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REGISTERED NUMBER: 06960247 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 July 2024

for

Watermark Financial Planning Limited

Watermark Financial Planning Limited (Registered number: 06960247)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Chartered Accountants' Report 2

Abridged Balance Sheet 3

Notes to the Financial Statements 5


Watermark Financial Planning Limited

Company Information
for the Year Ended 31 July 2024







DIRECTORS: Mr M A Sansum
Mrs M E Sansum





SECRETARY: Mrs M E Sansum





REGISTERED OFFICE: 98 Walter Road
Swansea
SA1 5QJ





REGISTERED NUMBER: 06960247 (England and Wales)





ACCOUNTANTS: Macario Lewin
Chartered Accountants
Bellarmine House
14 Upper Church Street
Chepstow
Monmouthshire
NP16 5EX

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Watermark Financial Planning Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Watermark Financial Planning Limited for the year ended 31 July 2024 which comprise the Profit and Loss Account, Abridged Balance Sheet and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

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

It is your duty to ensure that Watermark Financial Planning Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Watermark Financial Planning Limited. You consider that Watermark Financial Planning 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 financial statements of Watermark Financial Planning 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 financial statements.






Macario Lewin
Chartered Accountants
Bellarmine House
14 Upper Church Street
Chepstow
Monmouthshire
NP16 5EX


18 February 2025

Watermark Financial Planning Limited (Registered number: 06960247)

Abridged Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 153,366 143,795
153,366 143,795

CURRENT ASSETS
Debtors 162,311 199,773
Cash at bank 14,611 5,859
176,922 205,632
CREDITORS
Amounts falling due within one year 183,693 172,067
NET CURRENT (LIABILITIES)/ASSETS (6,771 ) 33,565
TOTAL ASSETS LESS CURRENT
LIABILITIES

146,595

177,360

CREDITORS
Amounts falling due after more than one
year

(114,297

)

(153,599

)

PROVISIONS FOR LIABILITIES (21,919 ) (13,575 )
NET ASSETS 10,379 10,186

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 10,279 10,086
SHAREHOLDERS' FUNDS 10,379 10,186

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Watermark Financial Planning Limited (Registered number: 06960247)

Abridged Balance Sheet - continued
31 July 2024


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 July 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 February 2025 and were signed on its behalf by:





Mr M A Sansum - Director


Watermark Financial Planning Limited (Registered number: 06960247)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Watermark Financial Planning Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is recognised when the right to consideration arises which occurs when the services are provided. Where services have not been invoiced at the balance sheet date turnover represents the value of services provided to date.

Goodwill
Goodwill is amortised at a rate calculated to write off the asset on a straight line basis over the estimated useful economic life of five years. Impairment of goodwill is reviewed annually for circumstances which indicate that the carrying value may not be fully recoverable. If the recoverable amount is estimated to be less than its carrying amount, the carrying amount is reduced to its recoverable amount and the impairments loss recognised as an expense immediately.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance, 25% on cost, 20% on cost and 10% on cost

No depreciation is provided on freehold land.

At each Balance Sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount is reduced to its recoverable amount and the impairment loss recognised as an expense immediately.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Watermark Financial Planning Limited (Registered number: 06960247)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 August 2023
and 31 July 2024 247,952
AMORTISATION
At 1 August 2023
and 31 July 2024 247,952
NET BOOK VALUE

At 31 July 2024 -
At 31 July 2023 -

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 August 2023 229,679
Additions 58,331
At 31 July 2024 288,010
DEPRECIATION
At 1 August 2023 85,884
Charge for year 48,760
At 31 July 2024 134,644
NET BOOK VALUE
At 31 July 2024 153,366
At 31 July 2023 143,795

Watermark Financial Planning Limited (Registered number: 06960247)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 August 2023
and 31 July 2024 84,322
DEPRECIATION
At 1 August 2023 21,081
Charge for year 15,810
At 31 July 2024 36,891
NET BOOK VALUE
At 31 July 2024 47,431
At 31 July 2023 63,241

6. SECURED DEBTS

The following secured debts are included within creditors:

31.7.24 31.7.23
£    £   
Hire purchase contracts 55,988 62,280
Other loans 8,060 20,060
64,048 82,340

The loan is secured by fixed and floating charges over all property and undertakings of the company.

Finance leases and hire purchase contracts are secured on the assets to which they relate.

7. OTHER FINANCIAL COMMITMENTS

At 31 July 2024, the company had total commitments under non-cancellable operating leases expiring within one year of £4,796 (2023 - £Nil), within one to five years of £Nil (2023 - £11,990) and after five years of £111,024 (2023 - £129,028).

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the directors were granted interest free short term advances totalling £105,917. There were no amounts outstanding at the year end.

9. RELATED PARTY DISCLOSURES

Included in creditors is a loan of £3,211 (2023 - £36,258) owed to the directors. The loan is unsecured, interest
free and repayable on demand.