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Registered number: 05929002
Waterford Development Limited
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—8
Page 1
Balance Sheet
Registered number: 05929002
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 398,061 415,719
398,061 415,719
CURRENT ASSETS
Debtors 6 310,853 292,225
Cash at bank and in hand 149,036 117,930
459,889 410,155
Creditors: Amounts Falling Due Within One Year 7 (324,120 ) (293,847 )
NET CURRENT ASSETS (LIABILITIES) 135,769 116,308
TOTAL ASSETS LESS CURRENT LIABILITIES 533,830 532,027
Creditors: Amounts Falling Due After More Than One Year 8 (109,199 ) (132,603 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (7,660 ) (5,093 )
NET ASSETS 416,971 394,331
CAPITAL AND RESERVES
Called up share capital 9 2 2
Fair Value Reserve 11 19,099 20,372
Profit and Loss Account 397,870 373,957
SHAREHOLDERS' FUNDS 416,971 394,331
Page 1
Page 2
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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 R Culverhouse
Director
Mr R Watts
Director
16/09/2024
The notes on pages 3 to 8 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Waterford Development Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05929002 . The registered office is 19A Orbital 25 Business Park, Dwight Road, Watford, Hertfordshire, WD18 9DA.

The presentation currency of the financial statements is the Pound Sterling (£).
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention as modified by the revaluation of certain assets and in accordance with the FRS 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.
Turnover from the sale of goods is recognised at the point of sale. Turnover from the rendering of services is recognised on completeion of the serveice or for long engagements, it is recognised by reference to the stage of completion at the balance sheet date.
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 ten 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:
Freehold 2% on cost
Plant & Machinery 15% on cost
Motor Vehicles 25% on cost
Fixtures & Fittings 20% on cost
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, future investments and the physical condition of the assets.
2.5. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account. Deferred tax is provided on the gain at the rate expected to apply when the property is sold. A transfer is made from retained earnings to a non-distributable fair value reserve equivalent to the unrealised net gain on investment property.
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2.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.7. 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 year 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.
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 asset reflects 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: 16 (2023: 16)
16 16
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4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 200,000
As at 31 March 2024 200,000
Amortisation
As at 1 April 2023 200,000
As at 31 March 2024 200,000
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
5. Tangible Assets
Land & Property
Freehold Investment Properties Plant & Machinery Motor Vehicles
£ £ £ £
Cost or Valuation
As at 1 April 2023 253,576 153,000 5,754 116,200
Additions - - - 12,490
As at 31 March 2024 253,576 153,000 5,754 128,690
Depreciation
As at 1 April 2023 35,504 - 5,754 76,042
Provided during the period 5,072 - - 23,600
As at 31 March 2024 40,576 - 5,754 99,642
Net Book Value
As at 31 March 2024 213,000 153,000 - 29,048
As at 1 April 2023 218,072 153,000 - 40,158
Fixtures & Fittings Total
£ £
Cost or Valuation
As at 1 April 2023 35,085 563,615
Additions - 12,490
As at 31 March 2024 35,085 576,105
...CONTINUED
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Depreciation
As at 1 April 2023 30,596 147,896
Provided during the period 1,476 30,148
As at 31 March 2024 32,072 178,044
Net Book Value
As at 31 March 2024 3,013 398,061
As at 1 April 2023 4,489 415,719
Cost or valuation as at 31 March 2024 represented by:
Land & Property
Freehold Investment Properties Plant & Machinery Motor Vehicles
£ £ £ £
At cost 253,576 - 5,754 128,690
At valuation - 153,000 - -
253,576 153,000 5,754 128,690
Fixtures & Fittings Total
£ £
At cost 35,085 423,105
At valuation - 153,000
35,085 576,105
Investment property was valued by the directors on an open market basis on 31 March 2024.
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 288,815 271,835
Other debtors 22,038 20,390
310,853 292,225
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 14,418 14,322
Trade creditors 90,930 71,218
Bank loans and overdrafts 28,443 25,833
Other creditors 13,638 27,717
Taxation and social security 176,691 154,757
324,120 293,847
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 12,261 14,279
Bank loans 96,938 118,324
109,199 132,603
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Richard Culverhouse - 5,335 - - 5,335
Mr Robert Watts - 1,314 - - 1,314
The above loans are unsecured, interest free and repayable on demand.
11. Reserves
Fair Value Reserve
£
As at 1 April 2023 20,372
Transfer to profit and loss (1,273 )
As at 31 March 2024 19,099
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12. Related Party Transactions
Other debtors includes a loan of £15,000 (2023 - £15,000) to JWC Property Limited, a company in which R Culverhouse and R Watts are directors.
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