the balance sheet you are responsible for the preparation of the financial

statements for the year ended 31 March 2016 and you consider that the company is exempt from an

audit under the Companies Act 2006.

In accordance with your instructions, we have compiled these unaudited financial statements in

order to assist you to fulfil your statutory responsibilities, from the accounting records and

information and explanations supplied to us.

R H BALL AND CO

1317 MELTON ROAD

SYSTON

LEICESTER

LE7 2EN

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Abbreviated Balance Sheet

Karl Watson Contracting Limited

As at 31 March 2016

07210230

Registered Number :

2016

Notes

2015

Fixed assets

Intangible assets

175,000

187,500

Tangible assets

145,978

53,831

320,978

241,331

Current assets

Stocks

1,296,000

698,940

Debtors

973,535

1,478,770

Cash at bank and in hand

513,354

200,052

2,691,064

2,469,587

Creditors: amounts falling due within one year

(2,367,929)

(1,938,885)

101,658

752,179

Net current assets

Total assets less current liabilities

1,073,157

342,989

Creditors: amounts falling due after more than one

year

1,073,157

Net assets

342,989

Capital and reserves

Called up share capital

100

Profit and loss account

1,073,057

342,889

1,073,157

342,989

Shareholders funds

For the year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director responsibilities: 1) The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;

2) 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 in accordance with the provisions applicable to companies subject to the small companies' regime.

Date approved by the board: 20 July 2016

Mr Karl Adrian Watson Director

Signed on behalf of the board of directors

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Notes to the Abbreviated Financial Statements

Karl Watson Contracting Limited

For the year ended 31 March 2016

1 Accounting Policies

Turnover

Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

Operating lease rentals

Rentals payable under operating leases are charged against income on a straight line basis over the

lease term.

Finance lease and hire purchase charges

The finance element of the rental payment is charged to the profit and loss account on a straight line basis.

Dividends

Proposed dividends are only included as liabilities in the financial statements when their payment has

been approved by the shareholders prior to the balance sheet date.

Goodwill

Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis

over the estimated expected useful economic life of the goodwill of 20 years.

Tangible fixed assets

Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Plant and Machinery

25 Reducing balance

Motor Vehicles

25 Reducing balance

Fixtures and Fittings

25 Reducing balance

Assets on finance lease and hire purchase

Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all

the risks and rewards of ownership have passed to the company, are included in the appropriate

category of tangible fixed assets and depreciated over the shorter of the lease term and their

estimated expected useful lives.

Future obligations under such contracts are included in creditors net of the finance charge allocated to

future periods.

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Notes to the Abbreviated Financial Statements

Karl Watson Contracting Limited

For the year ended 31 March 2016

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2 Intangible fixed assets

Cost or valuation

Intangible

fixed assets

At 01 April 2015

250,000

At 31 March 2016

Amortisation

62,500

At 01 April 2015

12,500

Charge for year

75,000

At 31 March 2016

175,000

Net Book Values

At 31 March 2016

187,500

At 31 March 2015

3 Tangible fixed assets

Tangible

fixed assets

Cost or valuation

132,064

At 01 April 2015

154,597

Additions

(32,685)

Disposals

At 31 March 2016

253,976

Depreciation

78,233

At 01 April 2015

(18,896)

Disposals

48,661

Charge for year

107,998

At 31 March 2016

Net book values

At 31 March 2016

145,978

53,831

At 31 March 2015

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