Company Registration No. 00389051 (England and Wales)
F A WATTS AND SONS (SHOEMAKERS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2019
PAGES FOR FILING WITH REGISTRAR
F A WATTS AND SONS (SHOEMAKERS) LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Statement of changes in equity
3
Notes to the financial statements
4 - 5
F A WATTS AND SONS (SHOEMAKERS) LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF F A WATTS AND SONS (SHOEMAKERS) LIMITED FOR THE YEAR ENDED 31 JANUARY 2019
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of F A Watts and Sons (Shoemakers) Limited for the year ended 31 January 2019 which comprise, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of F A Watts and Sons (Shoemakers) Limited, as a body, in accordance with the terms of our engagement
.
Our work has been undertaken solely to prepare for your approval the financial statements of F A Watts and Sons (Shoemakers) Limited
and state those matters that we have agreed to state to the Board of Directors of F A Watts and Sons (Shoemakers) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than F A Watts and Sons (Shoemakers) Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that F A Watts and Sons (Shoemakers) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and loss
of F A Watts and Sons (Shoemakers) Limited. You consider that F A Watts and Sons (Shoemakers) Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of F A Watts and Sons (Shoemakers) Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
MHA Carpenter Box
24 September 2019
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1QR
F A WATTS AND SONS (SHOEMAKERS) LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2019
31 January 2019
- 2 -
2019
2018
Notes
£
£
£
£
Current assets
Cash at bank and in hand
314,479
370,282
Creditors: amounts falling due within one year
2
(46,528)
(28,954)
Net current assets
267,951
341,328
Capital and reserves
Called up share capital
3
1,500
1,500
Other reserves
23,198
23,198
Profit and loss reserves
243,253
316,630
Total equity
267,951
341,328
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 January 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 20 September 2019 and are signed on its behalf by:
Mr M A Watts
Director
Company Registration No. 00389051
F A WATTS AND SONS (SHOEMAKERS) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2019
- 3 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 February 2017
1,500
447,189
10,257
458,946
Period ended 31 January 2018:
Loss and total comprehensive income for the period
-
-
(60,504)
(60,504)
Dividends
-
-
(57,114)
(57,114)
Transfers
-
(423,991)
423,991
-
Balance at 31 January 2018
1,500
23,198
316,630
341,328
Period ended 31 January 2019:
Loss and total comprehensive income for the period
-
-
(1,233)
(1,233)
Dividends
-
-
(72,144)
(72,144)
Balance at 31 January 2019
1,500
23,198
243,253
267,951
F A WATTS AND SONS (SHOEMAKERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2019
- 4 -
1
Accounting policies
Company information
F A Watts and Sons (Shoemakers) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Amelia House, Crescent Road, Worthing, West Sussex, BN11 1QR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents the rent receivable for the period, recognised on an accruals basis.
1.3
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost
.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future receipts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
The reported share capital constitutes the allotted, called up and fully paid share capital of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
F A WATTS AND SONS (SHOEMAKERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2019
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Creditors: amounts falling due within one year
2019
2018
£
£
Other creditors
46,528
28,954
3
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary Shares of £1 each
1,000
1,000
1,000 'A' Ordinary Shares of 50p each
500
500
1,500
1,500