Watts Engineering Services Limited - Accounts to registrar (filleted) - small 18.2
Watts Engineering Services Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 January 2018 |
| for |
| Watts Engineering Services Limited |
| Watts Engineering Services Limited (Registered number: 05655964) |
| Contents of the Financial Statements |
| for the Year Ended 31 January 2018 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Watts Engineering Services Limited |
| Company Information |
| for the Year Ended 31 January 2018 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANT: |
| Chartered Accountants |
| 63 Bawtry Road |
| Bramley |
| Rotherham |
| South Yorkshire |
| S66 2TN |
| Watts Engineering Services Limited (Registered number: 05655964) |
| Balance Sheet |
| 31 January 2018 |
| 2018 | 2017 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks | 6 |
| Debtors | 7 |
| 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 | 12 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 13 |
| Retained earnings | 14 |
| 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) |
| Balance Sheet - continued |
| 31 January 2018 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors on by: |
| Watts Engineering Services Limited (Registered number: 05655964) |
| Notes to the Financial Statements |
| for the Year Ended 31 January 2018 |
| 1. | STATUTORY INFORMATION |
| Watts Engineering Services Limited is a |
| The company's registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
| value added tax and other sales taxes. |
| Goodwill |
| The company purchased goodwill in 2014 £87,000, this is to be amortised over five years. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
| less any accumulated amortisation and any accumulated impairment losses. |
| 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. |
| 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. |
| Watts Engineering Services Limited (Registered number: 05655964) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2018 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 profit or loss over the relevant period. The capital element |
| of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
| lease. |
| Pension costs and other post-retirement benefits |
| The company makes pension contributions in accordance with auto enrollment legislation. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 February 2017 |
| and 31 January 2018 |
| AMORTISATION |
| At 1 February 2017 |
| Amortisation for year |
| At 31 January 2018 |
| NET BOOK VALUE |
| At 31 January 2018 |
| At 31 January 2017 |
| Watts Engineering Services Limited (Registered number: 05655964) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2018 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Motor |
| machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 February 2017 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 January 2018 |
| DEPRECIATION |
| At 1 February 2017 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 January 2018 |
| NET BOOK VALUE |
| At 31 January 2018 |
| At 31 January 2017 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Motor |
| vehicles |
| £ |
| COST |
| At 1 February 2017 |
| Additions |
| At 31 January 2018 |
| DEPRECIATION |
| At 1 February 2017 |
| Charge for year |
| At 31 January 2018 |
| NET BOOK VALUE |
| At 31 January 2018 |
| At 31 January 2017 |
| 6. | STOCKS |
| 2018 | 2017 |
| £ | £ |
| Stocks |
| Watts Engineering Services Limited (Registered number: 05655964) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2018 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Directors' current accounts | 31,256 | 23,970 |
| Prepayments |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Bank loans and overdrafts (see note 10) |
| Hire purchase contracts |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| Social security and other taxes |
| VAT | 51,220 | 25,327 |
| Accrued expenses |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Hire purchase contracts |
| 10. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2018 | 2017 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank overdrafts |
| 11. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2018 | 2017 |
| £ | £ |
| Bank overdraft |
| Hire purchase contracts | 31,843 | 25,154 |
| Watts Engineering Services Limited (Registered number: 05655964) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2018 |
| 12. | PROVISIONS FOR LIABILITIES |
| 2018 | 2017 |
| £ | £ |
| Deferred tax | 14,849 | 11,762 |
| Deferred |
| tax |
| £ |
| Balance at 1 February 2017 |
| Accelerated capital allowances | 3,087 |
| Balance at 31 January 2018 |
| 13. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2018 | 2017 |
| value: | £ | £ |
| Ordinary | £1 | 1 | 1 |
| 14. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 February 2017 |
| Profit for the year |
| Dividends | ( |
) |
| At 31 January 2018 |
| 15. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 January 2018 and |
| 31 January 2017: |
| 2018 | 2017 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Watts Engineering Services Limited (Registered number: 05655964) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 January 2018 |
| 15. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
| Balance outstanding at start of year | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| The company loaned monies to the directors on an unsecured basis, interest being charged @ 3.%. These monies |
| were repaid to the company on 30th September 2018. |
| 16. | RELATED PARTY DISCLOSURES |
| Watts and Thompson Limited |
| The parent company of Watts Engineering Services Limited. |
| Rent was charged from Watts and Thompson Limited of £25,500, (2017: £25,500). |
| Management fees were charged from Watts and Thompson Limited £127,316, (2017: £99,132). |
| A trade creditor balance was owing £1,518, (2017: £28,277). |
| Monies were loaned on an interest free basis repayable upon demand, the balance at the year end owing to Watts |
| and Thompson Limited £87,733, (2017: £69,591). |
| D & M Hiab & Haulage Limited |
| A company in which Mr D Watts is a 50% shareholder until 12th April 2017. |
| The company purchased haulage services from this company £12,910, (2017: £12,680). |
| A trade creditor balance owing £4,128, (2017: £7,770). |
| The company made sales to the company for £522, (2017: £4,584). |
| No monies were outstanding at either year end. |
| 17. | ULTIMATE CONTROLLING PARTY |
| The controlling party is Watts & Thompson Limited, a company registered in England and Wales.. |
| The ultimate controlling party is |
| The company is a wholly owned subsidiary of Watts & Thompson Limited a company controlled by Mr D Watts |
| a director of both companies. |
| Dividends were paid to the parent company £28,500, (2017: £18,000). |