Company registration number 03818424 (England and Wales)
WATERSTONS LIMITED
ANNUAL REPORT AND GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
WATERSTONS LIMITED
COMPANY INFORMATION
Directors
RM Waterston
SA Waterston
MP Stirrup
R Morrow
A Singh
L Cullen
M Scullion
J Alderson
A Bookless
Secretary
M Thomas
Company number
03818424
Registered office
Liddon Court
Aykley Heads
Durham
DH1 5TS
Auditor
Sumer Auditco Limited
Unit 2
Gosforth Park Avenue
Newcastle Upon Tyne
NE12 8EG
Bankers
HSBC Bank plc
110 Grey Street
Newcastle upon Tyne
NE1 6JG
Solicitors
Muckle LLP
Time Central
32 Gallowgate
Newcastle upon Tyne
NE1 4BF
WATERSTONS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 28
WATERSTONS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 1 -

The directors present the strategic report for the year ended 30 June 2023.

 

Principal activities

The principal activity of the group is the provision of IT, Digital & Cyber consultancy and support with the aim of improving our clients’ business performance.

 

We are Waterstons 

We take our clients and our people on incredible journeys. We’re at the forefront of emerging trends, tirelessly bridging the gap between technology and business challenges. We’re inquisitive and we’re hungry. We know what it means to be amazing consultants. We’re passionate about our clients and the sectors they work in. We instil confidence by making sure things just work, but we're also fearless changemakers, constantly innovating, problem solving, refining, and enhancing. We won’t put any boundaries around what we do.

 

Our clients don't just appreciate our partnership; they cherish it. Our people don't just work for us; they thrive with us. We ignite inspiration, embody our values, and always give unwavering support to one another. We have fun and we celebrate our success, together.

 

We won’t sacrifice any of this for growth but when we get things right, we’ll have the potential to take those incredible journeys further around the world.

Fair review of the business

This year, as a group we achieved impressive growth of 16.9%, reaching over £26m in sales. This continues to confirm that we have a huge potential to succeed in the current market and beyond. The UK maintained a steady level of profit, while we invested in our Australian subsidiary, a vital strategic move for expanding our reach and enhancing our client relations.

 

As we approach 300 clients, we remain focused on putting them at the centre of everything we do. Our ethos is to help clients grow their business by delivering value in every interaction. We offer a wide range of services and skills that enable them to transform and improve their performance. We have a very high client retention rate, and we constantly adapt to the needs of our clients, both existing and new, to shape our future.

 

We are committed to adding value across various industry sectors with a special focus on the following:

 

We have invested heavily in these sectors to enhance our expertise and offer better solutions to our current and future clients. We understand the importance of having a deep knowledge of these sectors to bridge the gap between technology and business challenges. We have also strengthened the Waterstons senior management team with further investment early in the 2023/24 financial year, to provide more insights and skills in these areas, preparing us for more growth in 2024 and beyond.

 

The UK business has maintained a stable profit in 2022/23 while investing more in our skills and experience. Our UK team grew by 10%, showing our strength and resilience. We know that the cost-of-living crisis has affected many people, including our own. That’s why the Waterstons Board decided to give a permanent £1,800 salary increase to every member of the business, on top of any other performance-based raises. This was a significant investment of in excess of £550,000 per year, but we believe it was essential to support our staff and keep our talent. We still have capacity in the UK business, and we are ready to seize the many opportunities that lie ahead. The Australian business is in its early stages and incurred a substantial loss in 2022/23 due to our continued investment. The entity is crucial for our strategy, as it helps us provide 24-hour support to our clients from both a Managed Services and Security Operations Centre (SOC) perspective. We also see huge potential in the region, and we will keep investing until the entity becomes self-sustainable in 2024.

WATERSTONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
Key performance indicators

The Directors consider turnover and EBITDA (earnings before interest, tax, depreciation, amortisation and exceptional items) to be key measures of the company's performance.

The Directors consider the results to be satisfactory in light of the current trading conditions and investment into service offerings. The net assets at the reporting date are £4,461,713 (2022 - £4,782,729).

Principal risks and uncertainties

The management of the business and the execution of the group's strategy are subject to a number of risks. The board reviews and puts in place policies to mitigate them.

