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REGISTERED NUMBER: 14542110 (England and Wales)










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: A S Kounnis
P D A Karras





REGISTERED OFFICE: 1 Kings Avenue
London
N21 3NA





REGISTERED NUMBER: 14542110 (England and Wales)





AUDITORS: AGK Partners
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 3,833
Investment property 5 3,554,149
3,557,982

CURRENT ASSETS
Debtors 6 299,186
Cash at bank 286,112
585,298
CREDITORS
Amounts falling due within one year 7 464,773
NET CURRENT ASSETS 120,525
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,678,507

CREDITORS
Amounts falling due after more than one
year

8

1,802,034
NET ASSETS 1,876,473

CAPITAL AND RESERVES
Called up share capital 10 10,001
Share premium 11 1,852,162
Retained earnings 11 14,310
SHAREHOLDERS' FUNDS 1,876,473

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 30 October 2024 and were signed on its behalf by:





P D A Karras - Director


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 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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 1 .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
Additions 4,791
At 31 October 2023 4,791
DEPRECIATION
Charge for period 958
At 31 October 2023 958
NET BOOK VALUE
At 31 October 2023 3,833

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
Additions 3,554,149
At 31 October 2023 3,554,149
NET BOOK VALUE
At 31 October 2023 3,554,149

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 211,324
Other debtors 87,862
299,186

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 107,957
Trade creditors 1,542
Amounts owed to group undertakings 229,047
Taxation and social security 123,226
Other creditors 3,001
464,773

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
£   
Bank loans 1,802,034

9. SECURED DEBTS

The following secured debts are included within creditors:

£   
Bank loans 1,909,991

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: £   
10,001 Ordinary Share 1 10,001

10,001 Ordinary Share shares of 1 each were allotted as fully paid at a premium of £185.1977 per share during the period.

11. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 15 December 2022 - 1,852,162 1,852,162
Profit for the period 189,310 189,310
Dividends (175,000 ) (175,000 )
At 31 October 2023 14,310 1,852,162 1,866,472

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Alekos Christofi (FCCA) (Senior Statutory Auditor)
for and on behalf of AGK Partners

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.