Caseware UK (AP4) 2022.0.179 2022.0.179 No description of principal activitytruefalse2022-04-0100trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01928587 2022-04-01 2023-03-31 01928587 2021-04-01 2022-03-31 01928587 2023-03-31 01928587 2022-03-31 01928587 c:CompanySecretary1 2022-04-01 2023-03-31 01928587 c:Director2 2022-04-01 2023-03-31 01928587 c:Director3 2022-04-01 2023-03-31 01928587 c:Director4 2022-04-01 2023-03-31 01928587 c:RegisteredOffice 2022-04-01 2023-03-31 01928587 d:FreeholdInvestmentProperty 2023-03-31 01928587 d:FreeholdInvestmentProperty 2022-03-31 01928587 d:CurrentFinancialInstruments 2023-03-31 01928587 d:CurrentFinancialInstruments 2022-03-31 01928587 d:Non-currentFinancialInstruments 2023-03-31 01928587 d:Non-currentFinancialInstruments 2022-03-31 01928587 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 01928587 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 01928587 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 01928587 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 01928587 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 01928587 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-03-31 01928587 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 01928587 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 01928587 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-03-31 01928587 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-03-31 01928587 d:ShareCapital 2023-03-31 01928587 d:ShareCapital 2022-03-31 01928587 d:RevaluationReserve 2023-03-31 01928587 d:RevaluationReserve 2022-03-31 01928587 d:RetainedEarningsAccumulatedLosses 2023-03-31 01928587 d:RetainedEarningsAccumulatedLosses 2022-03-31 01928587 c:OrdinaryShareClass1 2022-04-01 2023-03-31 01928587 c:OrdinaryShareClass1 2023-03-31 01928587 c:OrdinaryShareClass1 2022-03-31 01928587 c:OrdinaryShareClass2 2022-04-01 2023-03-31 01928587 c:OrdinaryShareClass2 2023-03-31 01928587 c:OrdinaryShareClass2 2022-03-31 01928587 c:FRS102 2022-04-01 2023-03-31 01928587 c:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 01928587 c:FullAccounts 2022-04-01 2023-03-31 01928587 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 01928587 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 01928587 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 01928587 2 2022-04-01 2023-03-31 01928587 5 2022-04-01 2023-03-31 01928587 6 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 01928587










Waterham Industrial Park Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 March 2023

 
Waterham Industrial Park Limited
 

Company Information


Directors
Mr J R Burgess 
Mrs L A Sinker 
Mrs P A Burgess 




Company secretary
Mrs P A Burgess



Registered number
01928587



Registered office
Unit 1 Waterham Industrial Park
Highstreet Road

Waterham

Faversham

Kent

ME13 9EJ




Accountants
Kreston Reeves LLP
Chartered Accountants

37 St Margaret's Street

Canterbury

Kent

CT1 2TU





 
Waterham Industrial Park Limited
 

Contents



Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 11


 
Waterham Industrial Park Limited
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Waterham Industrial Park Limited for the year ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Waterham Industrial Park Limited for the year ended 31 March 2023 which comprise  the Balance sheet 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 https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Waterham Industrial Park Limited, as a body, in accordance with the terms of our engagement letter dated 10 November 2022Our work has been undertaken solely to prepare for your approval the financial statements of Waterham Industrial Park Limited  and state those matters that we have agreed to state to the Board of directors of Waterham Industrial Park Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Waterham Industrial Park Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Waterham Industrial Park 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 profit of Waterham Industrial Park Limited. You consider that Waterham Industrial Park Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Waterham Industrial Park 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.

