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Registered number: 13030088
Waterlily Newcastle Ltd
Unaudited Financial Statements
For the Period 1 December 2022 to 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 13030088
31 March 2024 30 November 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 21,484 3,673
21,484 3,673
CURRENT ASSETS
Stocks 5 8,959 7,680
Debtors 6 44,368 100
Cash at bank and in hand 57,743 96,957
111,070 104,737
Creditors: Amounts Falling Due Within One Year 7 (26,322 ) (37,461 )
NET CURRENT ASSETS (LIABILITIES) 84,748 67,276
TOTAL ASSETS LESS CURRENT LIABILITIES 106,232 70,949
NET ASSETS 106,232 70,949
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 106,132 70,849
SHAREHOLDERS' FUNDS 106,232 70,949
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For the period 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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her 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
Ms Kushbah Begum
Director
30/09/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Waterlily Newcastle Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13030088 . The registered office is 153 Fairholm Road, Newcastle Upon Tyne, NE4 8AS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. 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.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
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, over their expected useful lives on the following bases:
Fixtures & Fittings 15%
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. 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 years 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 assets reflect 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.
...CONTINUED
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2.6. Taxation - continued
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 period was: 4 (2022: 4)
4 4
4. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 December 2022 4,090
Additions 20,186
As at 31 March 2024 24,276
Depreciation
As at 1 December 2022 417
Provided during the period 2,375
As at 31 March 2024 2,792
Net Book Value
As at 31 March 2024 21,484
As at 1 December 2022 3,673
5. Stocks
31 March 2024 30 November 2022
£ £
Materials 8,959 7,680
6. Debtors
31 March 2024 30 November 2022
£ £
Due within one year
Director's loan account 44,268 -
Called up share capital not paid 100 100
44,368 100
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7. Creditors: Amounts Falling Due Within One Year
31 March 2024 30 November 2022
£ £
Corporation tax 24,637 23,691
Other taxes and social security 1,685 151
Accruals and deferred income - 9,650
Director's loan account - 3,969
26,322 37,461
8. Share Capital
31 March 2024 30 November 2022
£ £
Called Up Share Capital not Paid 100 100
Amount of Allotted, Called Up Share Capital 100 100
9. Dividends
31 March 2024 30 November 2022
£ £
On equity shares:
Final dividend paid 65,000 34,000
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