Company registration number 04111665 (England and Wales)
WATERS HOMES LTD
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
WATERS HOMES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
WATERS HOMES LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
30 September 2024
31 March 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,265
11,166
Current assets
Stocks
2,280,419
3,564,743
Debtors
4
160,282
676,539
Cash at bank and in hand
137,097
317,168
2,577,798
4,558,450
Creditors: amounts falling due within one year
5
(714,840)
(798,182)
Net current assets
1,862,958
3,760,268
Total assets less current liabilities
1,869,223
3,771,434
Creditors: amounts falling due after more than one year
6
(705,788)
(2,308,775)
Provisions for liabilities
(1,566)
(2,122)
Net assets
1,161,869
1,460,537
Capital and reserves
Called up share capital
7
200
200
Profit and loss reserves
1,161,669
1,460,337
Total equity
1,161,869
1,460,537
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
WATERS HOMES LTD
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 11 February 2025 and are signed on its behalf by:
Mr D J Waters
Mr D J Waters
Director
Director
Company registration number 04111665 (England and Wales)
WATERS HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information
Waters Homes Ltd is a private company limited by shares incorporated in England and Wales. The registered office is West Walk Building, 110 Regent Road, Leicester, LE1 7LT.
1.1
Reporting period
The company has extended its reporting period and the financial statements are presented for an eighteen month period to 30 September 2024. Therefore, comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
1.2
Basis of preparation
These financial statements have been prepared in accordance with applicable accounting standards including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for the sale of residential property developments provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% per annum of cost
Motor vehicles
20% per annum of cost
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset, or the asset's cash generating unit is estimated and compared to the carrying amount in order to determine the extent of the impairment loss (if any). Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss account unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
WATERS HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
1.9
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
WATERS HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2023
Number
Number
Total
9
6
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
50,317
Additions
1,346
At 30 September 2024
51,663
Depreciation and impairment
At 1 April 2023
39,151
Depreciation charged in the period
6,247
At 30 September 2024
45,398
Carrying amount
At 30 September 2024
6,265
At 31 March 2023
11,166
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,350
254
Gross amounts owed by contract customers
621,027
Other debtors
116,262
16,985
Prepayments and accrued income
40,670
38,273
160,282
676,539
WATERS HOMES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
1,797
Trade creditors
403,475
483,527
Corporation tax
41,056
171,342
Other taxation and social security
10,610
20,716
Other creditors
250,449
46,420
Accruals and deferred income
9,250
74,380
714,840
798,182
Net obligations under finance lease and hire purchase contracts are secured on the assets to which they relate. The aggregate amount of creditors included above for which security has been given amounted to £Nil (2023 - £1,797).
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
645,788
2,248,775
Other creditors
60,000
60,000
705,788
2,308,775
All bank borrowings are secured by fixed and floating charges over the assets of the company. The aggregate amount of creditors included above for which security has been given amounted to £645,788 (2023 - £2,248,775).
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' Shares of £1 each
85
85
85
85
Ordinary 'B' Shares of £1 each
85
85
85
85
Ordinary 'C' Shares of £1 each
10
10
10
10
Ordinary 'D' Shares of £1 each
10
10
10
10
Ordinary 'E' Shares of £1 each
10
10
10
10
200
200
200
200