Company Registration No. 12032072 (England and Wales)
H2O RESTORATION LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
H2O RESTORATION LTD
COMPANY INFORMATION
Directors
Mr L A Ward
Mr N P Taylor
(Appointed 1 April 2022)
Mrs J A Taylor
(Appointed 1 April 2022)
Company number
12032072
Registered office
Regency House
48 Birmingham Road
Bromsgrove
Worcestershire
B61 0DD
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Starling Bank Limited
5th Floor
London Fruit and Wool Exchange
1 Duval Square
London
E1 6PW
H2O RESTORATION LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
H2O RESTORATION LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF H2O RESTORATION LTD FOR THE PERIOD ENDED 27 FEBRUARY 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of H2O Restoration Ltd for the period ended 27 February 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of H2O Restoration Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of H2O Restoration Ltd and state those matters that we have agreed to state to the Board of Directors of H2O Restoration Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than H2O Restoration Ltd and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that H2O Restoration Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of H2O Restoration Ltd. You consider that H2O Restoration Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of H2O Restoration Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ormerod Rutter Limited
8 December 2023
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
H2O RESTORATION LTD
BALANCE SHEET
AS AT 27 FEBRUARY 2023
27 February 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
31,660
30,534
Current assets
Debtors
4
27,899
-
0
Cash at bank and in hand
13,345
764
41,244
764
Creditors: amounts falling due within one year
5
(29,144)
(7,326)
Net current assets/(liabilities)
12,100
(6,562)
Total assets less current liabilities
43,760
23,972
Creditors: amounts falling due after more than one year
6
(25,958)
(20,000)
Provisions for liabilities
5
(6,016)
(2,317)
Net assets
11,786
1,655
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
11,686
1,555
Total equity
11,786
1,655

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 27 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their 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 period 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.

H2O RESTORATION LTD
BALANCE SHEET (CONTINUED)
AS AT 27 FEBRUARY 2023
27 February 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 8 December 2023 and are signed on its behalf by:
Mr L A Ward
Director
Company Registration No. 12032072
H2O RESTORATION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 FEBRUARY 2023
- 4 -
1
Accounting policies

Company information

H2O Restoration Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Regency House, 48 Birmingham Road, Bromsgrove, Worcestershire, B61 0DD.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.

Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.

1.3
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.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% on reducing balance
Fixtures and fittings
25% on reducing balance
Computer equipment
33% on cost
Motor vehicles
25% on reducing balance
1.4
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.

H2O RESTORATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 FEBRUARY 2023
1
Accounting policies
(Continued)
- 5 -
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.5
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.6
Retirement benefits

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

1.7
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was 7 (2022 - 1).

H2O RESTORATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 FEBRUARY 2023
- 6 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 March 2022
12,347
367
2,966
31,480
47,160
Additions
-
0
-
0
-
0
11,900
11,900
At 27 February 2023
12,347
367
2,966
43,380
59,060
Depreciation and impairment
At 1 March 2022
4,070
92
1,368
11,096
16,626
Depreciation charged in the period
1,656
69
978
8,071
10,774
At 27 February 2023
5,726
161
2,346
19,167
27,400
Carrying amount
At 27 February 2023
6,621
206
620
24,213
31,660
At 28 February 2022
8,277
275
1,598
20,384
30,534
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
27,649
-
0
Other debtors
250
-
0
27,899
-
0
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
3,011
5,000
Trade creditors
2,467
-
0
Taxation and social security
16,130
-
0
Other creditors
7,536
2,326
29,144
7,326
H2O RESTORATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 FEBRUARY 2023
- 7 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
20,748
20,000
Other creditors
5,210
-
0
25,958
20,000
7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
6,016
2,317
8
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Hire purchase contracts
8,468
-
Bank loans
23,759
25,000
32,227
25,000
Hire purchase contracts are secured against the assets to which they relate.
Bank loans are secured by way of a government-backed guarantee.
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
50
100
25 Ordinary A of £1 each
25
-
25 Ordinary B of £1 each
25
-
100
100

During the period, the company underwent a share reorganisation.

 

The company passed a special resolution by reclassifying 100 Ordinary £1 shares into 50 Ordinary A £1 shares, 25 Ordinary B £1 shares and 25 Ordinary C £1 shares. The rights and privileges attached to these shares remain unaltered.

H2O RESTORATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 FEBRUARY 2023
- 8 -
10
Ultimate controlling party

There is no ultimate controlling party.

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