Acorah Software Products - Accounts Production 15.0.600 false true 31 May 2023 1 June 2022 false 1 June 2023 31 May 2024 31 May 2024 04961493 Mr Stephen Smith Mr Leigh Smith iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 04961493 2023-05-31 04961493 2024-05-31 04961493 2023-06-01 2024-05-31 04961493 frs-core:CurrentFinancialInstruments 2024-05-31 04961493 frs-core:Non-currentFinancialInstruments 2024-05-31 04961493 frs-core:ComputerEquipment 2024-05-31 04961493 frs-core:ComputerEquipment 2023-06-01 2024-05-31 04961493 frs-core:ComputerEquipment 2023-05-31 04961493 frs-core:FurnitureFittings 2024-05-31 04961493 frs-core:FurnitureFittings 2023-06-01 2024-05-31 04961493 frs-core:FurnitureFittings 2023-05-31 04961493 frs-core:NetGoodwill 2024-05-31 04961493 frs-core:NetGoodwill 2023-06-01 2024-05-31 04961493 frs-core:NetGoodwill 2023-05-31 04961493 frs-core:MotorVehicles 2024-05-31 04961493 frs-core:MotorVehicles 2023-06-01 2024-05-31 04961493 frs-core:MotorVehicles 2023-05-31 04961493 frs-core:PlantMachinery 2024-05-31 04961493 frs-core:PlantMachinery 2023-06-01 2024-05-31 04961493 frs-core:PlantMachinery 2023-05-31 04961493 frs-core:ShareCapital 2024-05-31 04961493 frs-core:RetainedEarningsAccumulatedLosses 2024-05-31 04961493 frs-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 04961493 frs-bus:FilletedAccounts 2023-06-01 2024-05-31 04961493 frs-bus:SmallEntities 2023-06-01 2024-05-31 04961493 frs-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 04961493 frs-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 04961493 frs-bus:Director1 2023-06-01 2024-05-31 04961493 frs-bus:CompanySecretary1 2023-06-01 2024-05-31 04961493 frs-countries:EnglandWales 2023-06-01 2024-05-31 04961493 2022-05-31 04961493 2023-05-31 04961493 2022-06-01 2023-05-31 04961493 frs-core:CurrentFinancialInstruments 2023-05-31 04961493 frs-core:Non-currentFinancialInstruments 2023-05-31 04961493 frs-core:ShareCapital 2023-05-31 04961493 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31
Registered number: 04961493
Waterwood Contracts Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Brookwood Accountancy Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04961493
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 22,516 29,667
22,516 29,667
CURRENT ASSETS
Stocks 6 607,402 510,890
Debtors 7 3,680 9,698
Cash at bank and in hand 516,557 745,999
1,127,639 1,266,587
Creditors: Amounts Falling Due Within One Year 8 (639,139 ) (654,673 )
NET CURRENT ASSETS (LIABILITIES) 488,500 611,914
TOTAL ASSETS LESS CURRENT LIABILITIES 511,016 641,581
Creditors: Amounts Falling Due After More Than One Year 9 (16,675 ) (26,676 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (5,629 ) (5,637 )
NET ASSETS 488,712 609,268
CAPITAL AND RESERVES
Called up share capital 10 1 1
Profit and Loss Account 488,711 609,267
SHAREHOLDERS' FUNDS 488,712 609,268
Page 1
Page 2
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Stephen Smith
Director
09/09/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Waterwood Contracts Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04961493 . The registered office is Hawthorne, Holton, Oxford, OX33 1PS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% Reducing balance method
Motor Vehicles 25% Reducing balance method
Fixtures & Fittings 25% Reducing balance method
Computer Equipment 33.33% Straight line method
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
Page 3
Page 4
2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Intangible Assets
Goodwill
£
Cost
As at 1 June 2023 30,000
As at 31 May 2024 30,000
Amortisation
As at 1 June 2023 30,000
As at 31 May 2024 30,000
Net Book Value
As at 31 May 2024 -
As at 1 June 2023 -
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 June 2023 5,045 56,075 1,491 1,058 63,669
Additions - - - 226 226
As at 31 May 2024 5,045 56,075 1,491 1,284 63,895
Depreciation
As at 1 June 2023 3,875 27,590 1,481 1,056 34,002
Provided during the period 175 7,122 3 77 7,377
As at 31 May 2024 4,050 34,712 1,484 1,133 41,379
Net Book Value
As at 31 May 2024 995 21,363 7 151 22,516
As at 1 June 2023 1,170 28,485 10 2 29,667
6. Stocks
2024 2023
£ £
Work in progress 607,402 510,890
Page 4
Page 5
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 3,136
Prepayments and accrued income 3,680 2,688
VAT - 3,874
3,680 9,698
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 7,225 7,649
Bank loans and overdrafts 10,000 10,000
Other taxes and social security 3,001 1,904
VAT 16,089 -
Director's loan account 602,824 635,120
639,139 654,673
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 16,675 26,676
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
Page 5