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Registered number: 11426350










WATERMANS RIVERSIDE LTD










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

 
WATERMANS RIVERSIDE LTD
REGISTERED NUMBER: 11426350

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2022

Unaudited As restated
2022
2021
Note
£
£

Fixed assets
  

Intangible assets
 4 
13,038,964
4,633,482

Tangible assets
 5 
2,193,419
200,295

  
15,232,383
4,833,777

Current assets
  

Debtors: amounts falling due within one year
 6 
11,339
11,589

Cash at bank and in hand
 7 
972
3,466

  
12,311
15,055

Creditors: amounts falling due within one year
 8 
(43,161)
(32,732)

Net current liabilities
  
 
 
(30,850)
 
 
(17,677)

Total assets less current liabilities
  
15,201,533
4,816,100

Creditors: amounts falling due after more than one year
 9 
(3,585,280)
(1,541,035)

Provisions for liabilities
  

Deferred tax
 12 
(2,962,490)
(862,394)

  
 
 
(2,962,490)
 
 
(862,394)

Net assets
  
8,653,763
2,412,671


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Revaluation reserve
  
8,887,465
2,587,179

Profit and loss account
  
(234,702)
(175,508)

  
8,653,763
2,412,671


Page 1

 
WATERMANS RIVERSIDE LTD
REGISTERED NUMBER: 11426350
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2022

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Andrew Moffat
Director

Date: 3 December 2024

The notes on pages 4 to 12 form part of these financial statements.

Page 2

 
WATERMANS RIVERSIDE LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2022


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 October 2020
1,000
2,587,179
(14,229)
2,573,950


Comprehensive income for the year

Loss for the year
-
-
(161,279)
(161,279)
Total comprehensive income for the year
-
-
(161,279)
(161,279)


Total transactions with owners
-
-
-
-



At 1 October 2021
1,000
2,587,179
(175,508)
2,412,671


Comprehensive income for the year

Loss for the year

-
-
(59,194)
(59,194)

Revaluation of intangible fixed assets
-
6,300,286
-
6,300,286


Other comprehensive income for the year
-
6,300,286
-
6,300,286


Total comprehensive income for the year
-
6,300,286
(59,194)
6,241,092


Total transactions with owners
-
-
-
-


At 30 September 2022
1,000
8,887,465
(234,702)
8,653,763


The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
WATERMANS RIVERSIDE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

1.


General information

Watermans Riverside Ltd is a private limited company limited by shares, incorporated in England and Wales in the United Kingdom. The adress of the registered office is 41 Paradise Walk, London, United Kingdom, SW3 4JL. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The financial statements include a prior year adjustment in respect of the figures at 30 September 2021. The figures for 30 September 2021 have therefore been restated, see note 13.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the balance sheet date, the company had net current liabilities of £30,850 (2021 - £17,677) but net assets of £8,653,763 (2021 - £2,412,671). The financial statements have been prepared on a going concern basis. The directors consider this appropriate as the company will continue to receive support from its ultimate parent company in order to fund its working capital requirements.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
WATERMANS RIVERSIDE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the revaluation model, intangible assets shall be carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated amortisation and subsequent impairment losses - provided that the fair value can be determined by reference to an active market.
Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting date.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Moorings
-
125
years

Page 5

 
WATERMANS RIVERSIDE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

2.Accounting policies (continued)

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Assets under construction
-
Not depreciated until brought into use

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
WATERMANS RIVERSIDE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

2.Accounting policies (continued)

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2021 - 2).

Page 7

 
WATERMANS RIVERSIDE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

4.


Intangible assets




Moorings

£



Cost


At 1 October 2021
4,633,482


Additions
5,100


Revaluation
8,400,382



At 30 September 2022

13,038,964






Net book value



At 30 September 2022
13,038,964



At 30 September 2021
4,633,482




5.


