Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31true2023-01-01falseManagement of real estate44trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11944228 2023-01-01 2023-12-31 11944228 2022-01-01 2022-12-31 11944228 2023-12-31 11944228 2022-12-31 11944228 c:Director2 2023-01-01 2023-12-31 11944228 d:OfficeEquipment 2023-01-01 2023-12-31 11944228 d:OfficeEquipment 2023-12-31 11944228 d:OfficeEquipment 2022-12-31 11944228 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11944228 d:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 11944228 d:CurrentFinancialInstruments 2023-12-31 11944228 d:CurrentFinancialInstruments 2022-12-31 11944228 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 11944228 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 11944228 d:ShareCapital 2023-12-31 11944228 d:ShareCapital 2022-12-31 11944228 d:SharePremium 2023-12-31 11944228 d:SharePremium 2022-12-31 11944228 d:RetainedEarningsAccumulatedLosses 2023-12-31 11944228 d:RetainedEarningsAccumulatedLosses 2022-12-31 11944228 c:FRS102 2023-01-01 2023-12-31 11944228 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 11944228 c:FullAccounts 2023-01-01 2023-12-31 11944228 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11944228 2 2023-01-01 2023-12-31 11944228 6 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: 11944228






WATERMEADOW HOMES LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










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WATERMEADOW HOMES LIMITED
REGISTERED NUMBER:11944228

BALANCE SHEET
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,309
2,270

Investments
 5 
10,365,418
10,365,418

  
10,366,727
10,367,688

Current assets
  

Debtors: amounts falling due within one year
 6 
11,641,553
9,816,436

Cash at bank and in hand
 7 
409,693
196,892

  
12,051,246
10,013,328

Creditors: amounts falling due within one year
 8 
(20,871,777)
(18,748,787)

Net current liabilities
  
 
 
(8,820,531)
 
 
(8,735,459)

Total assets less current liabilities
  
1,546,196
1,632,229

  

Net assets
  
1,546,196
1,632,229


Capital and reserves
  

Called up share capital 
  
20,000
20,000

Share premium account
  
1,980,000
1,980,000

Profit and loss account
  
(453,804)
(367,771)

  
1,546,196
1,632,229


Page 1

 
WATERMEADOW HOMES LIMITED
REGISTERED NUMBER:11944228
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R S Anderson
Director

Date: 19 September 2024

Page 2

 
WATERMEADOW HOMES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Watermeadow Homes Limited is a private company limited by shares incorporated in England and Wales. Its registered office is Millhouse, 32 - 38 East Street, Rochford, Essex, SS4 1 DB.
The principal activity continued to be that of management of real estate.

2.Accounting policies

 
2.1

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

Despite the Company having net profit and loss reserves the directors are of the opinion that the Company is a going concern due to the continued support of the group.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
WATERMEADOW HOMES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Computer software
-
15%
Straight line

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
33%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.11

Debtors

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 4

 
WATERMEADOW HOMES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the
Page 5

 
WATERMEADOW HOMES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)

risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 -4).


4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 January 2023
2,911



At 31 December 2023

2,911



Depreciation


At 1 January 2023
641


Charge for the year on owned assets
961



At 31 December 2023

1,602



Net book value



At 31 December 2023
1,309



At 31 December 2022
2,270

Page 6

 
WATERMEADOW HOMES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
10,365,418



At 31 December 2023
10,365,418




Page 7

 
WATERMEADOW HOMES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
11,554,193
9,744,916

Other debtors
87,360
64,119

Prepayments and accrued income
-
7,401

11,641,553
9,816,436



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
409,693
196,892

409,693
196,892



8.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Other loans
18,396,504
17,723,188

Trade creditors
-
12,670

Amounts owed to group undertakings
2,466,631
971,712

Taxation and social security
6,542
5,276

Other creditors
100
10,681

Accruals and deferred income
2,000
25,260

20,871,777
18,748,787


There are fixed charges and negative pledges charged against the company in favour of Falco Agent Limited and Oaknorth Bank Plc.


9.


Prior year adjustment

The interest payable has been restated by £229,443 to correctly reflect the interest payable on amounts due to group undertakings. The effect of this has reduced the amounts owed to group undertakings within creditors.

Page 8

 
WATERMEADOW HOMES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £Nil (2022: £7,560). 

 
Page 9