 

The key business and financial risks are:

 

Employees

Our employees are our biggest asset and the resignation of a key employee could always potentially adversely affect the business. Waterstons look to mitigate this by ensuring that we have succession planning in place at all levels along with development plans for staff to ensure that they are all empowered to grow. Waterstons continually review our pay and benefits package to ensure they remain competitive in the market. We also place huge important on our staff satisfaction; our “People First” value ensures that we understand staff have a life outside of the business, that they’re happy when they’re in work and that they can enjoy a fulfilled life outside of work with their families. Empowering and developing our staff is something that is extremely important to us; we’ll never stop pushing them to grow.

 

Environment, health and safety incidents

Appropriate measures are implemented to ensure the risk of any environmental and health and safety issues are minimised. The group strives to maintain high standards in these areas.

 

Industry credit risk

The group monitors credit risk and considers that its current policy of strict credit checks and continued dialogue with customers meets its objectives of managing its exposure. Our Client Portfolio is also diverse in terms of size and industry sector.

 

Liquidity risk

The directors regularly monitor the financial information to ensure that any risks in this area are considered on a timely basis.

On behalf of the board

MP Stirrup
CEO
07 March 2024
WATERSTONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -

The directors present their annual report and financial statements for the year ended 30 June 2023.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. as per Note 9.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

RM Waterston
SA Waterston
MP Stirrup
R Morrow
A Singh
L Cullen
M Scullion
AA Kidd
(Resigned 16 March 2023)
J Alderson
A Bookless
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

 

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

Auditor

Sumer Auditco Limited were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

WATERSTONS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

Thtruee group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
MP Stirrup
Director
07 March 2024
WATERSTONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WATERSTONS LIMITED
- 5 -
Opinion

We have audited the financial statements of Waterstons Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

WATERSTONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WATERSTONS LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Capability of the audit in detecting irregularities, including fraud

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

 

The following laws and regulations were identified as being of significance to the entity:

 

 

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of legal costs incurred; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

 

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

WATERSTONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WATERSTONS LIMITED
- 7 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Stephen Slater (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited
Statutory Auditor
Unit 2
Gosforth Park Avenue
Newcastle Upon Tyne
NE12 8EG
08 March 2024
WATERSTONS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
2023
2022
as restated
Notes
£
£
Turnover
3
26,357,577
22,539,383
Cost of sales
(20,044,201)
(16,797,501)
Gross profit
6,313,376
5,741,882
Administrative expenses
(6,498,429)
(5,356,182)
Other operating income
-
19,677
Operating (loss)/profit
4
(185,053)
405,377
Interest receivable and similar income
7
30
Interest payable and similar expenses
1,865
(165)
(Loss)/profit before taxation
(183,181)
405,242
Tax on (loss)/profit
8
(101,651)
104,442
(Loss)/profit for the financial year
(284,832)
509,684
(Loss)/profit for the financial year is attributable to:
- Owners of the parent company
(253,470)
528,038
- Non-controlling interests
(31,362)
(18,354)
(284,832)
509,684
WATERSTONS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023
- 9 -
2023
2022
£
£
(Loss)/profit for the year
(284,832)
509,684
Other comprehensive income
Currency translation loss taken to retained earnings
(36,184)
(33,056)
Total comprehensive income for the year
(321,016)
476,628
Total comprehensive income for the year is attributable to:
- Owners of the parent company
(289,654)
494,982
- Non-controlling interests
(31,362)
(18,354)
(321,016)
476,628
WATERSTONS LIMITED
GROUP BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
600,519
796,246
Current assets
Debtors
13
5,880,531
6,478,363
Cash at bank and in hand
1,635,498
1,205,757
7,516,029
7,684,120
Creditors: amounts falling due within one year
14
(3,573,831)
(3,572,937)
Net current assets
3,942,198
4,111,183
Total assets less current liabilities
4,542,717
4,907,429
Creditors: amounts falling due after more than one year
15
-
(21,335)
Provisions for liabilities
Deferred tax liability
17
81,004
103,365
(81,004)
(103,365)
Net assets
4,461,713
4,782,729
Capital and reserves
Called up share capital
19
16,579
16,579
Share premium account
105,921
105,921
Profit and loss reserves
4,404,287
4,693,941
Equity attributable to owners of the parent company
4,526,787
4,816,441
Non-controlling interests
(65,074)
(33,712)
4,461,713
4,782,729
The financial statements were approved by the board of directors and authorised for issue on 07 March 2024 and are signed on its behalf by:
MP Stirrup
CEO
WATERSTONS LIMITED
COMPANY BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
573,021
756,419
Investments
11
55
55
573,076
756,474
Current assets
Debtors
13
7,299,174
7,279,561
Cash at bank and in hand
1,609,464
1,140,493
8,908,638
8,420,054
Creditors: amounts falling due within one year
14
(3,467,919)
(3,458,600)
Net current assets
5,440,719
4,961,454
Total assets less current liabilities
6,013,795
5,717,928
Creditors: amounts falling due after more than one year
15
-
(21,335)
Provisions for liabilities
Deferred tax liability
17
81,004
103,365
(81,004)
(103,365)
Net assets
5,932,791
5,593,228
Capital and reserves
Called up share capital
19
16,579
16,579
Share premium account
105,921
105,921
Profit and loss reserves
5,810,291
5,470,728
Total equity
5,932,791
5,593,228

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £339,563 (2022 - £876,524 profit).

