REGISTERED NUMBER: |
Financial Statements |
FOR THE PERIOD |
15 December 2022 to 31 October 2023 |
for |
WATERFRONT ASSETS LTD |
REGISTERED NUMBER: |
Financial Statements |
FOR THE PERIOD |
15 December 2022 to 31 October 2023 |
for |
WATERFRONT ASSETS LTD |
WATERFRONT ASSETS LTD (REGISTERED NUMBER: 14542110) |
Contents of the Financial Statements |
FOR THE PERIOD 15 DECEMBER 2022 TO 31 OCTOBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
WATERFRONT ASSETS LTD |
Company Information |
FOR THE PERIOD 15 DECEMBER 2022 TO 31 OCTOBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
1 Kings Avenue |
London |
N21 3NA |
WATERFRONT ASSETS LTD (REGISTERED NUMBER: 14542110) |
Balance Sheet |
31 OCTOBER 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Share premium | 11 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
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 |
WATERFRONT ASSETS LTD (REGISTERED NUMBER: 14542110) |
Notes to the Financial Statements |
FOR THE PERIOD 15 DECEMBER 2022 TO 31 OCTOBER 2023 |
1. | STATUTORY INFORMATION |
Waterfront Assets Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
In the application of the company's accounting policies, the director is 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 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. |
There are no significant judgements or estimates involved in the preparation of the financial statements. |
Revenue |
Revenue represents the value of rental income chargeable in respect of the company's investment property. |
Revenue is recognised evenly over the period of the rental agreement. |
Property, plant and equipment |
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended. |
The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. |
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
Plant and machinery - 30% on cost |
Investment property |
Investment property, which is property held to earn rentals, 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 date. Any aggregate surplus or deficit arising from changes in fair value is recognised in revaluation reserve. |
Financial instruments |
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. |
Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss. |
WATERFRONT ASSETS LTD (REGISTERED NUMBER: 14542110) |
Notes to the Financial Statements - continued |
FOR THE PERIOD 15 DECEMBER 2022 TO 31 OCTOBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period 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 period 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
Additions |
At 31 October 2023 |
DEPRECIATION |
Charge for period |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Additions |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
The directors consider that the market values of the properties were as per the values stated in the financial statements. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Amounts owed by group undertakings |
Other debtors |
WATERFRONT ASSETS LTD (REGISTERED NUMBER: 14542110) |
Notes to the Financial Statements - continued |
FOR THE PERIOD 15 DECEMBER 2022 TO 31 OCTOBER 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
£ |
Bank loans |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
£ |
Bank loans |
Bank loans is secured by way of fixed and floating charge on the property and other assets of the company and contains a negative pledge. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
Ordinary Share | 1 | 10,001 |
10,001 Ordinary Share shares of 1 each were allotted as fully paid |
11. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 15 December 2022 |
Profit for the period |
Dividends | ( |
) | ( |
) |
At 31 October 2023 | 1,866,472 |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
13. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
WATERFRONT ASSETS LTD (REGISTERED NUMBER: 14542110) |
Notes to the Financial Statements - continued |
FOR THE PERIOD 15 DECEMBER 2022 TO 31 OCTOBER 2023 |
13. | RELATED PARTY DISCLOSURES - continued |
Included in creditors, amount falling due within one year, is an amount of £229,047 due to group undertakings. This loan is interest free and repayable on demand. |
During the year the company received services from a company with common shareholders amounting to £57,236. |
14. | ULTIMATE CONTROLLING PARTY |
The company's immediate parent is The Intsol Group Ltd, incorporated in England and Wales. The ultimate controlling parties are the shareholder's of The Intsol Group Ltd by virtue of their holding in the parent |
company. |