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Company No: 03557214 (England and Wales)

WATER SCULPTURES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

WATER SCULPTURES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023

Contents

WATER SCULPTURES LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
WATER SCULPTURES LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
DIRECTORS William SD Elliot
Alasdair LD Elliot
Louise Hodgson
SECRETARY Louise Hodgson
REGISTERED OFFICE Unit 4 Stevant Way
Northgate White Lund
Morecambe
LA3 3PU
United Kingdom
COMPANY NUMBER 03557214 (England and Wales)
CHARTERED ACCOUNTANTS MHA
14 Mannin Way
Lancaster Business Park
Lancaster
LA1 3SW
WATER SCULPTURES LIMITED

BALANCE SHEET

AS AT 30 NOVEMBER 2023
WATER SCULPTURES LIMITED

BALANCE SHEET (continued)

AS AT 30 NOVEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 74,489 83,845
74,489 83,845
Current assets
Stocks 5 3,950 3,950
Debtors 6 16,216 15,012
Cash at bank and in hand 349,579 376,557
369,745 395,519
Creditors: amounts falling due within one year 7 ( 69,455) ( 67,252)
Net current assets 300,290 328,267
Total assets less current liabilities 374,779 412,112
Provision for liabilities ( 18,306) ( 20,578)
Net assets 356,473 391,534
Capital and reserves
Called-up share capital 8 480 480
Profit and loss account 355,993 391,054
Total shareholders' funds 356,473 391,534

For the financial year ending 30 November 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Water Sculptures Limited (registered number: 03557214) were approved and authorised for issue by the Board of Directors on 11 July 2024. They were signed on its behalf by:

Louise Hodgson
Director
WATER SCULPTURES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
WATER SCULPTURES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Water Sculptures Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 4 Stevant Way, Northgate White Lund, Morecambe, LA3 3PU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Environmental, social, and governance (ESG)

We endeavour to comply with all environmental legislation, regulations, approved codes of practice and
other external requirements applicable to our business. Our decisions regarding working practices and
purchasing take environmental considerations into account. To support this we have adopted a set of
standards, concentrating on processes that cut down waste, re-use sources and recycle wherever
possible. Across the firm we recycle much of our office waste including paper, cardboard, plastics and
printer cartridges and have a ‘switch-off’ policy to reduce our energy consumption.

The actions we will take to make this policy work include:

As a responsible company who creates diverse water effects for the entertainment industry we carry out
testing of equipment in our workspace. We realise that water is a vital resource to us and an expensive
commodity both financially and environmentally. For the past 17 years we have harvested water from the
roof of our building and stored for this for testing of our effects. Initially we started with a 1000 litres
capacity and have since introduced a decanting system which means we can store up to 8000 litres if
the weather so permits.

· Paper. Reduce the usage, solely use either recycled or FSC certified paper and recycle any waste.
This has recently been introduced in the admin department with the HP programme to reduce paper
waste by not printing as much and relying on electronic copies. This also reduces and controls ink
usage.

· Waste disposal and recycling. Utilise environmentally sound waste disposal methods, minimise the
use of plastic packaging materials and recycle as much as possible. This is currently in place &
carried out by our local council refuse team. When we receive parcels, boxed or bagged, we recycle
80% and re-use 20%for our own packing purposes.

· Consumables. Monitoring our usage of consumable materials to minimise waste and purchase
recycled of long-life products where appropriate. Water Sculptures has long been associated with reuse
and upcycling of our equipment. The nature of our business is about rental and the equipment is
returned to us for future use on subsequent projects.

· Energy efficiency. We will use energy saving devices and practices wherever possible. Water
Sculptures have recently replaced all of their fluorescent lights within the building with cost effective
LED replacements. All electronic equipment is switched off at the end of the day.

· Travel. The use of electronic mail, telephone and video conferencing, public transport or shared
transport are promoted to reduce unnecessary travel. Email and video conferencing has become a
norm in our business due to the pandemic, we try to arrange virtual meetings where we can & use
rail transport when we can.

· Communication. We continue to raise awareness and understanding of environmental issues on the
business and encourage employee engagement.

As a small business we can easily convey our ideas to the shop floor and also implement them.

We have made a conscious decision to choose environmentally aware suppliers wherever possible. We
have also chosen a firm-wide supplier for our office supplies which has a comprehensive CSR policy, a
neutral carbon emissions policy and an environment policy which covers everything from products made
from recycled material to Fair Trade products. On a local basis, the offices are encouraged to use the
services of local businesses when possible, to support our community and to reduce the environmental
impact of transporting goods and services.

Intangible assets

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 profit or loss.

Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and
intangible 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 cashgenerating
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 profit or loss, 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 profit or loss, 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 6

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 December 2022 90,000 90,000
At 30 November 2023 90,000 90,000
Accumulated amortisation
At 01 December 2022 90,000 90,000
At 30 November 2023 90,000 90,000
Net book value
At 30 November 2023 0 0
At 30 November 2022 0 0

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 December 2022 289,350 289,350
Additions 5,620 5,620
At 30 November 2023 294,970 294,970
Accumulated depreciation
At 01 December 2022 205,505 205,505
Charge for the financial year 14,976 14,976
Rounding 0 0
At 30 November 2023 220,481 220,481
Net book value
At 30 November 2023 74,489 74,489
At 30 November 2022 83,845 83,845

5. Stocks

2023 2022
£ £
Stocks 3,950 3,950

6. Debtors

2023 2022
£ £
Trade debtors 6,546 5,076
Other debtors 9,670 9,936
16,216 15,012

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 14,012 9,038
Taxation and social security 31,938 51,286
Other creditors 23,505 6,928
69,455 67,252

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
60 Ordinary shares shares of £ 1.00 each 60 60
60 'A' Ordinary shares shares of £ 1.00 each 60 60
96 'B' Ordinary shares shares of £ 1.00 each 96 96
96 'C' Ordinary shares shares of £ 1.00 each 96 96
96 'D' Ordinary shares shares of £ 1.00 each 96 96
24 'E' Ordinary shares shares of £ 1.00 each 24 24
24 'F' Ordinary shares shares of £ 1.00 each 24 24
24 'G' Ordinary shares shares of £ 1.00 each 24 24
480 480

9. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Balances due from directors 760 373