Company registration number SC687287 (Scotland)
Waterfront (Stainless Steel) Ltd
Unaudited financial statements
for the year ended 31 January 2023
Pages for filing with registrar
Waterfront (Stainless Steel) Ltd
Chartered Accountants' report to the director on the preparation of the
unaudited statutory financial statements of Waterfront (Stainless Steel) Ltd
1

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Waterfront (Stainless Steel) Ltd for the year ended 31 January 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 ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.

This report is made solely to the Director of Waterfront (Stainless Steel) Ltd in accordance with the terms of our engagement letter dated 15 July 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Waterfront (Stainless Steel) Ltd and state those matters that we have agreed to state to the Director of Waterfront (Stainless Steel) Ltd in this report in accordance with the requirements of the ICAS as detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Waterfront (Stainless Steel) Ltd and its Director for our work or for this report.

It is your duty to ensure that Waterfront (Stainless Steel) Ltd 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 Waterfront (Stainless Steel) Ltd. You consider that Waterfront (Stainless Steel) Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Waterfront (Stainless Steel) Ltd. 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.

James Milne
Chartered Accountants
5 High Street
Inverurie
AB51 3QA
12 February 2024
Waterfront (Stainless Steel) Ltd
Balance sheet
as at 31 January 2023
31 January 2023
2
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
301,682
215,788
Investments
4
75
-
0
301,757
215,788
Current assets
Debtors
12,162
530
Cash at bank and in hand
953
2,424
13,115
2,954
Creditors: amounts falling due within one year
(61,897)
(125,111)
Net current liabilities
(48,782)
(122,157)
Total assets less current liabilities
252,975
93,631
Creditors: amounts falling due after more than one year
(89,131)
(57,678)
Provisions for liabilities
(14,533)
(9,977)
Net assets
149,311
25,976
Capital and reserves
Called up share capital
100
100
Fair value reserve
61,957
42,533
Profit and loss reserves
87,254
(16,657)
Total equity
149,311
25,976
Waterfront (Stainless Steel) Ltd
Balance sheet (continued)
as at 31 January 2023
31 January 2023
3

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 9 February 2024
Stuart Mackie
Director
Company Registration No. SC687287
Waterfront (Stainless Steel) Ltd
Notes to the financial statements
for the year ended 31 January 2023
4
1
Accounting policies
Company information

Waterfront (Stainless Steel) Ltd is a private company limited by shares incorporated in Scotland. The registered office is Unit 5, Insch Business Park, Insch, Aberdeenshire, AB52 6TA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
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.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
no depreciation is provided
Plant and equipment
20% reducing balance
Fixtures and fittings
33.3% straight line
1.4
Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Waterfront (Stainless Steel) Ltd
Notes to the financial statements (continued)
for the year ended 31 January 2023
1
Accounting policies (continued)
5
1.7
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.8
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
1
Waterfront (Stainless Steel) Ltd
Notes to the financial statements (continued)
for the year ended 31 January 2023
6
3
Tangible fixed assets
Total
£
Cost
At 1 February 2022
219,918
Additions
68,856
Revaluation
23,980
At 31 January 2023
312,754
Depreciation and impairment
At 1 February 2022
4,130
Depreciation charged in the year
6,942
At 31 January 2023
11,072
Carrying amount
At 31 January 2023
301,682
At 31 January 2022
215,788
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
75
-
0
Movements in fixed asset investments
Other
£
Cost or valuation
At 1 February 2022
-
Additions
75
At 31 January 2023
75
Carrying amount
At 31 January 2023
75
At 31 January 2022
-
0
5
Operating lease commitments
Lessee

At 31 January 2023 the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £663,140 (2022 - £669,940).

Waterfront (Stainless Steel) Ltd
Notes to the financial statements (continued)
for the year ended 31 January 2023
7
6
Directors' transactions

During the year, the director entered into the following advances and credits with the company:

Description
Opening     credit     balance
Amounts advanced
Amounts credited
Closing     debit     balance
£
£
£
£
Stuart Mackie - director's loan
9,150
(15,085)
200
(5,735)
9,150
(15,085)
200
(5,735)
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