PTP Accounts Production v23.4.0.336 05073231 Board of Directors Board of Directors 1.4.22 31.3.23 31.3.23 false true false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure050732312022-03-31050732312023-03-31050732312022-04-012023-03-31050732312021-03-31050732312021-04-012022-03-31050732312022-03-3105073231ns16:EnglandWales2022-04-012023-03-3105073231ns15:PoundSterling2022-04-012023-03-3105073231ns11:Director12022-04-012023-03-3105073231ns11:Director22022-04-012023-03-3105073231ns11:PrivateLimitedCompanyLtd2022-04-012023-03-3105073231ns11:SmallEntities2022-04-012023-03-3105073231ns11:AuditExemptWithAccountantsReport2022-04-012023-03-3105073231ns11:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3105073231ns11:SmallCompaniesRegimeForAccounts2022-04-012023-03-3105073231ns11:FullAccounts2022-04-012023-03-3105073231ns11:OrdinaryShareClass12022-04-012023-03-3105073231ns11:CompanySecretary12022-04-012023-03-3105073231ns11:RegisteredOffice2022-04-012023-03-3105073231ns6:CurrentFinancialInstruments2023-03-3105073231ns6:CurrentFinancialInstruments2022-03-3105073231ns6:Non-currentFinancialInstruments2023-03-3105073231ns6:Non-currentFinancialInstruments2022-03-3105073231ns6:ShareCapital2023-03-3105073231ns6:ShareCapital2022-03-3105073231ns6:FurtherSpecificReserve3ComponentTotalEquity2023-03-3105073231ns6:FurtherSpecificReserve3ComponentTotalEquity2022-03-3105073231ns6:RetainedEarningsAccumulatedLosses2023-03-3105073231ns6:RetainedEarningsAccumulatedLosses2022-03-3105073231ns6:WithinOneYearns6:CurrentFinancialInstruments2023-03-3105073231ns6:WithinOneYearns6:CurrentFinancialInstruments2022-03-3105073231ns6:BetweenTwoFiveYearsns6:Non-currentFinancialInstruments2023-03-3105073231ns6:BetweenTwoFiveYearsns6:Non-currentFinancialInstruments2022-03-3105073231ns6:Secured2023-03-3105073231ns6:Secured2022-03-3105073231ns6:DeferredTaxation2022-03-3105073231ns6:DeferredTaxation2022-04-012023-03-3105073231ns6:DeferredTaxation2023-03-3105073231ns11:OrdinaryShareClass12023-03-3105073231ns6:FurtherSpecificReserve3ComponentTotalEquity2022-03-3105073231ns11:Director112022-03-3105073231ns11:Director112021-03-3105073231ns11:Director112022-04-012023-03-3105073231ns11:Director112021-04-012022-03-3105073231ns11:Director112023-03-3105073231ns11:Director112022-03-31050732312ns11:Director22022-03-31050732312ns11:Director22021-03-31050732312ns11:Director22022-04-012023-03-31050732312ns11:Director22021-04-012022-03-31050732312ns11:Director22023-03-31050732312ns11:Director22022-03-31
REGISTERED NUMBER: 05073231 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

Waterkey Limited

Waterkey Limited (Registered number: 05073231)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Report of the Accountants 8

Waterkey Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: L Michaelides
C Papaloizou





SECRETARY: L Michaelides





REGISTERED OFFICE: 18-20 Frognal
London
NW3 6AG





REGISTERED NUMBER: 05073231 (England and Wales)





ACCOUNTANTS: Tasos Papaloizou Chartered Accountants
Suite 1
The Golf Club
Darkes Lane
Potters Bar
EN6 1DE

Waterkey Limited (Registered number: 05073231)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 7,043,185 6,578,999

CURRENT ASSETS
Debtors 5 3,726,966 3,921,731
Cash at bank 14,089 40,635
3,741,055 3,962,366
CREDITORS
Amounts falling due within one year 6 540,449 2,747,478
NET CURRENT ASSETS 3,200,606 1,214,888
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,243,791

7,793,887

CREDITORS
Amounts falling due after more than one
year

7

(5,763,479

)

(3,346,773

)

PROVISIONS FOR LIABILITIES 9 (222,362 ) (819,631 )
NET ASSETS 4,257,950 3,627,483

CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Fair value reserve 11 4,866,418 4,269,149
Retained earnings (609,468 ) (642,666 )
SHAREHOLDERS' FUNDS 4,257,950 3,627,483

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Waterkey Limited (Registered number: 05073231)

Balance Sheet - continued
31 March 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 March 2024 and were signed on its behalf by:




C Papaloizou - Director



L Michaelides - Director


Waterkey Limited (Registered number: 05073231)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Waterkey Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain 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.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
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 recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

Waterkey Limited (Registered number: 05073231)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 6,578,999
Additions 464,186
At 31 March 2023 7,043,185
NET BOOK VALUE
At 31 March 2023 7,043,185
At 31 March 2022 6,578,999

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2006 450,000
Valuation in 2007 92,500
Valuation in 2011 757,500
Valuation in 2019 1,800,000
Valuation in 2020 2,000,000
Cost 1,943,185
7,043,185

The Investment properties were valued on an open market basis on 31 March 2023 by the Directors. .

Bank loan interest capitalised in the year £253,185 ( 2022-£Nil).

5. DEBTORS
31.3.23 31.3.22
£    £   
Amounts falling due within one year:
Section 455 tax recoverable 68,541 60,542
Directors' current accounts 830,794 893,282
899,335 953,824

Amounts falling due after more than one year:
Amounts owed by related companies 2,827,631 2,967,907

Aggregate amounts 3,726,966 3,921,731

Waterkey Limited (Registered number: 05073231)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts - 2,259,984
Tax payable - 12,534
Due to related companies 516,444 456,955
Accrued expenses 24,005 18,005
540,449 2,747,478

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans - 2-5 years 4,461,921 2,031,875
Due to related companies 1,301,558 1,314,898
5,763,479 3,346,773

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Bank loans 4,461,921 4,291,859

The Bank Loans are secured by charges over the Freehold investment properties.

9. PROVISIONS FOR LIABILITIES
31.3.23 31.3.22
£    £   
Deferred tax 222,362 819,631

Deferred
tax
£   
Balance at 1 April 2022 819,631
Credit to Income Statement during year (597,269 )
Balance at 31 March 2023 222,362

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
1,000 Ordinary £1 1,000 1,000

Waterkey Limited (Registered number: 05073231)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

11. RESERVES
Fair
value
reserve
£   
At 1 April 2022 4,269,149
Fair value adjustment 597,269

At 31 March 2023 4,866,418

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

31.3.23 31.3.22
£    £   
C Papaloizou
Balance outstanding at start of year 361,758 342,653
Amounts advanced - 19,105
Amounts repaid (77,282 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 284,476 361,758

L Michaelides
Balance outstanding at start of year 524,345 501,225
Amounts advanced 14,792 23,120
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 539,137 524,345

Waterkey Limited

Report of the Accountants to the Directors of
Waterkey Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 March 2023 set out on pages nil to ten and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






Tasos Papaloizou Chartered Accountants
Suite 1
The Golf Club
Darkes Lane
Potters Bar
EN6 1DE


Date: .............................................