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Registration number: 06388364

Waterfront Lodges Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Waterfront Lodges Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Waterfront Lodges Limited

Company Information

Directors

Mr A Chippendale

Mrs K Chippendale

Company secretary

Mrs K Chippendale

Registered office

Abbey House
Kilcrash Lane
Forton
Preston
Lancashire
PR3 0BW

Accountants

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Waterfront Lodges Limited
for the Year Ended 29 February 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Waterfront Lodges Limited for the year ended 29 February 2024 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Waterfront Lodges Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Waterfront Lodges Limited and state those matters that we have agreed to state to the Board of Directors of Waterfront Lodges Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Waterfront Lodges Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Waterfront Lodges Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Waterfront Lodges Limited. You consider that Waterfront Lodges Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Waterfront Lodges Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

25 November 2024

 

Waterfront Lodges Limited

(Registration number: 06388364)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

79,042

87,634

Current assets

 

Debtors

5

49,586

82,297

Cash at bank and in hand

 

30,429

55,672

 

80,015

137,969

Creditors: Amounts falling due within one year

6

(70,395)

(66,188)

Net current assets

 

9,620

71,781

Total assets less current liabilities

 

88,662

159,415

Creditors: Amounts falling due after more than one year

6

(15,560)

(25,682)

Net assets

 

73,102

133,733

Capital and reserves

 

Called up share capital

100

100

Retained earnings

73,002

133,633

Shareholders' funds

 

73,102

133,733

For the financial year ending 29 February 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Waterfront Lodges Limited

(Registration number: 06388364)
Balance Sheet as at 29 February 2024

Approved and authorised by the Board on 25 November 2024 and signed on its behalf by:
 

.........................................
Mr A Chippendale
Director

.........................................
Mrs K Chippendale
Company secretary and director

 

Waterfront Lodges Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Abbey House
Kilcrash Lane
Forton
Preston
Lancashire
PR3 0BW
England

These financial statements were authorised for issue by the Board on 25 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Waterfront Lodges Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% Straight line

Equipment

33% Straight line

Freehold property

4% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Waterfront Lodges Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Waterfront Lodges Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 March 2023

214,803

703

10,660

226,166

At 29 February 2024

214,803

703

10,660

226,166

Depreciation

At 1 March 2023

127,169

703

10,660

138,532

Charge for the year

8,592

-

-

8,592

At 29 February 2024

135,761

703

10,660

147,124

Carrying amount

At 29 February 2024

79,042

-

-

79,042

At 28 February 2023

87,634

-

-

87,634

Included within the net book value of land and buildings above is £79,042 (2023 - £87,634) in respect of freehold land and buildings.
 

 

Waterfront Lodges Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Debtors

Current

2024
£

2023
£

Trade debtors

39,648

45,882

Prepayments

938

-

Other debtors

9,000

36,415

 

49,586

82,297

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10,122

9,874

Trade creditors

 

6,058

5,544

Taxation and social security

 

9,104

10,661

Accruals and deferred income

 

44,912

40,109

Other creditors

 

199

-

 

70,395

66,188

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

15,560

25,682

 

Waterfront Lodges Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Related party transactions

Loans to related parties

2024

Key management
£

Total
£

At start of period

35,415

35,415

Repaid

(35,739)

(35,739)

Interest transactions

324

324

At end of period

-

-

2023

Key management
£

Total
£

At start of period

44,777

44,777

Advanced

35,360

35,360

Repaid

(44,777)

(44,777)

Interest transactions

55

55

At end of period

35,415

35,415

Terms of loans to related parties

Interest is charged on balances exceeding £10,000 at the HMRC official rate of interest. The loan is repayable upon demand.