  



Kreston Reeves LLP
Chartered Accountants
37 St Margaret's Street
Canterbury
Kent
CT1 2TU
17 October 2023
Page 1

 
Waterham Industrial Park Limited
Registered number: 01928587

Balance sheet
As at 31 March 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
4,093,834
4,093,834

  
4,093,834
4,093,834

Current assets
  

Debtors: amounts falling due within one year
 5 
7,951
4,214

Cash at bank and in hand
  
664,555
505,475

  
672,506
509,689

Creditors: amounts falling due within one year
 6 
(166,576)
(170,378)

Net current assets
  
 
 
505,930
 
 
339,311

Total assets less current liabilities
  
4,599,764
4,433,145

Creditors: amounts falling due after more than one year
 7 
(2,132,864)
(2,085,253)

Provisions for liabilities
  

Deferred tax
 9 
(310,495)
(310,495)

  
 
 
(310,495)
 
 
(310,495)

Net assets
  
2,156,405
2,037,397


Capital and reserves
  

Called up share capital 
 10 
43,850
43,850

Revaluation reserve
  
1,759,475
1,759,475

Profit and loss account
  
353,080
234,072

  
2,156,405
2,037,397


Page 2

 
Waterham Industrial Park Limited
Registered number: 01928587

Balance sheet (continued)
As at 31 March 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



Mrs P A Burgess
Director
Date: 17 October 2023

The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
Waterham Industrial Park Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

1.


General information

Waterham Industrial Park Limited is a private company limited by shares which was incorporated in England and Wales.
The company’s registered office is Unit 1 Waterham Industrial Park, Highstreet Road, Waterham, Faversham, Kent, ME13 9EJ. 
The financial statements are presented in pound Sterling, and rounded to the nearest pound.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

Page 4

 
Waterham Industrial Park Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

2.Accounting policies (continued)

 
2.4

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 5

 
Waterham Industrial Park Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

2.Accounting policies (continued)

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Page 6

 
Waterham Industrial Park Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

2.Accounting policies (continued)


2.8
Financial instruments (continued)

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.12

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.13

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 7

 
Waterham Industrial Park Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.15

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

There were no employees or directors under contracts of service during the period.

Page 8

 
Waterham Industrial Park Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

4.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
4,093,834



At 31 March 2023
4,093,834

The 2023 valuations were made by Directors, on an open market value for existing use basis.

Open market value of the company's investment properties as on 31 March 2023 was £4,093,834.





5.


Debtors

2023
2022
£
£


Trade debtors
7,951
4,214

7,951
4,214



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
98,424
96,385

Other loans
-
17,500

Corporation tax
30,764
22,050

Other taxation and social security
9,298
9,359

Other creditors
11,653
11,329

Accruals and deferred income
16,437
13,755

166,576
170,378


Page 9

 
Waterham Industrial Park Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
1,108,892
1,205,206

Amounts owed to group undertakings
1,023,972
880,047

2,132,864
2,085,253


The loan repayable by instalments is due for final settlement by the year 2031. Interest is charged on the bank loan at normal commercial banking rate. The loan is secured and guaranteed, details of which are lodged with Barclays Bank plc.


8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
98,424
96,385

Other loans
-
17,500


98,424
113,885

Amounts falling due 1-2 years

Bank loans
100,507
98,424


100,507
98,424

Amounts falling due 2-5 years

Bank loans
697,376
727,428


697,376
727,428

Amounts falling due after more than 5 years

Bank loans
311,009
379,355

311,009
379,355

1,207,316
1,319,092


Page 10

 
Waterham Industrial Park Limited
 

 
Notes to the financial statements
For the year ended 31 March 2023

9.


Deferred taxation




2023


£






At beginning of year
(310,495)



At end of year
(310,495)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Deferred tax on investment properties
(310,495)
(310,495)

(310,495)
(310,495)


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100
43,750 (2022 - 43,750) Ordinary A shares of £1.00 each
43,750
43,750

43,850

43,850



11.


Related party transactions

During the year the company rented property to Anderson Securities & Investment Limited, a company under common control by virtue of close family ties, in the sum of £159,049 (2022 - £160,366).
At 31 March 2023 the company owed £1,023,972 (2022 - £880,047) to Anderson Securities & Investment Limited & Space Saver Storage Limited. The loan is repayable on demand and is interest free.
At 31 March 2023 the company owed Mr J Burgess, a director and shareholder of the company, £Nil (2022 - £17,500). The loan is repayable on demand and is interest free.
 


Page 11