Tangible fixed assets





Assets under construction

£



Cost or valuation


At 1 October 2021 - As restated
200,295


Additions
1,993,124



At 30 September 2022

2,193,419






Net book value



At 30 September 2022
2,193,419



At 30 September 2021 - As restated
200,295

Page 8

 
WATERMANS RIVERSIDE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

6.


Debtors

2022
Unaudited 2021
£
£


Other debtors
8,695
10,585

Prepayments and accrued income
2,644
1,004

11,339
11,589



7.


Cash and cash equivalents

2022
Unaudited 2021
£
£

Cash at bank and in hand
972
3,466

972
3,466



8.


Creditors: Amounts falling due within one year

2022
Unaudited 2021
£
£

Bank loans
12,618
12,300

Trade creditors
30,543
20,432

43,161
32,732


Bank loans of £12,618 (2021 - £12,300) are secured on the assets of the company.

Page 9

 
WATERMANS RIVERSIDE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

9.


Creditors: Amounts falling due after more than one year

Unaudited As restated
2022
2021
£
£

Bank loans
27,382
37,700

Amounts owed to group undertakings
2,249,470
251,251

Net obligations under finance leases
1,308,428
1,252,084

3,585,280
1,541,035


Bank loans of £27,382 (2021 - £37,700) are secured on the assets of the company.
Obligations under finance leases of £1,308,428 (2021 - £1,252,084) are secured on the assets of the company.


10.


Loans


Analysis of the maturity of loans is given below:


2022
Unaudited 2021
£
£

Amounts falling due within one year

Bank loans
12,618
12,300

Amounts falling due 1-2 years

Bank loans
12,937
12,617

Amounts falling due 2-5 years

Bank loans
14,445
25,083

40,000
50,000


Page 10

 
WATERMANS RIVERSIDE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

11.


Finance leases


Minimum lease payments under hire purchase fall due as follows:

2022
Unaudited 2021
£
£


Within one year
-
-

Between 1-5 years
67,566
-

Over 5 years
7,905,222
7,972,788

7,972,788
7,972,788

At the balance sheet date the total finance lease creditor was £1,308,428 (2021 - £1,252,084). The difference between the creditor and the minimum lease payments is due to the payments being discounted to their present value and the future interest payable.


12.


Deferred taxation




2022


£






At beginning of year
862,394


Charged to profit or loss
2,100,096



At end of year
2,962,490

The provision for deferred taxation is made up as follows:

2022
2021
£
£


Chargeable gains
2,962,490
862,394

2,962,490
862,394

Page 11

 
WATERMANS RIVERSIDE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

13.


Prior year adjustment

The financial statements of Watermans Riverside Limited have been restated to incorporate the impact of an error in the previous years. Finance lease liabilities in respect of the river works license have been recognised and have thus been restated to include their liabilities since the inception of the agreements. Lease liabilities of £1,097,197 have been introduced, the revaluation reserve has decreased by £822,898, and associated deferred tax has decreased by £274,299. Interest on the lease was charged in 2021 totalling £154,887, with the lease liability increasing by the corresponding amount. 
On review of the items held as stock in the prior year, management determined that they were not items which met the definition of inventories under FRS102. These items were instead determined to be assets under construction. The resulting restatement saw inventory decrease by £200,295 and tangible fixed assets increase by £200,295.


14.


Controlling party

The Company's immediate parent is Thames River Moorings Limited, incorporated in England and Wales in the United Kingdom. The registered office of Thames River Moorings Ltd is 41 Paradise Walk, London, SW3 4JL.
The Company's ultimate parent company is Atherton Allergate Ltd, incorporated in England and Wales in the United Kingdom. The registered office of Atherton Allergate Ltd is 41 Paradise Walk, London, SW3 4JL.
The company was under the control of the directors, Mr Andrew Moffat and Mrs Charlotte Moffat, as a result of their control of the parent company, Atherton Allergate Ltd.


15.


Auditors' information

The auditors' report on the financial statements for the year ended 30 September 2022 was unqualified.

The audit report was signed on 4 December 2024 by Neil Stern FCA (Senior Statutory Auditor) on behalf of MHA.

 
Page 12