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Company No: 5296872 (England and Wales)

WATERMEAD DEVELOPMENT LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2022
Pages for filing with the registrar

WATERMEAD DEVELOPMENT LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2022

Contents

WATERMEAD DEVELOPMENT LIMITED

COMPANY INFORMATION

For the financial year ended 31 October 2022
WATERMEAD DEVELOPMENT LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 October 2022
DIRECTORS Mrs J P Thakkar
Mr P S Thakkar
REGISTERED OFFICE 4 Chasewood Park
Sudbury Hill
Harrow on the Hill
Middlesex
HA1 3YP
United Kingdom
COMPANY NUMBER 5296872 (England and Wales)
ACCOUNTANT Gravita III LLP
66 Prescot Street
London
E1 8NN
WATERMEAD DEVELOPMENT LIMITED

BALANCE SHEET

As at 31 October 2022
WATERMEAD DEVELOPMENT LIMITED

BALANCE SHEET (continued)

As at 31 October 2022
31.10.2022 31.10.2021
£ £
Current assets
Debtors 3 105 131,255
Cash at bank and in hand 3,735 108,479
3,840 239,734
Creditors: amounts falling due within one year 4 ( 698,188) ( 928,258)
Net current liabilities (694,348) (688,524)
Total assets less current liabilities (694,348) (688,524)
Net liabilities ( 694,348) ( 688,524)
Capital and reserves
Called-up share capital 100 100
Profit and loss account ( 694,448 ) ( 688,624 )
Total shareholders' deficit ( 694,348) ( 688,524)

For the financial year ending 31 October 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Watermead Development Limited (registered number: 5296872) were approved and authorised for issue by the Board of Directors on 05 October 2023. They were signed on its behalf by:

Mr P S Thakkar
Director
WATERMEAD DEVELOPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2022
WATERMEAD DEVELOPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2022
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Watermead Development Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 4 Chasewood Park, Sudbury Hill, Harrow on the Hill, Middlesex,HA1 3YP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The company has net current liabilities of £695,498 (2021: £688,524) at the balance sheet date which suggests that the going concern basis may not be appropriate. However, the directors have given assurance that they will continue to provide support to the company to allow it to continue in operation for the foreseeable future. The directors therefore consider it appropriate to prepare financial statements on a going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of this support.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
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 financial statements. 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. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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 using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

2. Employees

Year ended
31.10.2022
Period from
01.05.2020 to
31.10.2021
Number Number
Monthly average number of persons employed by the Company during the year, including directors 1 1

3. Debtors

31.10.2022 31.10.2021
£ £
Other debtors 105 131,255

4. Creditors: amounts falling due within one year

31.10.2022 31.10.2021
£ £
Trade creditors 9,680 29,215
Other creditors 688,508 899,043
698,188 928,258

5. Related party transactions

At the balance sheet date, the company owed £678,158 (2021: £886,650) to the directors of the company. The loan is not interest bearing and is repayable on demand.