12 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 44,400 44,400 xbrli:pure xbrli:shares iso4217:GBP 09469734 2023-04-01 2024-03-31 09469734 2024-03-31 09469734 2023-03-31 09469734 2022-04-01 2023-03-31 09469734 2023-03-31 09469734 2022-03-31 09469734 core:FurnitureFittings 2023-04-01 2024-03-31 09469734 core:MotorVehicles 2023-04-01 2024-03-31 09469734 core:NetGoodwill 2023-04-01 2024-03-31 09469734 bus:RegisteredOffice 2023-04-01 2024-03-31 09469734 bus:LeadAgentIfApplicable 2023-04-01 2024-03-31 09469734 bus:Director5 2023-04-01 2024-03-31 09469734 bus:Director6 2023-04-01 2024-03-31 09469734 bus:Director7 2023-04-01 2024-03-31 09469734 bus:Director8 2023-04-01 2024-03-31 09469734 bus:Director9 2023-04-01 2024-03-31 09469734 core:NetGoodwill 2024-03-31 09469734 core:FurnitureFittings 2023-03-31 09469734 core:MotorVehicles 2023-03-31 09469734 core:FurnitureFittings 2024-03-31 09469734 core:MotorVehicles 2024-03-31 09469734 core:WithinOneYear 2024-03-31 09469734 core:WithinOneYear 2023-03-31 09469734 core:AfterOneYear 2024-03-31 09469734 core:AfterOneYear 2023-03-31 09469734 core:ShareCapital 2024-03-31 09469734 core:ShareCapital 2023-03-31 09469734 core:RetainedEarningsAccumulatedLosses 2024-03-31 09469734 core:RetainedEarningsAccumulatedLosses 2023-03-31 09469734 core:BetweenOneFiveYears 2024-03-31 09469734 core:BetweenOneFiveYears 2023-03-31 09469734 core:FurnitureFittings 2023-03-31 09469734 core:MotorVehicles 2023-03-31 09469734 bus:Director6 2023-03-31 09469734 bus:Director6 2024-03-31 09469734 bus:Director9 2023-03-31 09469734 bus:Director9 2024-03-31 09469734 bus:Director6 2022-03-31 09469734 bus:Director6 2023-03-31 09469734 bus:Director7 2022-03-31 09469734 bus:Director9 2022-03-31 09469734 bus:Director9 2023-03-31 09469734 bus:Director6 2022-04-01 2023-03-31 09469734 bus:Director7 2022-04-01 2023-03-31 09469734 bus:Director9 2022-04-01 2023-03-31 09469734 bus:SmallEntities 2023-04-01 2024-03-31 09469734 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 09469734 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 09469734 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09469734 bus:FullAccounts 2023-04-01 2024-03-31 09469734 core:ComputerEquipment 2023-04-01 2024-03-31 09469734 core:ComputerEquipment 2023-03-31 09469734 core:ComputerEquipment 2024-03-31
COMPANY REGISTRATION NUMBER: 09469734
Waterhouse Financial Advisers Ltd
Filleted Unaudited Financial Statements
For the year ended
31 March 2024
Waterhouse Financial Advisers Ltd
Financial Statements
Year ended 31 March 2024
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Waterhouse Financial Advisers Ltd
Officers and Professional Advisers
The board of directors
Mrs E Dennis
Mr J Docherty
Mr L Docherty
Mr S Knight
Mr L Ring
Registered office
23 High Street
Midsomer Norton
Radstock
United Kingdom
BA3 2DR
Accountants
Chalmers HB Ltd
Chartered accountants
20 Chamberlain Street
Wells
Somerset BA5 2PF
Waterhouse Financial Advisers Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
39,804
41,339
Current assets
Debtors
7
2,184
44,576
Cash at bank and in hand
431,855
299,116
---------
---------
434,039
343,692
Creditors: amounts falling due within one year
8
204,774
176,734
---------
---------
Net current assets
229,265
166,958
---------
---------
Total assets less current liabilities
269,069
208,297
Creditors: amounts falling due after more than one year
9
32,818
39,629
---------
---------
Net assets
236,251
168,668
---------
---------
Capital and reserves
Called up share capital
302
302
Profit and loss account
235,949
168,366
---------
---------
Shareholders funds
236,251
168,668
---------
---------
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 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Waterhouse Financial Advisers Ltd
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 7 August 2024 , and are signed on behalf of the board by:
Mrs E Dennis
Mr J Docherty
Director
Director
Mr L Docherty
Mr S Knight
Director
Director
Mr L Ring
Director
Company registration number: 09469734
Waterhouse Financial Advisers Ltd
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 23 High Street, Midsomer Norton, Radstock, BA3 2DR, United Kingdom.
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.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
on a straight line basis over 5 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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 and fittings
-
20% reducing balance
Motor vehicles
-
20% reducing balance
Computer equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2023: 10 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
44,400
--------
Amortisation
At 1 April 2023 and 31 March 2024
44,400
--------
Carrying amount
At 31 March 2024
--------
At 31 March 2023
--------
6. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 April 2023
27,214
51,786
26,770
105,770
Additions
626
1,060
9,930
11,616
Disposals
( 109)
( 8,277)
( 8,386)
--------
--------
--------
---------
At 31 March 2024
27,731
52,846
28,423
109,000
--------
--------
--------
---------
Depreciation
At 1 April 2023
20,850
22,656
20,925
64,431
Charge for the year
1,391
7,547
3,866
12,804
Disposals
( 73)
( 7,966)
( 8,039)
--------
--------
--------
---------
At 31 March 2024
22,168
30,203
16,825
69,196
--------
--------
--------
---------
Carrying amount
At 31 March 2024
5,563
22,643
11,598
39,804
--------
--------
--------
---------
At 31 March 2023
6,364
29,130
5,845
41,339
--------
--------
--------
---------
7. Debtors
2024
2023
£
£
Other debtors
2,184
44,576
-------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
9,447
9,445
Corporation tax
181,417
154,530
Social security and other taxes
2,784
3,641
Other creditors
11,126
9,118
---------
---------
204,774
176,734
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
32,818
39,629
--------
--------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
594
1,081
Later than 1 year and not later than 5 years
216
810
----
-------
810
1,891
----
-------
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr J Docherty
( 112)
( 112)
Mr L Docherty
Mr L Ring
158
158
----
----
----
46
46
----
----
----
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr J Docherty
1
( 113)
( 112)
Mr L Docherty
( 265)
265
Mr L Ring
1
157
158
----
----
----
( 263)
309
46
----
----
----