Company registration number 05212223 (England and Wales)
JAMES WATERS PROPERTY & INVESTMENTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
JAMES WATERS PROPERTY & INVESTMENTS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
JAMES WATERS PROPERTY & INVESTMENTS LTD
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,641,000
2,641,000
Investments
4
1
1
2,641,001
2,641,001
Current assets
Debtors
5
1,984
1,608
Cash at bank and in hand
9,376
12,198
11,360
13,806
Creditors: amounts falling due within one year
6
(169,785)
(180,388)
Net current liabilities
(158,425)
(166,582)
Total assets less current liabilities
2,482,576
2,474,419
Creditors: amounts falling due after more than one year
7
(1,462,796)
(1,509,533)
Net assets
1,019,780
964,886
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
1,019,779
964,885
Total equity
1,019,780
964,886
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 30 April 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 members have 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.
JAMES WATERS PROPERTY & INVESTMENTS LTD
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2023
30 April 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 8 April 2024
Mr JE Waters
Director
Company registration number 05212223 (England and Wales)
JAMES WATERS PROPERTY & INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -
1
Accounting policies
Company information
James Waters Property & Investments Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 11 King Street, Kings Lynn, Norfolk, England, PE30 1ET.
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 have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
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.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.4
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.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
JAMES WATERS PROPERTY & INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.6
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Land and buildings
£
Cost
At 1 May 2022 and 30 April 2023
2,641,000
Depreciation and impairment
At 1 May 2022 and 30 April 2023
Carrying amount
At 30 April 2023
2,641,000
At 30 April 2022
2,641,000
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1
1
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1,984
1,608
JAMES WATERS PROPERTY & INVESTMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 5 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
54,000
55,688
Trade creditors
3,600
Amounts owed to group undertakings
90,380
106,365
Corporation tax
13,291
5,861
Other creditors
8,514
12,474
169,785
180,388
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,038,620
1,091,482
Other creditors
424,176
418,051
1,462,796
1,509,533
8
Related party transactions
J E Waters
The above named director is also a director of James Waters Limited. At 30 April 2023 the company owed
James Waters Limited £155,094 (2022 - £155,094).
J E Waters is also a director of Hawk Way Management Co Ltd. At 30 April 2023 the company was owed £1,304 by Hawk Way Management Co Limited (2022 - £1,304).
J E Waters is also a director of Cristal Investments Ltd. At 30 April 2023 the company was owed £15,000 by Cristal Investments Limited (2023 - £15,000).