Company registration number 11835930 (England and Wales)
WATERCRAFTS PLUMBING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
WATERCRAFTS PLUMBING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
WATERCRAFTS PLUMBING LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 1 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
9,257
9,763
Tangible assets
3
3,663
15,272
12,920
25,035
Current assets
Debtors
5
5,247
7,964
Cash at bank and in hand
11,787
6,188
17,034
14,152
Creditors: amounts falling due within one year
6
(3,569)
(8,375)
Net current assets
13,465
5,777
Total assets less current liabilities
26,385
30,812
Creditors: amounts falling due after more than one year
7
(2,530)
(4,522)
Provisions for liabilities
(2,336)
(4,757)
Net assets
21,519
21,533
Capital and reserves
Called up share capital
100
100
Revaluation reserve
552
868
Profit and loss reserves
20,867
20,565
Total equity
21,519
21,533
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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.
WATERCRAFTS PLUMBING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
29 FEBRUARY 2024
29 February 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 21 November 2024
Mr M Siwela
Director
Company registration number 11835930 (England and Wales)
WATERCRAFTS PLUMBING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 March 2022
100
1,521
22,331
23,952
Year ended 28 February 2023:
Profit
-
-
1,404
1,404
Other comprehensive income:
Revaluation of intangible assets
-
1,202
-
1,202
Tax relating to other comprehensive income
-
(1,855)
(1,855)
Total comprehensive income
-
(653)
1,404
751
Dividends
-
-
(3,170)
(3,170)
Balance at 28 February 2023
100
868
20,565
21,533
Year ended 29 February 2024:
Profit
-
-
2,302
2,302
Other comprehensive income:
Revaluation of intangible assets
-
(412)
-
(412)
Tax relating to other comprehensive income
-
96
96
Total comprehensive income
-
(316)
2,302
1,986
Dividends
-
-
(2,000)
(2,000)
Balance at 29 February 2024
100
552
20,867
21,519
WATERCRAFTS PLUMBING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -
1
Accounting policies
Company information
WATERCRAFTS PLUMBING LIMITED is a private company limited by shares incorporated in England and Wales. The registered office is International House, 64 Nile Street, London, N1 7SR.
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
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at the fair value less accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Throughout the year, Muleki Siwela assessed the value of intangible assets, all of which were appraised at their open market value. The valuation of these intangible assets involved the use of BullionByPost, Crono24, and shareview.co.uk.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
WATERCRAFTS PLUMBING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% Straight line
Motor vehicles
20% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
WATERCRAFTS PLUMBING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 6 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
WATERCRAFTS PLUMBING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 7 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2023
21,600
Disposals
(10,000)
At 29 February 2024
11,600
Depreciation and impairment
At 1 March 2023
6,328
Depreciation charged in the year
1,609
At 29 February 2024
7,937
Carrying amount
At 29 February 2024
3,663
At 28 February 2023
15,272
WATERCRAFTS PLUMBING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 8 -
4
Intangible fixed assets
Listed and Unlisted Investments
£
Cost
At 1 March 2023
9,117
Revaluation
545
At 29 February 2024
9,662
Amortisation and impairment
At 1 March 2023
312
Impairment losses
93
At 29 February 2024
405
Carrying amount
At 29 February 2024
9,257
At 28 February 2023
9,763
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
5,247
7,964
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
1,992
1,992
Corporation tax
745
Other taxation and social security
317
60
Other creditors
515
6,323
3,569
8,375
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,530
4,522
WATERCRAFTS PLUMBING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 9 -
8
Directors' transactions
Dividends totalling £2,000 (2023 - £3,170) were paid in the year in respect of shares held by the company's directors.
2024-02-292023-03-01false21 November 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMr M Siwelafalsefalse118359302023-03-012024-02-29118359302024-02-29118359302023-02-2811835930core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2024-02-2911835930core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-02-2811835930core:OtherPropertyPlantEquipment2024-02-2911835930core:OtherPropertyPlantEquipment2023-02-2811835930core:CurrentFinancialInstrumentscore:WithinOneYear2024-02-2911835930core:CurrentFinancialInstrumentscore:WithinOneYear2023-02-2811835930core:Non-currentFinancialInstrumentscore:AfterOneYear2024-02-2911835930core:Non-currentFinancialInstrumentscore:AfterOneYear2023-02-2811835930core:CurrentFinancialInstruments2024-02-2911835930core:CurrentFinancialInstruments2023-02-2811835930core:ShareCapital2024-02-2911835930core:ShareCapital2023-02-2811835930core:RevaluationReserve2024-02-2911835930core:RevaluationReserve2023-02-2811835930core:RetainedEarningsAccumulatedLosses2024-02-2911835930core:RetainedEarningsAccumulatedLosses2023-02-2811835930core:ShareCapital2022-02-2811835930core:RevaluationReserve2022-02-2811835930core:RetainedEarningsAccumulatedLosses2022-02-2811835930bus:Director12023-03-012024-02-2911835930core:RetainedEarningsAccumulatedLosses2022-03-012023-02-28118359302022-03-012023-02-2811835930core:RetainedEarningsAccumulatedLosses2023-03-012024-02-2911835930core:RevaluationReserve2023-03-012024-02-2911835930core:RevaluationReserve2022-03-012023-02-2811835930core:RevenueReservesInvestmentFundsOnly2022-03-012023-02-2811835930core:IntangibleAssetsOtherThanGoodwill2023-03-012024-02-2911835930core:PlantMachinery2023-03-012024-02-2911835930core:MotorVehicles2023-03-012024-02-2911835930core:OtherPropertyPlantEquipment2023-02-2811835930core:OtherPropertyPlantEquipment2023-03-012024-02-2911835930core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-02-2811835930core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-03-012024-02-2911835930core:WithinOneYear2024-02-2911835930core:WithinOneYear2023-02-2811835930core:Non-currentFinancialInstruments2024-02-2911835930core:Non-currentFinancialInstruments2023-02-2811835930bus:PrivateLimitedCompanyLtd2023-03-012024-02-2911835930bus:SmallCompaniesRegimeForAccounts2023-03-012024-02-2911835930bus:FRS1022023-03-012024-02-2911835930bus:AuditExemptWithAccountantsReport2023-03-012024-02-2911835930bus:FullAccounts2023-03-012024-02-29xbrli:purexbrli:sharesiso4217:GBP