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Registered Number: 09797511
England and Wales

 

 

 

SALT & WATER LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 September 2023

End date: 31 March 2024
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 43,641    48,795 
43,641    48,795 
Current assets      
Stocks 98,318    88,945 
Debtors 31,920    8,651 
Cash at bank and in hand 57,745    75,149 
187,983    172,745 
Creditors: amount falling due within one year (198,497)   (145,143)
Net current assets (10,514)   27,602 
 
Total assets less current liabilities 33,127    76,397 
Provisions for liabilities (3,848)   (6,808)
Net assets 29,279    69,589 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 29,179    69,489 
Shareholders' funds 29,279    69,589 
 


For the period ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006 the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 19 August 2024 and were signed on its behalf by:


-------------------------------
T M Fahey
Director
1
General Information
Salt & Water Limited is a private company, limited by shares, registered in England and Wales, registration number 09797511, registration address Merlin House Brunel Road, Theale, Reading, Berkshire, RG7 4AB. The trading address of the company is Chilton Green House, Hoxall Lane, Brighstone, Isle of Wight, PO30 4DT.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102(1A) The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts. Income is recognised at the point which services are carried out.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & fittings - 15%, 25% and 33% on cost
Computer equipment - 33% on cost
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any forseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Debtors
Short term debtors are measured at transaction price less any impairment. Loans receivable are measured at initially at fair value, net of transaction costs, and are measured subsequently at amortised costs using the effective interest method.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans are measured initially at fair value, net of transaction costs, and are subsequently measured at amortised costs using the effective interest method.
2.

Average number of employees

Average number of employees during the period was 6 (2023 : 5).
3.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Computer Equipment   Total
  £   £   £
At 01 September 2023 68,621    4,500    73,121 
Additions 2,916      2,916 
Disposals    
At 31 March 2024 71,537    4,500    76,037 
Depreciation
At 01 September 2023 21,227    3,099    24,326 
Charge for period 7,533    537    8,070 
On disposals    
At 31 March 2024 28,760    3,636    32,396 
Net book values
Closing balance as at 31 March 2024 42,777    864    43,641 
Opening balance as at 01 September 2023 47,394    1,401    48,795 


4.

Director’s loan

Director's Advances, Credits And Guarantees

At the balance sheet, there were credit balances on the following directors' loan accounts:

Mr T M Fahey - £139,558 (2023: £20,828 credit)

The above loan is interest free with no fixed date of repayment.
5.

Debtors: amounts falling due within one year

.   2024
£
  2023
£
Trade Debtors 5,625  5,978 
Prepayments 2,238  2,564 
Other Debtors 109 
VAT 24,057 
31,920  8,651 

6.

Creditors: amounts falling due within one year

.   2024
£
  2023
£
Trade Creditors 28,908  95,030 
Corporation Tax 7,212 
PAYE & Social Security 1,406  1,006 
Accruals & Deferred Income 22,277  18,242 
Other Creditors 6,348 
Director's Current Account 139,558  20,828 
VAT 2,825 
198,497  145,143 

7.

Leasing agreements

Minimum lease payments under non- cancellable operating leases fall due as follows:
.   2024
£
Less than one year 7,428 
Between 2-5 years 11,142 
18,570 

8.

Ultimate Controlling Party

The company is under the control of its director T M Fahey.
2