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Company Registration No. 10179960 (England and Wales)
The Waterworks Studio Limited Unaudited accounts for the year ended 31 May 2023
The Waterworks Studio Limited Unaudited accounts Contents
Page
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The Waterworks Studio Limited Company Information for the year ended 31 May 2023
Directors
N Fryer B Nicholls
Company Number
10179960 (England and Wales)
Registered Office
The Waterworks Studio Unit 1e Ashburner Way Barrow-in-furness Cumbria LA14 5UZ England
Accountants
EHA Accountancy Ltd 2 Lower Brook Street Ulverston Cumbria LA12 7EE
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The Waterworks Studio Limited Statement of financial position as at 31 May 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Intangible assets
10,500 
14,000 
Tangible assets
94,800 
35,797 
105,300 
49,797 
Current assets
Inventories
38,000 
32,301 
Debtors
3,047 
12,126 
Cash at bank and in hand
42,317 
135,765 
83,364 
180,192 
Creditors: amounts falling due within one year
(88,226)
(95,013)
Net current (liabilities)/assets
(4,862)
85,179 
Total assets less current liabilities
100,438 
134,976 
Creditors: amounts falling due after more than one year
(44,661)
(41,754)
Net assets
55,777 
93,222 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
55,677 
93,122 
Shareholders' funds
55,777 
93,222 
For the year ending 31 May 2023 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 13 November 2023 and were signed on its behalf by
N Fryer Director Company Registration No. 10179960
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The Waterworks Studio Limited Notes to the Accounts for the year ended 31 May 2023
1
Statutory information
The Waterworks Studio Limited is a private company, limited by shares, registered in England and Wales, registration number 10179960. The registered office is The Waterworks Studio, Unit 1e Ashburner Way, Barrow-in-furness, Cumbria, LA14 5UZ, England.
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.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Presentation currency
The accounts are presented in £ sterling.
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation. Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful economic life of the asset. The useful economic life has been estimated as 10 years.
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:
Plant & machinery
25% reducing balance
Motor vehicles
25% reducing balance
Fixtures & fittings
25% reducing balance
Computer equipment
25% reducing balance
Stocks
Stocks 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.
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The Waterworks Studio Limited Notes to the Accounts for the year ended 31 May 2023
Leased assets
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.
Pension costs
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.
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 June 2022
35,000 
At 31 May 2023
35,000 
Amortisation
At 1 June 2022
21,000 
Charge for the year
3,500 
At 31 May 2023
24,500 
Net book value
At 31 May 2023
10,500 
At 31 May 2022
14,000 
5
Tangible fixed assets
Land & buildings 
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At cost 
At 1 June 2022
- 
6,000 
57,771 
2,218 
4,008 
69,997 
Additions
23,012 
38,671 
17,578 
8,153 
2,724 
90,138 
At 31 May 2023
23,012 
44,671 
75,349 
10,371 
6,732 
160,135 
Depreciation
At 1 June 2022
- 
4,933 
26,261 
712 
2,294 
34,200 
Charge for the year
4,829 
9,935 
12,273 
2,415 
1,683 
31,135 
At 31 May 2023
4,829 
14,868 
38,534 
3,127 
3,977 
65,335 
Net book value
At 31 May 2023
18,183 
29,803 
36,815 
7,244 
2,755 
94,800 
At 31 May 2022
- 
1,067 
31,510 
1,506 
1,714 
35,797 
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The Waterworks Studio Limited Notes to the Accounts for the year ended 31 May 2023
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
1,731 
10,342 
Accrued income and prepayments
1,316 
1,784 
3,047 
12,126 
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
9,700 
9,500 
VAT
9,572 
21,158 
Obligations under finance leases and hire purchase contracts
3,200 
3,200 
Trade creditors
55,789 
36,658 
Taxes and social security
3,838 
17,760 
Loans from directors
5,173 
5,850 
Accruals
954 
887 
88,226 
95,013 
8
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
21,048 
30,994 
Obligations under finance leases and hire purchase contracts
23,613 
10,760 
44,661 
41,754 
9
Transactions with related parties
During the year dividends were paid to the directors of £64,400 (2022: £41,800)
10
Average number of employees
During the year the average number of employees was 14 (2022: 14).
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