The financial statements were approved by the board of directors and authorised for issue on 07 March 2024 and are signed on its behalf by:
MP Stirrup
CEO
Company Registration No. 03818424
WATERSTONS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 July 2021
16,579
105,921
4,323,201
4,445,701
(15,358)
4,430,343
Year ended 30 June 2022:
Profit for the year
-
-
528,038
528,038
(18,354)
509,684
Other comprehensive income:
Currency translation differences
-
-
(33,056)
(33,056)
-
(33,056)
Total comprehensive income for the year
-
-
494,982
494,982
(18,354)
476,628
Dividends
9
-
-
(124,242)
(124,242)
-
(124,242)
Balance at 30 June 2022
16,579
105,921
4,693,941
4,816,441
(33,712)
4,782,729
Year ended 30 June 2023:
Loss for the year
-
-
(253,470)
(253,470)
(31,362)
(284,832)
Other comprehensive income:
Currency translation differences
-
-
(36,184)
(36,184)
-
(36,184)
Total comprehensive income for the year
-
-
(289,654)
(289,654)
(31,362)
(321,016)
Balance at 30 June 2023
16,579
105,921
4,404,287
4,526,787
(65,074)
4,461,713
WATERSTONS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2021
16,579
105,921
4,718,446
4,840,946
Year ended 30 June 2022:
Profit and total comprehensive income for the year
-
-
876,524
876,524
Dividends
9
-
-
(124,242)
(124,242)
Balance at 30 June 2022
16,579
105,921
5,470,728
5,593,228
Year ended 30 June 2023:
Profit and total comprehensive income
-
-
339,563
339,563
Balance at 30 June 2023
16,579
105,921
5,810,291
5,932,791
WATERSTONS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
24
572,237
(965,041)
Interest paid
1,865
(165)
Income taxes refunded
100,787
167,379
Net cash inflow/(outflow) from operating activities
674,889
(797,827)
Investing activities
Purchase of tangible fixed assets
(164,182)
(286,130)
Interest received
7
30
Net cash used in investing activities
(164,175)
(286,100)
Financing activities
Repayment of bank loans
-
(37,106)
Payment of finance leases obligations
(49,914)
(54,788)
Dividends paid to equity shareholders
-
0
(124,242)
Net cash used in financing activities
(49,914)
(216,136)
Net increase/(decrease) in cash and cash equivalents
460,800
(1,300,063)
Cash and cash equivalents at beginning of year
1,205,757
2,541,412
Effect of foreign exchange rates
(31,059)
(35,592)
Cash and cash equivalents at end of year
1,635,498
1,205,757
WATERSTONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 15 -
1
Accounting policies
Company information

Waterstons Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Liddon Court, Aykley Heads, Durham, DH1 5TS.

 

The group consists of Waterstons Limited and all of its subsidiaries as detailed in the notes below.

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Waterstons Limited, as an individual entity, meets the definition of a qualifying entity per FRS 102 and has taken advantage of the exemption available in paragraph 1.12 of FRS 102 from presenting a company-only statement of cash flows. These consolidated financial statements include a consolidated statement of cash flows which include the cash flows of Waterstons Limited.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Waterstons Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 June 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Turnover is attributable to the continuing principal activity of the Group.

Revenue from the sale of hardware is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 

Revenue from contracts for the provision of professional services is recognised in the period the service is provided.

WATERSTONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 16 -
1.5
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:

Fixtures and fittings
25% straight line
Computer equipment
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Impairment of fixed assets

At each reporting period end date, the group 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).

1.8
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

WATERSTONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 17 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.9
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

WATERSTONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 18 -
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 if, and only if, there is 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.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received, if considered material to the financial statements.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

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

1.12
Share-based payments

The company reflects the economic cost of awarding share options to the employees by recording an expense in profit or loss equal to the fair value of the benefit awarded, if the cost is material. The fair value of the share options is assessed on an annual basis.

