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Company No: 11716519 (England and Wales)

WATERWAYS DRAINAGE SPECIALISTS LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

WATERWAYS DRAINAGE SPECIALISTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

WATERWAYS DRAINAGE SPECIALISTS LIMITED

BALANCE SHEET

As at 31 December 2023
WATERWAYS DRAINAGE SPECIALISTS LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 559,988 665,613
559,988 665,613
Current assets
Stocks 30,000 0
Debtors 4 413,395 115,782
Cash at bank and in hand 285 7,398
443,680 123,180
Creditors: amounts falling due within one year 5 ( 517,226) ( 360,479)
Net current liabilities (73,546) (237,299)
Total assets less current liabilities 486,442 428,314
Creditors: amounts falling due after more than one year 6 ( 442,708) ( 411,692)
Net assets 43,734 16,622
Capital and reserves
Called-up share capital 7 1 1
Profit and loss account 43,733 16,621
Total shareholder's funds 43,734 16,622

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Waterways Drainage Specialists Limited (registered number: 11716519) were approved and authorised for issue by the Director on 03 April 2024. They were signed on its behalf by:

Mr J Lawler
Director
WATERWAYS DRAINAGE SPECIALISTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
WATERWAYS DRAINAGE SPECIALISTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
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 year, unless otherwise stated.

General information and basis of accounting

Waterways Drainage Specialists 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 Lowin House, Tregolls Rd, Truro, TR1 2NA, United Kingdom. The principal place of business is Unit 2, Saltash Business Park, Forge Ln, Saltash PL12 6LX.

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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Revenue from services is recognised as they are delivered.

Employee benefits

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

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Plant and machinery 20 % reducing balance
Vehicles 20 % reducing balance
Office equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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 receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

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 that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

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

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 24 12

3. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 January 2023 628,705 257,789 8,902 895,396
Additions 26,715 0 2,031 28,746
At 31 December 2023 655,420 257,789 10,933 924,142
Accumulated depreciation
At 01 January 2023 162,635 64,921 2,227 229,783
Charge for the financial year 94,350 38,574 1,447 134,371
At 31 December 2023 256,985 103,495 3,674 364,154
Net book value
At 31 December 2023 398,435 154,294 7,259 559,988
At 31 December 2022 466,070 192,868 6,675 665,613

4. Debtors

2023 2022
£ £
Trade debtors 153,282 66,119
Amounts owed by director 14,823 0
Prepayments and accrued income 241,574 13,192
VAT recoverable 0 16,607
Other debtors 3,716 19,864
413,395 115,782

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 17,568 12,138
Trade creditors 144,135 103,320
Amounts owed to director 0 50,079
Other loans (secured) 66,678 6,358
Accruals 5,028 6,485
Other taxation and social security 110,490 34,465
Obligations under finance leases and hire purchase contracts (secured) 123,754 137,230
Other creditors 49,573 10,404
517,226 360,479

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 3,173 5,413
Other loans (secured) 200,458 43,750
Obligations under finance leases and hire purchase contracts (secured) 239,077 362,529
442,708 411,692

The obligations under finance leases and hire purchase contracts are secured against the assets to which they relate. Other loans contain a fixed and floating charge over all property or undertaking of the company.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Other loans (secured / repayable by instalments) 0 6,419

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

8. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Opening balance (50,079) (33,504)
Repayments by directors (312) (44,109)
Advances to directors 65,214 27,534
0 0
Closing balance 14,823 (50,079)

Interest is charged at 2.25% on overdrawn balances and the loan is repayable on demand.