Watts Contracting Limited - Accounts to registrar (filleted) - small 18.2
Watts Contracting Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 March 2018 |
| for |
| Watts Contracting Limited |
| Watts Contracting Limited (Registered number: 03611832) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2018 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Watts Contracting Limited |
| Company Information |
| for the Year Ended 31 March 2018 |
| Directors: |
| Secretary: |
| Registered office: |
| Registered number: |
| Accountants: |
| 2 Belgrave Crescent |
| Scarborough |
| North Yorkshire |
| YO11 1UB |
| Watts Contracting Limited (Registered number: 03611832) |
| Balance Sheet |
| 31 March 2018 |
| 2018 | 2017 |
| Notes | £ | £ | £ | £ |
| Fixed assets |
| Tangible assets | 4 |
| Current assets |
| Stocks |
| Debtors | 5 |
| Cash at bank |
| Creditors |
| Amounts falling due within one year | 6 |
| Net current assets |
| Total assets less current liabilities |
| Capital and reserves |
| Called up share capital | 7 |
| Retained earnings |
| 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 Contracting Limited (Registered number: 03611832) |
| Balance Sheet - continued |
| 31 March 2018 |
| In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
| The financial statements were approved by the Board of Directors on its behalf by: |
| Watts Contracting Limited (Registered number: 03611832) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2018 |
| 1. | Statutory information |
| Watts Contracting 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 |
| 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 modified to include certain items at fair value. The |
| financial statements are presented in sterling which is the functional currency of the company and |
| rounded to the nearest £. |
| The significant accounting policies applied in the preparation of these financial statements are set out |
| below. These policies have been consistently applied to all years presented unless otherwise stated. |
| Tangible fixed assets |
| Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment |
| losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
| Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less |
| estimated residual value, of each asset on a systematic basis over its expected useful life as follows: |
| Motor vehicles | 25% on reducing balance |
| Stocks |
| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost |
| includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its |
| present location and condition. Cost is calculated using the first-in, first-out formula. Provision is |
| made for damaged, obsolete and slow-moving stock where appropriate. |
| Watts Contracting Limited (Registered number: 03611832) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2018 |
| 2. | Accounting policies - continued |
| Debtors and creditors receivable / payable within one year |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are |
| recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss |
| account in other administrative expenses. |
| Impairment |
| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at |
| each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's |
| cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount |
| exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is |
| carried at a revalued amount where the impairment loss is a revaluation decrease. |
| Taxation |
| Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) |
| for the current or past reporting periods. It is measured at the amount expected to be paid or |
| recovered using the tax rates and laws that have been enacted or substantively enacted by the balance |
| sheet date. |
| Deferred tax represents the future tax consequences of transactions and events recognised in the |
| financial statements of current and previous periods. It is recognised in respect of all timing |
| differences, with certain exceptions. Timing differences are differences between taxable profits and |
| total comprehensive income as stated in the financial statements that arise from the inclusion of |
| income and expense in tax assessments in periods different from those in which they are recognised in |
| the financial statements. 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. |
| Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted |
| by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax |
| on revalued non-depreciable tangible fixed assets and investment properties is measured using the |
| rates and allowances that apply to the sale of the asset. |
| Turnover and other income |
| Turnover is measured at the fair value of the consideration received or receivable net of VAT and |
| trade discounts. The policies adopted for the recognition of turnover are as follows: |
| Sale of goods |
| Turnover from the sale of scrap is recognised when significant risks and rewards of ownership of the |
| goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable |
| that the economic benefits associated with the transaction will flow to the company and the costs |
| incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on |
| dispatch of the goods. |
| Interest and dividends receivable |
| Interest income is recognised using the effective interest method and dividend income is recognised as |
| the company's right to receive payment is established. |
| Watts Contracting Limited (Registered number: 03611832) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2018 |
| 2. | Accounting policies - continued |
| Construction contracts |
| When the outcome of a construction contract can be estimated reliably, contract costs and turnover |
| are recognised by reference to the stage of completion at the balance sheet date. Stage of completion |
| is measured by reference to an assessment of the work performed to date. Where the outcome cannot |
| be measured reliably, contract costs are recognised as an expense in the period in which they are |
| incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be |
| recoverable. When it is probable that contract costs will exceed the total contract turnover, the |
| expected loss is recognised as an expense immediately, with a corresponding provision. |
| Employee benefits |
| When employees have rendered service to the company, short-term employee benefits to which the |
| employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for |
| that service. |
| The company contributes to a defined contribution workplace pension plan for the benefit of its |
| employees. Contributions are charged to the profit and loss in the period to which they relate. |
| 3. | Employees and directors |
| The average number of employees during the year was |
| 4. | Tangible fixed assets |
| Plant and | Motor |
| machinery | vehicles | Totals |
| £ | £ | £ |
| Cost |
| At 1 April 2017 |
| Additions |
| At 31 March 2018 |
| Depreciation |
| At 1 April 2017 |
| Charge for year |
| At 31 March 2018 |
| Net book value |
| At 31 March 2018 |
| At 31 March 2017 |
| Watts Contracting Limited (Registered number: 03611832) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2018 |
| 5. | Debtors: amounts falling due within one year |
| 2018 | 2017 |
| £ | £ |
| Trade debtors |
| Amounts owed by related group |
| Other debtors |
| 6. | Creditors: amounts falling due within one year |
| 2018 | 2017 |
| £ | £ |
| Trade creditors |
| Amounts owed to related group |
| Taxation and social security |
| Other creditors |
| 7. | Called up share capital |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2018 | 2017 |
| value: | £ | £ |
| Ordinary | £1 | 90 | 90 |
| A Ordinary | £1 | 10 | 10 |
| 100 | 100 |
| 8. | Capital commitments |
| 2018 | 2017 |
| £ | £ |
| Contracted but not provided for in the |
| financial statements |