Company registration number 05546669 (England and Wales)
WATERWISE PROJECT (A COMPANY LIMITED BY GUARANTEE)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
WATERWISE PROJECT (A COMPANY LIMITED BY GUARANTEE)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
WATERWISE PROJECT (A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
4,895
2,540
Current assets
Debtors
6
75,471
27,481
Cash at bank and in hand
523,988
455,785
599,459
483,266
Creditors: amounts falling due within one year
7
(445,738)
(346,628)
Net current assets
153,721
136,638
Net assets
158,616
139,178
Reserves
Income and expenditure account
158,616
139,178
Members' funds
158,616
139,178

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

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 21 March 2024 and are signed on its behalf by:
N Russell
T Flasck
Director
Director
Company Registration No. 05546669
WATERWISE PROJECT (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -
1
Accounting policies
Company information

Waterwise Project (A Company Limited by Guarantee) is a private company limited by guarantee incorporated in England and Wales. The registered office is 344 - 354 Grays Inn Road, London, United Kingdom, WC1X 8BP.

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 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.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

The company has made sufficient profits to present retained profits this year.

 

The directors have prepared projected cash flow information for the period ending 12 months from the date of their approval of these financial statements.

 

The nature of the company's activities do create uncertainties in respect of timing of cash flows, but the forecasts demonstrate that the company can continue to operate within its banking facilities.

 

In making their assessment of future performance, the directors have considered all relevant facts and circumstances at the date of approval of the financial statements and have a reasonable expectation that the company can continue to adopt the going concern basis of accounting.

 

The financial statements do not include any adjustments that would result should the going concern basis of preparation not be appropriate.

1.3
Income and expenditure

Income and expenses are recognised in the financial statements at the fair value of the consideration received or receivable for services provided in the normal course of business, and are shown net of VAT and other sales relate taxes.

1.4
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:

Computer equipment
3 years 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 credited or charged to surplus or deficit.

WATERWISE PROJECT (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 3 -
1.5
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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

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 company after deducting all of its liabilities.

WATERWISE PROJECT (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
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.

1.8
Taxation

The company has obtained exemption from the Revenue Commissioners in respect of corporation tax, it being a company not carrying on a business for the purposes of making a profit.

1.9
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.

 

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.

1.10
Retirement benefits

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

2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

3
Income

The total income of the company for the year has been derived from its principal activity wholly undertaken in the UK.

 

The company acts as an agent on behalf of certain water companies and collects funds for project expenditure which is excluded from Income.

 

WATERWISE PROJECT (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
4
Employees

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

2023
2022
Number
Number
Total
9
8
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2022
10,297
Additions
4,896
At 31 August 2023
15,193
Depreciation and impairment
At 1 September 2022
7,757
Depreciation charged in the year
2,541
At 31 August 2023
10,298
Carrying amount
At 31 August 2023
4,895
At 31 August 2022
2,540
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Service charges due
72,419
21,154
Other debtors
3,052
6,327
75,471
27,481
WATERWISE PROJECT (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
14,764
8,053
Taxation and social security
34,216
23,727
Other creditors
396,758
314,848
445,738
346,628
8
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Thomas Hornbuckle BA (Hons) FCA.
The auditor was Afford Bond Holdings Limited.
10
Operating lease commitments

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

2023
2022
£
£
1,604
1,942
2023-08-312022-09-01false21 March 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedDr R E O'NeillA BlackhallN RussellL C HorrocksK J OckendenS ThompsonT FlasckS ArthurC KingT L SephtonD McCreaM Islamfalse055466692022-09-012023-08-31055466692023-08-31055466692022-08-3105546669core:OtherPropertyPlantEquipment2023-08-3105546669core:OtherPropertyPlantEquipment2022-08-3105546669core:CurrentFinancialInstrumentscore:WithinOneYear2023-08-3105546669core:CurrentFinancialInstrumentscore:WithinOneYear2022-08-3105546669core:CurrentFinancialInstruments2023-08-3105546669core:CurrentFinancialInstruments2022-08-3105546669core:RetainedEarningsAccumulatedLosses2023-08-3105546669core:RetainedEarningsAccumulatedLosses2022-08-3105546669bus:Director32022-09-012023-08-3105546669bus:Director72022-09-012023-08-3105546669core:ComputerEquipment2022-09-012023-08-31055466692021-09-012022-08-3105546669core:OtherPropertyPlantEquipment2022-08-3105546669core:OtherPropertyPlantEquipment2022-09-012023-08-3105546669bus:CompanyLimitedByGuarantee2022-09-012023-08-3105546669bus:SmallCompaniesRegimeForAccounts2022-09-012023-08-3105546669bus:FRS1022022-09-012023-08-3105546669bus:Audited2022-09-012023-08-3105546669bus:Director12022-09-012023-08-3105546669bus:Director22022-09-012023-08-3105546669bus:Director42022-09-012023-08-3105546669bus:Director52022-09-012023-08-3105546669bus:Director62022-09-012023-08-3105546669bus:Director82022-09-012023-08-3105546669bus:Director92022-09-012023-08-3105546669bus:Director102022-09-012023-08-3105546669bus:Director112022-09-012023-08-3105546669bus:Director122022-09-012023-08-3105546669bus:FullAccounts2022-09-012023-08-31xbrli:purexbrli:sharesiso4217:GBP