REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 |
FOR |
FIVEWATERS LTD |
REGISTERED NUMBER: |
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 |
Investment property | 6 |
Current assets |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 8 |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities | 9 |
Net assets |
Capital and reserves |
Called up share capital | 10 |
Revaluation reserve | 11 |
Retained earnings |
Shareholders' funds |
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 |
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 |
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 |
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 |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
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 |
4. | Intangible fixed assets |
Goodwill |
£ |
Cost |
At 1 September 2022 |
and 31 August 2023 |
Amortisation |
At 1 September 2022 |
and 31 August 2023 |
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 |
Additions |
At 31 August 2023 |
Depreciation |
At 1 September 2022 |
Charge for year |
At 31 August 2023 |
Net book value |
At 31 August 2023 |
At 31 August 2022 |
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 |
Net book value |
At 31 August 2023 |
At 31 August 2022 |
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 |
8. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
Wages | - | 375 |
VAT | 3,553 | 104 |
Other creditors |
Directors' current accounts | 1,466 | 72 |
Accruals |
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 |
Credit to Income statement during year | ( |
) |
Balance at 31 August 2023 |
10. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1.00 | 5 | 5 |
11. | Reserves |
Revaluation |
reserve |
£ |
At 1 September 2022 |
and 31 August 2023 |
12. | Ultimate controlling party |
The company is controlled by the director, Mr T Kerntiff, who owns 60% of the issued share capital. |