Sara Watts Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05356988 (England and Wales)

Financial Statements for the Year Ended 31 March 2018

for

Sara Watts Limited

Trading as

Edward Watts Opticians

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mrs S D Porter

SECRETARY:

Streatham Secretarial Limited

REGISTERED OFFICE:

Foresters Hall

25/27 Westow Street

Upper Norwood

London

SE19 3RY

REGISTERED NUMBER:

05356988 (England and Wales)

ACCOUNTANTS:

Gibsons Financial Limited

Chartered Accountants

Foresters Hall

25/27 Westow Street

Upper Norwood

London

SE19 3RY

FIXED ASSETS

Intangible assets

4

108,000

122,400

Tangible assets

5

65,461

48,887

173,461

171,287

CURRENT ASSETS

Stocks

6

35,400

32,411

Debtors

7

28,328

24,069

Cash at bank and in hand

8,765

16,287

72,493

72,767

CREDITORS

Amounts falling due within one year

8

(99,117

)

(58,062

)

NET CURRENT (LIABILITIES)/ASSETS

(26,624

)

14,705

TOTAL ASSETS LESS CURRENT LIABILITIES

146,837

185,992

CREDITORS

Amounts falling due after more than one year

9

(9,670

)

(18,381

)

PROVISIONS FOR LIABILITIES

(12,714

)

(7,646

)

NET ASSETS

124,453

159,965

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

124,353

159,865

SHAREHOLDERS' FUNDS

124,453

159,965

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 29 June 2018 and were signed by:

Mrs S D Porter - Director

1.	STATUTORY INFORMATION

Sara Watts Limited 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of twenty 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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures, fittings & equipt

-

15% on reducing balance

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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2017 - 9 ).

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2017

and 31 March 2018

288,000

AMORTISATION

At 1 April 2017

165,600

Charge for year

14,400

At 31 March 2018

180,000

NET BOOK VALUE

At 31 March 2018

108,000

At 31 March 2017

122,400

5.	TANGIBLE FIXED ASSETS

Fixtures,

fittings

& equipt

£

COST

At 1 April 2017

109,441

Additions

27,822

At 31 March 2018

137,263

DEPRECIATION

At 1 April 2017

60,554

Charge for year

11,248

At 31 March 2018

71,802

NET BOOK VALUE

At 31 March 2018

65,461

At 31 March 2017

48,887

Fixed assets, included in the above, which are held under finance leases are as follows:

Fixtures,

fittings

& equipt

£

COST

At 1 April 2017

and 31 March 2018

60,880

DEPRECIATION

At 1 April 2017

18,175

Charge for year

7,507

At 31 March 2018

25,682

NET BOOK VALUE

At 31 March 2018

35,198

At 31 March 2017

42,705

6.

STOCKS

31/3/18

31/3/17

£

£

Stocks

35,400

32,411

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/18

31/3/17

£

£

Trade debtors

23,362

19,657

Prepayments & accrued income

-

4,412

Other Debtors

4,966

-

28,328

24,069

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/18

31/3/17

£

£

Bank loans and overdrafts

32,141

3,985

Finance leases

8,556

8,556

Trade creditors

49,443

28,438

Taxation

-

11,508

Other taxes & PAYE

2,142

2,684

Accruals

6,835

2,891

99,117

58,062

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/3/18

31/3/17

£

£

Finance leases

9,670

18,381

10.	ULTIMATE CONTROLLING PARTY

The controlling party is Mrs S D Porter.