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Registered number: 08137393
Waterman Corporate Enterprises Limited
Unaudited Financial Statements
For The Year Ended 31 July 2024
DEB Chartered Accountants
Contents
Page
Company Information 1
Balance Sheet 2—3
Notes to the Financial Statements 4—7
Page 1
Company Information
Directors Mrs Gail Waterman
Mr Matt Waterman
Company Number 08137393
Registered Office Watermans House, Fairfield Park
Manvers
Wath Upon Dearne
Rotherham
S63 5DB
Business Watermans House, Fairfield Park
Manvers
Wath Upon Dearne
Rotherham
S63 5DB
Accountants DEB Chartered Accountants
19 Middlewoods Way
Carlton
Barnsley
South Yorkshire
S71 3HR
Page 1
Page 2
Balance Sheet
Registered number: 08137393
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 570,043 442,920
570,043 442,920
CURRENT ASSETS
Stocks 5 408,391 533,043
Debtors 6 67,699 1,367,331
Cash at bank and in hand 516,676 378,520
992,766 2,278,894
Creditors: Amounts Falling Due Within One Year 7 (1,494,918 ) (295,908 )
NET CURRENT ASSETS (LIABILITIES) (502,152 ) 1,982,986
TOTAL ASSETS LESS CURRENT LIABILITIES 67,891 2,425,906
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (55,006 ) (70,446 )
NET ASSETS 12,885 2,355,460
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account 12,884 2,355,459
SHAREHOLDERS' FUNDS 12,885 2,355,460
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For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Matt Waterman
Director
17/03/2025
The notes on pages 4 to 7 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
Waterman Corporate Enterprises Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08137393 . The registered office is Watermans House, Fairfield Park, Manvers, Wath Upon Dearne, Rotherham, S63 5DB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
Office Equipment 25% reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 2 2
Sales, marketing and distribution 10 10
12 12
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Office Equipment Total
£ £ £ £ £
Cost
As at 1 August 2023 175,066 354,865 224,210 142,312 896,453
Additions 310 404,784 4,710 1,628 411,432
Disposals - (126,810 ) - - (126,810 )
As at 31 July 2024 175,376 632,839 228,920 143,940 1,181,075
Depreciation
As at 1 August 2023 125,746 109,797 124,842 93,148 453,533
Provided during the period 12,408 138,890 26,019 12,698 190,015
Disposals - (32,516 ) - - (32,516 )
As at 31 July 2024 138,154 216,171 150,861 105,846 611,032
Net Book Value
As at 31 July 2024 37,222 416,668 78,059 38,094 570,043
As at 1 August 2023 49,320 245,068 99,368 49,164 442,920
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5. Stocks
2024 2023
£ £
Stock 408,391 533,043
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 67 -
Other debtor - 1,000
VAT Control 57,485 -
PAYE Control 9,787 -
Directors' loan accounts - 63,574
Amounts owed by group undertakings 360 1,302,757
67,699 1,367,331
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 11,083 229,828
PAYE Control - 3,068
VAT Control - 59,111
Pension Control 572 501
Accruals and deferred income 12,903 3,400
Amounts owed to group undertakings 1,470,360 -
1,494,918 295,908
8. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 55,006 70,446
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 August 2023 Amounts advanced Amounts repaid Amounts written off As at 31 July 2024
£ £ £ £ £
Mr Matt Waterman 63,574 - 63,574 - -
The above loan is unsecured, interest free and repayable on demand.
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11. Related Party Transactions
The company is controlled by Mr M & Mrs G Waterman, directors of the company.
Mr & Mrs Waterman are shareholders of Watermans Holdings Limited.
12. Ultimate Controlling Party
The company's ultimate controlling party is Waterman Holdings Ltd by virtue of its ownership of 100% of the issued share capital in the company.
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