Watchorn Financial Services Ltd - Accounts to registrar - small 17.1

REGISTERED NUMBER: 06502488 (England and Wales)

Unaudited Financial Statements for the Year Ended 28 February 2017

for

Watchorn Financial Services Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mr J R Watchorn

SECRETARY:

Miss L Robinson

REGISTERED OFFICE:

8 Buckminster Yard

Buckminster

Grantham

Lincolnshire

NG33 5RS

REGISTERED NUMBER:

06502488 (England and Wales)

ACCOUNTANTS:

SRB Associates (Leicestershire) Limited

Pera Business Park

Nottingham Road

Melton Mowbray

Leicestershire

LE13 0PB

FIXED ASSETS

Tangible assets

5

3,260

4,604

CURRENT ASSETS

Debtors

6

13,956

16,454

Prepayments and accrued income

404

281

Cash at bank and in hand

114,936

114,371

129,296

131,106

CREDITORS

Amounts falling due within one year

7

13,458

21,053

NET CURRENT ASSETS

115,838

110,053

TOTAL ASSETS LESS CURRENT LIABILITIES

119,098

114,657

PROVISIONS FOR LIABILITIES

8

652

767

NET ASSETS

118,446

113,890

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

10

118,346

113,790

SHAREHOLDERS' FUNDS

118,446

113,890

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2017 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 15 June 2017 and were signed by:

Mr J R Watchorn - Director

1.	STATUTORY INFORMATION

Watchorn Financial Services Ltd is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

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

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 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

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 6 .

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 March 2016

and 28 February 2017

5,827

11,954

17,781

DEPRECIATION

At 1 March 2016

4,406

8,771

13,177

Charge for year

284

1,060

1,344

At 28 February 2017

4,690

9,831

14,521

NET BOOK VALUE

At 28 February 2017

1,137

2,123

3,260

At 29 February 2016

1,421

3,183

4,604

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.17

29.2.16

£

£

Trade debtors

13,956

15,518

Other debtors

-

936

13,956

16,454

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.17

29.2.16

£

£

Tax

11,710

16,027

Social security and other taxes

(1,993

)

1,362

Other creditors

1,974

1,973

Accruals and deferred income

1,767

1,691

13,458

21,053

8.	PROVISIONS FOR LIABILITIES

28.2.17

29.2.16

£

£

Deferred tax

652

767

Deferred

tax

£

Balance at 1 March 2016

767

Credit to Income Statement during year

(115

)

Balance at 28 February 2017

652

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

28.2.17

29.2.16

value:

£

£

100

Ordinary

£1

100

100

10.

RESERVES

Retained

earnings

£

At 1 March 2016

113,790

Profit for the year

45,613

Dividends

(41,057

)

At 28 February 2017

118,346

11.	RELATED PARTY DISCLOSURES

Included within other creditors is an amount of £201 (2016: £201) representing a loan by the director to the

company. The loan is interest free and repayable on demand.

12.	ULTIMATE CONTROLLING PARTY

Mr J R Watchorn has the controlling interest in the company by way of majority shareholding.