Company registration number 07124776 (England and Wales)
WATERSPLASH COURT (FREEHOLD) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
WATERSPLASH COURT (FREEHOLD) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
WATERSPLASH COURT (FREEHOLD) LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
20,000
20,000
Current assets
Debtors
5
2,670
401
Cash at bank and in hand
2,615
3,793
5,285
4,194
Creditors: amounts falling due within one year
6
(736)
(654)
Net current assets
4,549
3,540
Net assets
24,549
23,540
Capital and reserves
Called up share capital
29
29
Other reserves
142,798
142,798
Profit and loss reserves
(118,278)
(119,287)
Total equity
24,549
23,540

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 14 October 2024 and are signed on its behalf by:
Mr J P  Reid
Director
Company registration number 07124776 (England and Wales)
WATERSPLASH COURT (FREEHOLD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
1
Accounting policies
Company information

Watersplash Court (Freehold) Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/o Tant Building Management Ltd, Highstone House, 165 High Street, Barnet, EN5 5SU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

The turnover shown in the income and expenditure account represents ground rents receivable and income received from shareholders to cover the running costs of the company.

1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
Financial instruments

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

The directors' opinion is that there are no significant judgements or key sources of estimation uncertainty.

WATERSPLASH COURT (FREEHOLD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
4
Investment property
2024
£
Fair value
At 1 February 2023 and 31 January 2024
20,000

Investment property comprises 29 flats held on long leases. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31st January 2021 by Brasier Freeth Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors do not believe the value of the property has changed since the valuation, which was incorporated into the financial statements in the prior year.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
2,670
401
6
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
736
654
7
Directors' transactions

During the year directors' re-imbursed expenses totalled £31 (2023: £40)

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