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REGISTERED NUMBER:
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WATTAM LIMITED |
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REPORT OF THE DIRECTOR AND |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 NOVEMBER 2018 |
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REGISTERED NUMBER:
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WATTAM LIMITED |
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REPORT OF THE DIRECTOR AND |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 NOVEMBER 2018 |
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WATTAM LIMITED (REGISTERED NUMBER: 04577238) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2018 |
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Page |
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Company Information | 1 |
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Report of the Director | 2 |
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Income Statement | 3 |
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Statement of Financial Position | 4 |
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Statement of Changes in Equity | 5 |
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Notes to the Financial Statements | 6 | to | 8 |
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WATTAM LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 NOVEMBER 2018 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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14 London Road |
Newark |
Nottinghamshire |
NG24 1TW |
WATTAM LIMITED (REGISTERED NUMBER: 04577238) |
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REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 30 NOVEMBER 2018 |
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The director presents his report with the financial statements of the company for the year ended 30 November 2018. |
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DIRECTOR |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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ON BEHALF OF THE BOARD: |
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WATTAM LIMITED (REGISTERED NUMBER: 04577238) |
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INCOME STATEMENT |
FOR THE YEAR ENDED 30 NOVEMBER 2018 |
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30.11.18 | 30.11.17 |
Notes | £ | £ | £ | £ |
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REVENUE |
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Cost of sales |
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GROSS PROFIT |
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Distribution costs |
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Administrative expenses |
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659,053 | 627,758 |
248,231 | 210,030 |
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Other income |
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OPERATING PROFIT |
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Interest receivable and similar income |
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262,389 | 226,871 |
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Interest payable and similar expenses |
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PROFIT BEFORE TAXATION |
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Tax on profit |
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PROFIT FOR THE FINANCIAL YEAR |
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WATTAM LIMITED (REGISTERED NUMBER: 04577238) |
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STATEMENT OF FINANCIAL POSITION |
30 NOVEMBER 2018 |
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30.11.18 | 30.11.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Property, plant and equipment | 5 |
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CURRENT ASSETS |
Inventories |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 8 | ( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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
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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. |
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The financial statements were approved by the director on
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WATTAM LIMITED (REGISTERED NUMBER: 04577238) |
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STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 NOVEMBER 2018 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 December 2016 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 30 November 2017 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 30 November 2018 |
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WATTAM LIMITED (REGISTERED NUMBER: 04577238) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2018 |
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1. | STATUTORY INFORMATION |
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Wattam Limited is a
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number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Revenue |
Revenue represents net invoiced sales of produce and livestock, excluding value added tax. |
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Sales of produce are recognised upon despatch. |
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Intangible assets |
Intangible assets consist of entitlements to the basic payment. The entitlements are recognised at fair value and written off |
on a straight line basis over the period to 31 December 2019, when the scheme ends. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Inventories |
Inventories are valued at the lower of cost and net realisable value, after making allowances for obsolete and slow moving |
items. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of |
financial position date. |
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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. |
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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. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts 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. |
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The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital |
element of the future payments is treated as a liability. |
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The Basic payment is recognised in the financial statements in accordance with current H.M. Revenue & Customs guidance. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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WATTAM LIMITED (REGISTERED NUMBER: 04577238) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2018 |
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 December 2017 |
and 30 November 2018 |
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AMORTISATION |
At 1 December 2017 |
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Charge for year |
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At 30 November 2018 |
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NET BOOK VALUE |
At 30 November 2018 |
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At 30 November 2017 |
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5. | PROPERTY, PLANT AND EQUIPMENT |
Improvements | Renewable |
to | Plant and | energy |
property | machinery | Tractors | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 December 2017 |
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Additions |
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Disposals |
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( |
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At 30 November 2018 |
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DEPRECIATION |
At 1 December 2017 |
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Charge for year |
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Eliminated on disposal |
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At 30 November 2018 |
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NET BOOK VALUE |
At 30 November 2018 |
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At 30 November 2017 |
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The net book value of property, plant and equipment includes £ 372,452 (2017 - £ 178,819 ) in respect of assets held under |
hire purchase contracts. |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.18 | 30.11.17 |
£ | £ |
Trade debtors |
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Other debtors |
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WATTAM LIMITED (REGISTERED NUMBER: 04577238) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2018 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.18 | 30.11.17 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.11.18 | 30.11.17 |
£ | £ |
Hire purchase contracts |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.11.18 | 30.11.17 |
value: | £ | £ |
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Ordinary | £1 | 1,000 | 1,000 |
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10. | RELATED PARTY DISCLOSURES |
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Amount owed to the director at the year end was £
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Aggregate remuneration and benefits paid to the director during the year was £12,415 (2017: £11,885) |