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COMPANY REGISTRATION NUMBER: 13734175
WATERSPRING VENTURES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 November 2023
WATERSPRING VENTURES LIMITED
FINANCIAL STATEMENTS
Year ended 30 November 2023
CONTENTS
PAGE
Balance sheet
1
Notes to the financial statements
2
WATERSPRING VENTURES LIMITED
BALANCE SHEET
30 November 2023
2023
2022
Note
£
£
CURRENT ASSETS
Debtors
5
25,358
2,399
Cash at bank and in hand
34,809
142,075
--------
---------
60,167
144,474
CREDITORS: amounts falling due within one year
6
( 17,494)
( 14,514)
--------
---------
NET CURRENT ASSETS
42,673
129,960
--------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
42,673
129,960
CREDITORS: amounts falling due after more than one year
7
( 298,901)
( 280,801)
---------
---------
NET LIABILITIES
( 256,228)
( 150,841)
---------
---------
CAPITAL AND RESERVES
Called up share capital
100
100
Share premium account
49,900
49,900
Profit and loss account
( 306,228)
( 200,841)
---------
---------
SHAREHOLDERS FUNDS
( 256,228)
( 150,841)
---------
---------
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 profit and loss account has not been delivered.
For the year ending 30 November 2023 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 .
These financial statements were approved by the board of directors and authorised for issue on 27 November 2024 , and are signed on behalf of the board by:
Mr S J Huxtable
Director
Company registration number: 13734175
WATERSPRING VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 30 November 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 14 Museum Place, Cardiff, CF10 3BH, Wales.
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.
Going concern
The accounts show that the company had net liabilities of £256,228 at the balance sheet date. The directors have therefore had to consider the appropriateness of the going concern basis. The company has been able to finance its operations largely because of support from the directors. Were this support not available, the company may not be able to continue trading. The directors are confident that the company will be able to meet its obligations for at least the next twelve months with their continuing support. They therefore consider it appropriate to prepare the accounts on the going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of services is recognised when the significant risks and rewards of ownership have transferred to the buyer, 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.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. DEBTORS
2023
2022
£
£
Trade debtors
1,400
Other debtors
23,958
2,399
--------
-------
25,358
2,399
--------
-------
6. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,339
Social security and other taxes
3,602
10,014
Other creditors
12,553
4,500
--------
--------
17,494
14,514
--------
--------
7. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Other creditors
298,901
280,801
---------
---------
8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
Included within creditors due within one year is a balance of £796 (2022 - £526) due to a director. Included within creditors due after more than one year is a balance of £226,251 (2022 - £226,251) due to directors. Interest is accruing on these balances at a rate of 8% per annum.