10 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 05672571 2023-04-01 2024-03-31 05672571 2024-03-31 05672571 2023-03-31 05672571 2022-04-01 2023-03-31 05672571 2023-03-31 05672571 2022-03-31 05672571 core:LandBuildings core:LongLeaseholdAssets 2023-04-01 2024-03-31 05672571 core:FurnitureFittings 2023-04-01 2024-03-31 05672571 bus:Director1 2023-04-01 2024-03-31 05672571 core:LandBuildings 2023-03-31 05672571 core:PlantMachinery 2023-03-31 05672571 core:FurnitureFittings 2023-03-31 05672571 core:LandBuildings 2024-03-31 05672571 core:PlantMachinery 2024-03-31 05672571 core:FurnitureFittings 2024-03-31 05672571 core:LandBuildings 2023-04-01 2024-03-31 05672571 core:PlantMachinery 2023-04-01 2024-03-31 05672571 core:WithinOneYear 2024-03-31 05672571 core:WithinOneYear 2023-03-31 05672571 core:AfterOneYear 2024-03-31 05672571 core:AfterOneYear 2023-03-31 05672571 core:ShareCapital 2024-03-31 05672571 core:ShareCapital 2023-03-31 05672571 core:SharePremium 2024-03-31 05672571 core:SharePremium 2023-03-31 05672571 core:RetainedEarningsAccumulatedLosses 2024-03-31 05672571 core:RetainedEarningsAccumulatedLosses 2023-03-31 05672571 core:LandBuildings 2023-03-31 05672571 core:PlantMachinery 2023-03-31 05672571 core:FurnitureFittings 2023-03-31 05672571 bus:SmallEntities 2023-04-01 2024-03-31 05672571 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 05672571 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 05672571 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05672571 bus:FullAccounts 2023-04-01 2024-03-31 05672571 core:ComputerEquipment 2023-04-01 2024-03-31 05672571 core:ComputerEquipment 2023-03-31 05672571 core:ComputerEquipment 2024-03-31
COMPANY REGISTRATION NUMBER: 05672571
Watermist Limited
Unaudited financial statements
31 March 2024
Watermist Limited
Statement of financial position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
28,514
32,585
Current assets
Stocks
317,585
262,606
Debtors
6
567,454
819,382
Cash at bank and in hand
413,708
89,957
-----------
-----------
1,298,747
1,171,945
Creditors: Amounts falling due within one year
7
( 594,845)
( 547,396)
-----------
-----------
Net current assets
703,902
624,549
---------
---------
Total assets less current liabilities
732,416
657,134
Creditors: Amounts falling due after more than one year
8
( 12,500)
( 22,500)
Provisions
Taxation including deferred tax
( 5,040)
( 5,897)
---------
---------
Net assets
714,876
628,737
---------
---------
Capital and reserves
Called up share capital
410
410
Share premium account
9,980
9,980
Profit and loss account
704,486
618,347
---------
---------
Shareholders funds
714,876
628,737
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Watermist Limited
Statement of financial position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 31 October 2024 , and are signed on behalf of the board by:
D A Killaspy
Director
Company registration number: 05672571
Watermist Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Amber house, Station Road, Attleborough, NR17 2AT.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences. Deferred tax assets in respect of tax losses are only recognised to the extent that there will be sufficient future profits to enable the utilisation of such losses.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property improvement
-
10% straight line
Plant and machinery
-
20% to 25% straight line
Demonstration units
-
33% straight line
Computer equipment
-
33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Impairment A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. Grants Grants and Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Grants and Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of employees during the year was 10 (2023: 16 ).
5. Tangible assets
Land and buildings
Plant and machinery
Demonst- ration units
Computer equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
27,209
61,117
13,332
75,848
177,506
Additions
1,483
4,522
6,005
-------
-------
-------
-------
---------
At 31 March 2024
27,209
62,600
13,332
80,370
183,511
-------
-------
-------
-------
---------
Depreciation
At 1 April 2023
8,163
50,718
13,330
72,710
144,921
Charge for the year
2,721
4,550
2,805
10,076
-------
-------
-------
-------
---------
At 31 March 2024
10,884
55,268
13,330
75,515
154,997
-------
-------
-------
-------
---------
Carrying amount
At 31 March 2024
16,325
7,332
2
4,855
28,514
-------
-------
-------
-------
---------
At 31 March 2023
19,046
10,399
2
3,138
32,585
-------
-------
-------
-------
---------
6. Debtors
2024
2023
£
£
Trade debtors
104,116
99,530
Amounts owed by group undertakings and undertakings in which the company has a participating interest
443,594
715,749
Other debtors
19,744
4,103
---------
---------
567,454
819,382
---------
---------
7. Creditors: Amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
99,694
157,508
Amounts owed to group undertakings and undertakings in which the company has a participating interest
352,210
186,157
Social security and other taxes
68,134
97,719
Other creditors
64,807
96,012
---------
---------
594,845
547,396
---------
---------
8. Creditors: Amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,500
22,500
-------
-------