NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Water Weights Ltd is a company incorporated in Scotland. The company's registered address is Unit 1a Howe Moss Drive, Kirkhill Industrial Estate, Dyce, Aberdeen, AB21 0GL.
2.Accounting policies
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
On 1 October 2020, as part of group restructuring, the assets and liabilities of the company were hived up into Unique Seaflex Limited. The directors of Water Weights Limited do not intend to acquire a replacement trade within the foreseeable future, however, the Company remains in a strong net asset position and there is currently no intention to liquidate.
Management have confirmed with Group that if monies are required for working capital then payments shall be made from Group in the form of repayments of the debtor balances which remain outstanding at the balance sheet date.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Page 2
|