Company Registration No. 13657759 (England and Wales)
Watkins Construction Limited
Unaudited accounts
for the period from 3 October 2021 to 31 October 2022
Watkins Construction Limited
Unaudited accounts
Contents
Watkins Construction Limited
Company Information
for the period from 3 October 2021 to 31 October 2022
Directors
James Earl Watkins
Emma Louise Watkins
Company Number
13657759 (England and Wales)
Registered Office
2 Park An Fenton
St Agnes
Cornwall
TR5 0AP
Accountants
Gain Accountancy Ltd
The Orchard
Mithian
St Agnes
Cornwall
TR5 0QF
Watkins Construction Limited
Statement of financial position
as at 31 October 2022
Cash at bank and in hand
11,846
Creditors: amounts falling due within one year
(71,626)
Net current liabilities
(42,389)
Called up share capital
100
Profit and loss account
(25,127)
Shareholders' funds
(25,027)
For the period ending 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 28 June 2023 and were signed on its behalf by
James Earl Watkins
Director
Company Registration No. 13657759
Watkins Construction Limited
Notes to the Accounts
for the period from 3 October 2021 to 31 October 2022
Watkins Construction Limited is a private company, limited by shares, registered in England and Wales, registration number 13657759. The registered office is 2 Park An Fenton, St Agnes, Cornwall, TR5 0AP.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
20% reducing balance
Computer equipment
35% reducing balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
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 in other comprehensive income or directly in equity.
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 arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Current or deferred tax assets and liabilities are not discounted.
Watkins Construction Limited
Notes to the Accounts
for the period from 3 October 2021 to 31 October 2022
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The directors have confirmed that the company has sufficient funds to meet its liabilities as they fall due and they will continue to give financial support to the company until such time as its position improves. The directors consider that it is appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result if the financial support were withdrawn.
4
Tangible fixed assets
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
Additions
20,395
1,609
22,004
At 31 October 2022
20,395
1,609
22,004
Charge for the period
4,079
563
4,642
At 31 October 2022
4,079
563
4,642
At 31 October 2022
16,316
1,046
17,362
Amounts falling due within one year
Accrued income and prepayments
512
Watkins Construction Limited
Notes to the Accounts
for the period from 3 October 2021 to 31 October 2022
6
Creditors: amounts falling due within one year
2022
Taxes and social security
6,735
Loans from directors
50,974
7
Average number of employees
During the period the average number of employees was 4.