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REGISTERED NUMBER: 03768376 (England and Wales)

















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH NOVEMBER 2023

FOR

WATERGATES LTD

WATERGATES LTD (REGISTERED NUMBER: 03768376)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH NOVEMBER 2023










Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


WATERGATES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH NOVEMBER 2023







DIRECTORS: Mr. F A Chaka
Mr N H Malida





SECRETARY: Mr. F A Chaka





REGISTERED OFFICE: Watergates Building
109 Coleman Road
Leicester
Leicestershire
LE5 4LE





REGISTERED NUMBER: 03768376 (England and Wales)





ACCOUNTANTS: Watergates Ltd
109 Coleman Road
Leicester
LE5 4LE

WATERGATES LTD (REGISTERED NUMBER: 03768376)

ABRIDGED STATEMENT OF FINANCIAL POSITION
30TH NOVEMBER 2023

30/11/23 30/11/22
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 17,861 21,345
17,861 21,345

CURRENT ASSETS
Stocks 197,175 206,750
Debtors 1,352,857 1,387,695
Investments 542,000 462,000
Cash at bank and in hand 35,332 21,696
2,127,364 2,078,141
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR

(516,661

)

(563,203

)
NET CURRENT ASSETS 1,610,703 1,514,938
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,628,564

1,536,283

CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR

(541,209

)

(607,846

)

PROVISIONS FOR LIABILITIES (3,325 ) (2,998 )
NET ASSETS 1,084,030 925,439

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings 1,083,930 925,339
SHAREHOLDERS' FUNDS 1,084,030 925,439

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th November 2023.

The members have not required the Company to obtain an audit of its financial statements for the year ended 30th November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company.

WATERGATES LTD (REGISTERED NUMBER: 03768376)

ABRIDGED STATEMENT OF FINANCIAL POSITION - continued
30TH NOVEMBER 2023


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

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 30th November 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20th August 2024 and were signed on its behalf by:





Mr N H Malida - Director


WATERGATES LTD (REGISTERED NUMBER: 03768376)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH NOVEMBER 2023


1. STATUTORY INFORMATION

Watergates Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is derived from the ordinary course of the company's activities.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a propeortion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

GOODWILL
Goodwill, being the amount paid in connection with the acquisition of a business in 2001, is being amortised evenly over its estimated useful life of five years.

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 20% on cost
Office equipment - 33% on cost

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


WATERGATES LTD (REGISTERED NUMBER: 03768376)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH NOVEMBER 2023


2. ACCOUNTING POLICIES - continued
DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

INVESTMENTS
Investments comprise investments in unquoted equity instruments which are measured at fair value. Changes in fair value are recongnised in profit or loss. Where fair value cannot be measured reliably, then the investment is carried at cost less impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2022 - 37 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1st December 2022
and 30th November 2023 28,500
AMORTISATION
At 1st December 2022
and 30th November 2023 28,500
NET BOOK VALUE

At 30th November 2023 -
At 30th November 2022 -

WATERGATES LTD (REGISTERED NUMBER: 03768376)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH NOVEMBER 2023


5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1st December 2022 95,606
Additions 8,559
Disposals (61,935 )
At 30th November 2023 42,230
DEPRECIATION
At 1st December 2022 74,261
Charge for year 12,043
Eliminated on disposal (61,935 )
At 30th November 2023 24,369
NET BOOK VALUE
At 30th November 2023 17,861
At 30th November 2022 21,345

6. SECURED DEBTS

The following secured debts are included within creditors:

30/11/23 30/11/22
£    £   
Other loans 541,209 607,846

Loans are secured by way of fixed and floating charge over all assets of the company.

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30/11/23 30/11/22
value: £    £   
100 Ordinary 1 100 100

WATERGATES LTD (REGISTERED NUMBER: 03768376)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH NOVEMBER 2023


8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30th November 2023 and 30th November 2022:

30/11/23 30/11/22
£    £   
Mr N H Malida and Mr. F A Chaka
Balance outstanding at start of year (137,807 ) (223,711 )
Amounts advanced 131,191 85,904
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (6,616 ) (137,807 )