1.13
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 profit or loss 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 leased asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

WATERSTONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 19 -

The results and financial position of all the Group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

 

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Assessing indicators of impairment

In assessing whether there have been any indicators of impairment in assets, the directors have considered both external and internal sources of information such as market conditions and experience of recoverability. There have been no indicators of impairment identified during the current financial year.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Determining residual value and useful economic lives of fixed assets

The group depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management.

 

Judgement is applied by management when determining the residual values of tangible assets. When determining the residual value management aim to assess the amount that the group would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life.

 

The carrying amount of tangible fixed assets at the reporting date was £600,519 (2022 - £796,246).

Recoverability of debtors

The group establishes a provision for debtors that are estimated not to be recoverable. When assessing recoverability the directors consider factors such as the ageing of the debtors, past experience of recoverability, and the credit profile of individual or groups of customers.

WATERSTONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 20 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Consultancy
17,704,373
15,144,456
Hardware
4,408,112
4,078,617
Hosting
858,368
993,646
Subscriptions
2,868,387
1,864,336
Other
518,337
458,328
26,357,577
22,539,383
2023
2022
£
£
Turnover analysed by geographical market
UK
24,893,909
21,536,224
Europe
853,909
506,018
Outside Europe
609,759
497,141
26,357,577
22,539,383
4
Operating (loss)/profit
2023
2022
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
(48)
(28,211)
Depreciation of owned tangible fixed assets
319,343
402,317
Depreciation of tangible fixed assets held under finance leases
35,441
37,587
Operating lease charges
369,708
369,236
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
10,500
10,000
WATERSTONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 21 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Directors
11
11
10
10
Operations
241
213
228
202
Shared Services
35
24
33
23
Total
287
248
271
235

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
13,553,910
11,390,205
12,427,614
10,572,475
Social security costs
1,306,671
1,143,174
1,306,671
1,143,174
Pension costs
676,995
573,785
676,995
573,785
15,537,576
13,107,164
14,411,280
12,289,434
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
653,735
653,772
Company pension contributions
117,053
90,032
770,788
743,804

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 7 (2022 - 7).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
116,131
120,832
Company pension contributions
26,002
21,673
WATERSTONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 22 -
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
124,012
(88,587)
Deferred tax
Origination and reversal of timing differences
(22,361)
(15,855)
Total tax charge/(credit)
101,651
(104,442)

The main rate of corporation tax increased to 25% from 1 April 2023 under the Finance Bill 2021. Deferred tax has been provided at the rates expected to be in place when the timing differences reverse. A marginal rate of 20.50% has been used for the period to 30 June 2023 when assessing the corporation tax charge as below.

The actual charge/(credit) for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
(Loss)/profit before taxation
(183,181)
405,242
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 20.50% (2022: 19.00%)
(37,552)
76,996
Tax effect of expenses that are not deductible in determining taxable profit
149,910
226,237
Tax effect of income not taxable in determining taxable profit
(6,661)
(431,362)
Tax effect of utilisation of tax losses not previously recognised
-
0
116,080
Effect of change in corporation tax rate
(4,046)
(3,806)
Research and development tax credit
-
0
(88,587)
Taxation charge/(credit)
101,651
(104,442)
9
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid - financial year ended 30 June 2021
-
119,538
Interim paid - financial year ended 30 June 2022
-
4,704
-
124,242
WATERSTONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 23 -
10
Tangible fixed assets
Group
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 July 2022
730,557
2,419,856
3,150,413
Additions
12,827
151,355
164,182
Exchange adjustments
(264)
(4,861)
(5,125)
At 30 June 2023
743,120
2,566,350
3,309,470
Depreciation and impairment
At 1 July 2022
607,386
1,746,781
2,354,167
Depreciation charged in the year
108,457
246,327
354,784
At 30 June 2023
715,843
1,993,108
2,708,951
Carrying amount
At 30 June 2023
27,277
573,242
600,519
At 30 June 2022
123,171
673,075
796,246
Company
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 July 2022
727,125
2,356,560
3,083,685
Additions
12,827
147,882
160,709
At 30 June 2023
739,952
2,504,442
3,244,394
Depreciation and impairment
At 1 July 2022
606,419
1,720,847
2,327,266
Depreciation charged in the year
108,160
235,947
344,107
At 30 June 2023
714,579
1,956,794
2,671,373
Carrying amount
At 30 June 2023
25,373
547,648
573,021
At 30 June 2022
120,706
635,713
756,419
WATERSTONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
10
Tangible fixed assets
(Continued)
- 24 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2023
2022
2023
2022
£
£
£
£
Computer equipment
71,713
107,153
71,713
107,153
11
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
55
55
12
Subsidiaries

