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REGISTERED NUMBER: 03819387 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

FOR

FIVEWATERS LTD

FIVEWATERS LTD (REGISTERED NUMBER: 03819387)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023










Page

Balance sheet 1

Notes to the financial statements 3


FIVEWATERS LTD (REGISTERED NUMBER: 03819387)

BALANCE SHEET
31 AUGUST 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Intangible assets 4 - -
Tangible assets 5 14,980 15,182
Investment property 6 495,000 495,000
509,980 510,182

Current assets
Stocks 321,833 315,000
Debtors 7 562 -
Cash at bank and in hand 72,624 101,804
395,019 416,804
Creditors
Amounts falling due within one year 8 27,948 21,537
Net current assets 367,071 395,267
Total assets less current liabilities 877,051 905,449

Provisions for liabilities 9 49,778 50,578
Net assets 827,273 854,871

Capital and reserves
Called up share capital 10 5 5
Revaluation reserve 11 267,899 267,899
Retained earnings 559,369 586,967
Shareholders' funds 827,273 854,871

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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.

FIVEWATERS LTD (REGISTERED NUMBER: 03819387)

BALANCE SHEET - continued
31 AUGUST 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 Statement of comprehensive income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 February 2024 and were signed on its behalf by:





Mr R Kerntiff - Director


FIVEWATERS LTD (REGISTERED NUMBER: 03819387)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023


1. Statutory information

Fivewaters Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 03819387. The registered office is 7 & 8 Church Street, Wimborne, Dorset, BH21 1JH and the business address is 64a Station Road, New Milton, Hampshire, BH25 6LE.

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 represents amounts receivable for the sale of jewellery, net of VAT and trade discounts.

Goodwill
Acquired goodwill brought forward has now been fully amoristed over its estimated useful life, this was deemed to be 20 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

Investment property
Investment property is included in the balance sheet at its fair value. No depreciation is provided on the investment property.

Gains are recognised in the statement of comprehensive income. Deferred taxation is provided on the gains at the rate expected to apply when the property is sold.

Stocks
Stock and Work In Progress are valued at the lower of cost and net realisable value.

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 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.

FIVEWATERS LTD (REGISTERED NUMBER: 03819387)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023


2. Accounting policies - continued

Financial instruments
Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.

At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate.

3. Employees and directors

The average number of employees during the year was 5 (2022 - 6 ) .

4. Intangible fixed assets
Goodwill
£   
Cost
At 1 September 2022
and 31 August 2023 60,000
Amortisation
At 1 September 2022
and 31 August 2023 60,000
Net book value
At 31 August 2023 -
At 31 August 2022 -

5. Tangible fixed assets
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
Cost
At 1 September 2022 20,299 34,261 2,299 56,859
Additions 359 1,641 2,792 4,792
At 31 August 2023 20,658 35,902 5,091 61,651
Depreciation
At 1 September 2022 8,991 31,018 1,668 41,677
Charge for year 2,917 1,221 856 4,994
At 31 August 2023 11,908 32,239 2,524 46,671
Net book value
At 31 August 2023 8,750 3,663 2,567 14,980
At 31 August 2022 11,308 3,243 631 15,182

FIVEWATERS LTD (REGISTERED NUMBER: 03819387)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023


6. Investment property
Total
£   
Fair value
At 1 September 2022
and 31 August 2023 495,000
Net book value
At 31 August 2023 495,000
At 31 August 2022 495,000

The investment property was revalued in 2020 and the directors consider the fair value to remain unchanged as at 31 August 2023

Fair value at 31 August 2023 is represented by:
£   
Valuation in 2006 61,005
Valuation in 2010 100,000
Valuation in 2014 50,000
Valuation in 2015 55,000
Valuation in 2016 45,000
Valuation in 2017 13,000
Valuation in 2018 57,000
Valuation in 2020 (75,000 )
Cost 188,995
495,000

If the investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 188,995 188,995

7. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 562 -

8. Creditors: amounts falling due within one year
2023 2022
£    £   
Trade creditors 71 162
Tax 14,932 11,143
Social security and other taxes 63 -
Wages - 375
VAT 3,553 104
Other creditors 3,993 6,053
Directors' current accounts 1,466 72
Accruals 3,870 3,628
27,948 21,537

FIVEWATERS LTD (REGISTERED NUMBER: 03819387)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023


9. Provisions for liabilities
2023 2022
£    £   
Deferred tax 49,778 50,578

Deferred
tax
£   
Balance at 1 September 2022 50,578
Credit to Income statement during year (800 )
Balance at 31 August 2023 49,778

10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
5 Ordinary £1.00 5 5

11. Reserves
Revaluation
reserve
£   
At 1 September 2022
and 31 August 2023 267,899

12. Ultimate controlling party

The company is controlled by the director, Mr T Kerntiff, who owns 60% of the issued share capital.