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REGISTERED NUMBER: 02964896 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

ABLE WATERPROOFING LIMITED

ABLE WATERPROOFING LIMITED (REGISTERED NUMBER: 02964896)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 29 FEBRUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ABLE WATERPROOFING LIMITED

COMPANY INFORMATION
for the year ended 29 FEBRUARY 2024







DIRECTORS: J H Foster
S J Foster
J Cheney





REGISTERED OFFICE: 3a Mitcham Road
Croydon
Surrey
CR03RU





REGISTERED NUMBER: 02964896 (England and Wales)





ACCOUNTANTS: C B Heslop & Company Limited
Chartered Accountants
1 High Street
Thatcham
Berks
RG19 3JG

ABLE WATERPROOFING LIMITED (REGISTERED NUMBER: 02964896)

BALANCE SHEET
29 FEBRUARY 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,328,480 27,629

CURRENT ASSETS
Stocks 151,300 121,300
Debtors 5 86,435 682,243
Cash at bank 56,411 48,013
294,146 851,556
CREDITORS
Amounts falling due within one year 6 714,795 735,002
NET CURRENT (LIABILITIES)/ASSETS (420,649 ) 116,554
TOTAL ASSETS LESS CURRENT
LIABILITIES

907,831

144,183

CREDITORS
Amounts falling due after more than one
year

7

852,602

104,794
NET ASSETS 55,229 39,389

CAPITAL AND RESERVES
Called up share capital 8 12,600 12,600
Retained earnings 9 42,629 26,789
SHAREHOLDERS' FUNDS 55,229 39,389

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ABLE WATERPROOFING LIMITED (REGISTERED NUMBER: 02964896)

BALANCE SHEET - continued
29 FEBRUARY 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 October 2024 and were signed on its behalf by:




J H Foster - Director



S J Foster - Director


ABLE WATERPROOFING LIMITED (REGISTERED NUMBER: 02964896)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 29 FEBRUARY 2024

1. STATUTORY INFORMATION

Able Waterproofing Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Zero percent
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 20% on cost

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

ABLE WATERPROOFING LIMITED (REGISTERED NUMBER: 02964896)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 FEBRUARY 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 March 2023 - 4,878 25,283 95,750 125,911
Additions 1,300,000 12,750 - - 1,312,750
At 29 February 2024 1,300,000 17,628 25,283 95,750 1,438,661
DEPRECIATION
At 1 March 2023 - 4,878 25,074 68,330 98,282
Charge for year - 2,550 209 9,140 11,899
At 29 February 2024 - 7,428 25,283 77,470 110,181
NET BOOK VALUE
At 29 February 2024 1,300,000 10,200 - 18,280 1,328,480
At 28 February 2023 - - 209 27,420 27,629

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 41,873 88,417
Amounts owed by group undertakings - 507,447
Other debtors 44,562 86,379
86,435 682,243

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts 16,667 16,667
Hire purchase contracts 22,871 22,871
Trade creditors 635,278 653,191
Taxation and social security 35,229 37,523
Other creditors 4,750 4,750
714,795 735,002

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.2.24 28.2.23
£    £   
Bank loans 60,000 80,000
Hire purchase contracts 19,049 24,794
Amounts owed to group undertakings 773,553 -
852,602 104,794

ABLE WATERPROOFING LIMITED (REGISTERED NUMBER: 02964896)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 FEBRUARY 2024

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 29.2.24 28.2.23
value: £    £   
12,500 Ordinary 1 12,500 12,500
100 "C" Ordinary Shares 1 100 100
12,600 12,600

9. RESERVES
Retained
earnings
£   

At 1 March 2023 26,789
Profit for the year 50,280
Dividends (34,440 )
At 29 February 2024 42,629

10. CONTINGENT LIABILITIES

There were no contingent liabilities at the balance sheet date.

11. RELATED PARTY DISCLOSURES

At the balance sheet date an amount of £773,553 (2023 - £507,447 due from) was due to Fosprop Limited the holding company.

12. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Fosprop Limited, company number 08073551, registered in England & Wales.