Details of the company's subsidiaries at 30 June 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of shares held
% Held
Liddon Services Limited
1
Dormant
Ordinary shares
100
Waterstons Pty Limited
2
Provision of computer consultancy
Ordinary shares
95

Registered office addresses (all UK unless otherwise indicated):

1
Liddon Court, Aykley Heads, Durham, DH1 5TS, England
2
Level 9, The Quadrant, 1 William Street, Perth, WA 6000, Australia
13
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,322,471
4,997,206
4,196,332
4,863,915
Corporation tax recoverable
-
0
104,525
-
0
104,525
Amounts owed by group undertakings
-
-
1,615,307
974,440
Other debtors
511,669
454,529
458,166
442,916
Prepayments and accrued income
1,046,391
922,103
1,029,369
893,765
5,880,531
6,478,363
7,299,174
7,279,561
WATERSTONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 25 -
14
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
16
21,335
49,914
21,335
49,914
Trade creditors
1,014,089
1,147,893
1,009,855
1,113,130
Amounts owed to group undertakings
-
0
-
0
2
2
Corporation tax payable
120,274
-
0
120,274
-
0
Other taxation and social security
1,104,392
1,063,518
1,024,013
996,555
Other creditors
1,060,717
1,085,035
1,041,910
1,074,981
Accruals
253,024
226,577
250,530
224,018
3,573,831
3,572,937
3,467,919
3,458,600

Obligations under finance leases are secured on the assets to which they relate.

15
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
16
-
0
21,335
-
0
21,335

Obligations under finance leases are secured on the assets to which they relate.

16
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
21,335
49,914
21,335
49,914
In two to five years
-
0
21,335
-
0
21,335
21,335
71,249
21,335
71,249

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

WATERSTONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 26 -
17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
81,004
103,365
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
81,004
103,365
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 July 2022
103,365
103,365
Credit to profit or loss
(22,361)
(22,361)
Liability at 30 June 2023
81,004
81,004
18
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
676,995
573,785

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

Included within other creditors falling due within one year are contributions payable to the pension scheme totalling £120,546 (2022 - £105,615).

19
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
556,802
556,802
5,569
5,569
'A' Ordinary shares of 1p each
1,100,981
1,100,981
11,010
11,010
1,657,783
1,657,783
16,579
16,579
WATERSTONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
19
Share capital
(Continued)
- 27 -
20
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
454,918
426,137
399,443
405,459
Between two and five years
795,221
841,911
661,156
841,911
In over five years
27,333
191,333
27,333
191,333
1,277,472
1,459,381
1,087,932
1,438,703
21
Related party transactions

Included within other debtors is an amount of £448,871 (2022 - £438,535) relating to amounts owed by the Trustees' share scheme at the reporting date.

22
Directors' transactions

Dividends totalling £0 (2022 - £113,493) were paid in the year in respect of shares held by the company's directors.

23
Controlling party

RM Waterston and SA Waterston are considered to be the controlling party of the company by virtue of their interest in the issued share capital of the company.

WATERSTONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 28 -
24
Cash generated from/(absorbed by) group operations
2023
2022
£
£
(Loss)/profit for the year after tax
(284,832)
509,684
Adjustments for:
Taxation charged/(credited)
101,651
(104,442)
Finance costs
(1,865)
165
Investment income
(7)
(30)
Depreciation and impairment of tangible fixed assets
354,784
439,904
Movements in working capital:
Decrease/(increase) in debtors
493,307
(2,043,056)
(Decrease)/increase in creditors
(90,801)
232,734
Cash generated from/(absorbed by) operations
572,237
(965,041)
25
Analysis of changes in net funds - group
1 July 2022
Cash flows
Exchange rate movements
30 June 2023
£
£
£
£
Cash at bank and in hand
1,205,757
460,800
(31,059)
1,635,498
Obligations under finance leases
(71,249)
49,914
-
(21,335)
1,134,508
510,714
(31,059)
1,614,163
26
Prior period reclassification
The comparative reclassification relates to a balance of £954,542 being re-allocated from administrative expenses to cost of sales in relation to specific wage costs. This adjustment has been made to present a fairer representation of the group's operations. This has resulted in previously reported gross profit margin reported in 2022 of 29.7% reducing to 25.5%, however no change in overall results reported for the period.
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