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Registered number: 09557258









WATERSIDE WAY LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
WATERSIDE WAY LIMITED
REGISTERED NUMBER: 09557258

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Investment property
 4 
7,737,261
7,413,832

Current assets
  

Debtors: amounts falling due within one year
 5 
249,705
119,471

Cash at bank and in hand
  
6,242
32,491

Creditors: amounts falling due within one year
 6 
(1,694,894)
(1,574,980)

Net current liabilities
  
 
 
(1,438,947)
 
 
(1,423,018)

Total assets less current liabilities
  
6,298,314
5,990,814

Creditors: amounts falling due after more than one year
 7 
(2,825,384)
(2,825,384)

Provisions for liabilities
  

Deferred tax
 8 
(770,301)
(689,374)

Net assets
  
2,702,629
2,476,056


Capital and reserves
  

Called up share capital 
  
100
100

Revaluation reserve
 9 
2,524,479
2,434,902

Profit and loss account
 9 
178,050
41,054

  
2,702,629
2,476,056


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.
Page 1

 
WATERSIDE WAY LIMITED
REGISTERED NUMBER: 09557258
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023


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 comprehensive income 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 on 20 September 2024.


M Polledri
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
WATERSIDE WAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Waterside Way Limited ("the Company") is a private company limited by shares, incorporated in England and Wales. Its registered office address is 7 Crane Heights, Waterside Way, London, N17 9GE. 
The principal activity of the company during the period was that of property investment. 

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

The Company's only source of revenue is rental income from investment properties let to third parties. Revenue is recognised in the accounting period in which the services are rendered.
Revenue represents the amount receivable for services rendered, net of returns, discounts and rebates allowed by the Company.

 
2.3

Investment property

Investment property is carried at fair value determined annually by the directors or external valuers 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. Changes in fair value are recognised in the Statement of comprehensive income, with unrealised gains over original cost being transferred to a separate revaluation reserve.

 
2.4

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.

 
2.5

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.

 
2.6

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Page 3

 
WATERSIDE WAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.7

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.

 
2.8

Finance costs

Finance costs are charged to the Statement of comprehensive income 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.

 
2.9

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 4

 
WATERSIDE WAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

4.


Investment property


Freehold investment property

£



Valuation


At 1 October 2022
7,413,832


Additions at cost
1,179


Surplus on revaluation
322,250



At 30 September 2023
7,737,261

A formal valuation was undertaken by Colliers International Property Consultants Limited on 14 July 2023, on an open market value for existing use basis. The directors consider the above valuation to be accurate at 30 September 2023.
The historic cost of the investment properties is £4,502,428 
(2022 - £4,501,249).






5.


Debtors

2023
2022
£
£

Amounts owed by group undertakings
60,900
-

Other debtors
171,999
110,264

Prepayments and accrued income
16,806
9,207

249,705
119,471



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
38,574
55,475

Corporation tax
5,997
5,788

Other creditors
1,628,834
1,488,659

Accruals and deferred income
21,489
25,058

1,694,894
1,574,980


Page 5

 
WATERSIDE WAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
2,825,384
2,825,384


The bank borrowings are secured on the investment properties and by floating charges over all other property, rights and assets both present and future.
During 2019, the bank loan was repaid in full and a new loan was received by the parent company, Lee Valley Estates Limited, which was subsequently allocated around the Group. The Company is liable to pay interest on it's portion of the loan and this is paid quarterly in line with the loan agreement. The loan received by the parent company is cross guaranteed by all companies in the Group that received the funds and is secured on assets held by such companies and by floating charges over all other property, rights and assets both present and future. Please see note 10 for further information.


8.


Deferred taxation




2023
2022


£

£






At beginning of year
(689,374)
(523,924)


Charged to profit or loss
(80,927)
(165,450)



At end of year
(770,301)
(689,374)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(770,301)
(689,374)


9.


Reserves

Revaluation reserve

The revaluation reserve represents unrealised valuation gains of investment property.

Profit and loss account

The profit and loss account represents cumulative distributable profits and losses net of dividends and other adjustments. 

Page 6

 
WATERSIDE WAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

10.


Contingent liabilities

During 2019 the parent company, Lee Valley Estates Limited, received a bank loan for £22,000,000. These funds were subsequently allocated between the subsidiaries within the Group. The Company received £2,825,384 (2022 - £2,825,384) of this loan. The loan received by the parent company is cross guaranteed by all companies in the Group that received the funds and is secured on assets held by such companies.


11.


Related party transactions

Included within other debtors are amounts of £60,900 (2022 - £Nil) due from companies under common control.
Included within other creditors are amounts of £1,621,184 (
2022 - £1,481,009) due to companies under common control.


12.


Directors' benefits: advances, credits and guarantees

2023
2022
£
£

Balance brought forward

-

36,400

Advances in the year

61,000

41,213

Repayments in the year

-

(78,737)

Interest charged

735

1,124

Balance carried forward

61,735

-



13.


Controlling party

The immediate parent company is Lee Valley Estates Limited. The ultimate controlling party is considered to be M Polledri.

 
Page 7