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COMPANY REGISTRATION NUMBER: 02588294
Waterlaw Limited
Filleted Unaudited Financial Statements
31 December 2023
Waterlaw Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
2,919
3,892
Fixed Asset Investments
7
1,141,976
1,152,596
------------
------------
1,144,895
1,156,488
Current assets
Debtors
8
454
32,798
Cash at bank and in hand
56,486
10,641
--------
--------
56,940
43,439
Creditors: amounts falling due within one year
9
9,079
16,682
--------
--------
Net current assets
47,861
26,757
------------
------------
Total assets less current liabilities
1,192,756
1,183,245
Provisions
Taxation including deferred tax
10
85,319
83,106
------------
------------
Net assets
1,107,437
1,100,139
------------
------------
Waterlaw Limited
Statement of Financial Position (continued)
31 December 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
12
52
52
Profit and loss account
1,107,385
1,100,087
------------
------------
Shareholders funds
1,107,437
1,100,139
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 13 August 2024 , and are signed on behalf of the board by:
R Davies
Director
Company registration number: 02588294
Waterlaw Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 24 Bridge Street, Newport, South Wales, NP20 4SF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The Director has given assurances to the company that she will continue to support it for the next 12 months.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
15% p.a. Straight line basis
Office Equipment
-
25% p.a. Straight line basis
Investments
Fixed asset investments are recorded at fair value.
Current asset investments are are recorded at cost less any accumulated permanent impairment losses.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tax on profit/(loss)
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
3,587
Deferred tax:
Origination and reversal of timing differences
2,213
-------
----
Tax on profit/(loss)
5,800
-------
----
6. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
10,813
16,220
27,033
--------
--------
--------
Depreciation
At 1 January 2023
10,813
12,328
23,141
Charge for the year
973
973
--------
--------
--------
At 31 December 2023
10,813
13,301
24,114
--------
--------
--------
Carrying amount
At 31 December 2023
2,919
2,919
--------
--------
--------
At 31 December 2022
3,892
3,892
--------
--------
--------
7. Fixed asset investments
Investment property
Unit trusts
Total
£
£
£
Valuation
At 1 January 2023
763,535
389,061
1,152,596
Disposals
( 34,214)
( 34,214)
Revaluations
23,594
23,594
---------
---------
------------
At 31 December 2023
729,321
412,655
1,141,976
---------
---------
------------
Impairment
At 1 January 2023
Disposals
( 34,214)
( 34,214)
Impairment losses
34,214
34,214
---------
---------
------------
At 31 December 2023
---------
---------
------------
Carrying amount
At 31 December 2023
729,321
412,655
1,141,976
---------
---------
------------
At 31 December 2022
763,535
389,061
1,152,596
---------
---------
------------
In respect of certain fixed assets stated at valuations, the comparable historical cost and depreciation values are as follows:
Net book value as at 31 December 2023 £1,141,976 (2022: £1,152,596)
Historical cost as at 31 December 2023 £899,547 (2022: £944,019)
A valuation of the investment property was undertaken by the director as at 31 December 2023.
The impairment relates to an overseas leasehold property no longer utilised by the company.
8. Debtors
2023
2022
£
£
Prepayments and accrued income
454
208
Director's loan account
30,827
Other debtors
1,763
----
--------
454
32,798
----
--------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,670
Accruals and deferred income
2,822
16,602
Corporation tax
3,587
80
-------
--------
9,079
16,682
-------
--------
10. Provisions
Deferred tax (note 11)
£
At 1 January 2023
83,106
Charge against provision
2,213
--------
At 31 December 2023
85,319
--------
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions (note 10)
85,319
83,106
--------
--------
12. Called up share capital
Authorised share capital
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
25,000
25,000
25,000
25,000
--------
--------
--------
--------
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
52
52
52
52
----
----
----
----
13. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
R Davies
30,827
55,000
( 85,827)
--------
--------
--------
----
2022
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
R Davies
( 821)
41,000
( 9,352)
30,827
----
--------
-------
--------
14. Related party transactions
The company was under the control of R Davies throughout the current year. R Davies is the managing director. As at 31st December 2023 the Director owed the company £nil (2022: £30,827).