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Registered number: 06327646 (England and Wales)














WATERSIDE APARTMENTS LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023


 
WATERSIDE APARTMENTS LIMITED
 

 
COMPANY INFORMATION


Directors
T G Atchison 
T E M Meertens 




Registered number
06327646



Registered office
Birchin Court
5th Floor

19-25 Birchin Lane

London

United Kingdom

EC3V 9DU




Independent auditors
ZEDRA Corporate Reporting Services (UK) Limited






 
WATERSIDE APARTMENTS LIMITED
 


CONTENTS



Page
Balance Sheet
 
1
Statement of Changes in Equity
 
2
Notes to the Financial Statements
 
3 - 10




 
WATERSIDE APARTMENTS LIMITED
REGISTERED NUMBER:06327646


BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
$
$

Fixed assets
  

Tangible fixed assets
 4 
125,248
66,365

Fixed asset investments
 5 
-
3

  
125,248
66,368

Current assets
  

Debtors: amounts falling due after more than one year
 6 
185,832
72,559

Debtors: amounts falling due within one year
 6 
443,912
195,460

Cash at bank and in hand
  
953,173
931,761

  
1,582,917
1,199,780

Creditors: amounts falling due within one year
 7 
(2,046,394)
(1,311,477)

Net current liabilities
  
 
 
(463,477)
 
 
(111,697)

Total assets less current liabilities
  
(338,229)
(45,329)

  

Net liabilities
  
(338,229)
(45,329)


Capital and reserves
  

Called up share capital 
  
135
135

Foreign exchange reserve
 9 
(28,918)
(73,338)

Profit and loss account
 
(309,446)
27,874

  
(338,229)
(45,329)


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 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 by: 


T G Atchison
Director

Date: 27 September 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 1


 
WATERSIDE APARTMENTS LIMITED
 


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Foreign exchange reserve
Profit and loss account
Total equity

$
$
$
$


At 1 January 2022
135
-
158,620
158,755



Loss for the year
-
-
(130,746)
(130,746)

Loss on presentational currency translation
-
(73,338)
-
(73,338)



At 1 January 2023
135
(73,338)
27,874
(45,329)



Loss for the year
-
-
(337,320)
(337,320)

Gain on presentational currency translation
-
44,420
-
44,420


At 31 December 2023
135
(28,918)
(309,446)
(338,229)


Page 2


 
WATERSIDE APARTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies

 
1.1

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:

 
1.2

Going concern

The Company is in a net liability position of $338,229 at the balance sheet date. The directors have assessed the future expected performance of the Company and, while they are confident in the ability to generate profits over time, they acknowledge that the Company remains reliant on financial support from the ultimate parent company, National Corporate Housing, Inc. The directors have received confirmation from the parent company that such support will be provided as necessary, ensuring the continued existence of the Company for at least 12 months from the date of signing these financial statements. For these reasons, the financial statements have been prepared on the going concern basis.

 
1.3

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.

 
1.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover represents fees received in relation to services rendered in the provision of furnished accommodation on a short term basis. Turnover is recognised in line with the dates of individual stays and the following conditions are satisfied: 
 
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3


 
WATERSIDE APARTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.5

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
Fixtures and fittings
-
25%
Computer equipment
-
25%
Housewares
-
25%

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.

 
1.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
1.7

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
1.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions.

  
1.9

Creditors

Short term creditors are measured at the transaction price. Amounts owed to group undertakings are intercompany loans measured at cost. These loans are unsecured, interest free and repayable on demand.

Page 4


 
WATERSIDE APARTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.10

Foreign currency translation

Functional and presentation currency

The Company's functional currency is GBP. This differs from the presentational currency which is USD.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Foreign exchange gains and losses that relate to the translation of year end balances from the functional to presentational currency are presented in the Statement of Comprehensive Income as Other comprehensive income and recognised through a Foreign exchange reserve.

 
1.11

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
1.12

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 5


 
WATERSIDE APARTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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.


2.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 30 September 2024 by Nick Whitehead FCCA (Senior Statutory Auditor) on behalf of ZEDRA Corporate Reporting Services (UK) Limited.


3.


Employees

The average monthly number of employees during the year was 13 (2022 - 13).

Page 6


 
WATERSIDE APARTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Computer equipment
Housewares
Total

$
$
$
$
$



Cost or valuation


At 1 January 2023
78,046
275,090
27,102
8,723
388,961


Additions
32,742
-
-
60,730
93,472


Disposals
(21,584)
-
-
(454)
(22,038)



At 31 December 2023

89,204
275,090
27,102
68,999
460,395



Depreciation


At 1 January 2023
43,924
255,489
23,102
81
322,596


Charge for the year
9,313
10,529
1,994
12,753
34,589


Disposals
(21,584)
-
-
(454)
(22,038)



At 31 December 2023

31,653
266,018
25,096
12,380
335,147



Net book value



At 31 December 2023
57,551
9,072
2,006
56,619
125,248



At 31 December 2022
34,122
19,601
4,000
8,642
66,365

Page 7


 
WATERSIDE APARTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Fixed asset investments





Investment in subsidiary company

$





At 1 January 2023
3


Disposals
(3)



At 31 December 2023
-






Net book value



At 31 December 2023
-



At 31 December 2022
3


6.


Debtors

2023
2022
$
$

Due after more than one year

Deferred tax asset
185,832
72,559

185,832
72,559


2023
2022
$
$

Due within one year

Trade debtors
355,125
158,492

Other debtors
-
17,362

Prepayments and accrued income
88,787
19,606

443,912
195,460


Page 8


 
WATERSIDE APARTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
$
$

Trade creditors
41,565
23,490

Amounts owed to group undertakings
1,677,856
1,035,603

Other taxation and social security
150,835
135,549

Other creditors
38,376
44,118

Accruals and deferred income
137,762
72,717

2,046,394
1,311,477



8.


Deferred taxation




2023


$






At beginning of year
72,559


Charged to profit or loss
113,273



At end of year
185,832

The directors have considered the impact of discounting this deferred tax asset to be immaterial to the financial statements. 

The deferred tax asset is made up as follows:

2023
2022
$
$


Over provision
3,304
-

Timing differences
(22,803)
(16,134)

Loss and other deductions
205,331
88,693

185,832
72,559


9.


Reserves

Foreign exchange reserve

Due to the change in presentational currency from GBP to USD in the prior year, the differences arising from translating year end GBP balances to USD have been recognised through a foreign exchange reserve as other comprehensive income.

Page 9


 
WATERSIDE APARTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Controlling party

National Corporate Housing, Inc., is the parent of the smallest group for which consolidated financial statements are drawn up of which the Company is a member. The registered office of the parent company is 8400 E. Crescent Parkway Suite, 300 Greenwood Village, Colorado, US, 80111.


11.


Post balance sheet events

There were no adjusting or non-adjusting events occurring between the end of the reporting period and the date these financial statements were approved.

 
Page 10