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Registration number: 03444444

Watershed Claims Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Watershed Claims Services Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Watershed Claims Services Limited

Company Information

Directors

David Wakefield

Dr Ruth Wakefield

Victoria Smith

Registered office

Euroway House
Roydsdale Way
Euroway Industrial Estate
Bradford
West Yorkshire
BD4 6SE

 

Watershed Claims Services Limited

(Registration number: 03444444)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

36,098

45,486

Tangible assets

5

383

-

Investments

6

2

2

 

36,483

45,488

Current assets

 

Debtors

7

113,133

108,123

Cash at bank and in hand

 

119,841

65,976

 

232,974

174,099

Creditors: Amounts falling due within one year

8

(90,951)

(88,969)

Net current assets

 

142,023

85,130

Total assets less current liabilities

 

178,506

130,618

Creditors: Amounts falling due after more than one year

8

(20,833)

(70,833)

Net assets

 

157,673

59,785

Capital and reserves

 

Called up share capital

9

4,500

4,500

Share premium reserve

14,515

14,515

Capital redemption reserve

1,150

1,150

Retained earnings

137,508

39,620

Shareholders' funds

 

157,673

59,785

For the financial year ending 31 December 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 and 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.

Approved and authorised by the Board on 1 April 2025 and signed on its behalf by:
 

 

Watershed Claims Services Limited

(Registration number: 03444444)
Balance Sheet as at 31 December 2024

.........................................
David Wakefield
Director

 

Watershed Claims Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

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

The address of its registered office is:
Euroway House
Roydsdale Way
Euroway Industrial Estate
Bradford
West Yorkshire
BD4 6SE
England

These financial statements were authorised for issue by the Board on 1 April 2025.

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities.

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:

 

Watershed Claims Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Asset class

Depreciation method and rate

Leasehold improvements

10% straight line

Office fittings and equipment

20% straight line

Computer equipment

33% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Research and development costs

10% straight line

Investments

Interests in subsidiaries and associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversal of impairment losses are recognised immediately in profit or loss.

A susidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

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.

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

 

Watershed Claims Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 10).

 

Watershed Claims Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Intangible assets

Research and development costs
 £

Total
£

Cost or valuation

At 1 January 2024

93,874

93,874

At 31 December 2024

93,874

93,874

Amortisation

At 1 January 2024

48,388

48,388

Amortisation charge

9,388

9,388

At 31 December 2024

57,776

57,776

Carrying amount

At 31 December 2024

36,098

36,098

At 31 December 2023

45,486

45,486

 

Watershed Claims Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2024

2,876

73,851

76,727

Additions

-

551

551

At 31 December 2024

2,876

74,402

77,278

Depreciation

At 1 January 2024

2,876

73,851

76,727

Charge for the year

-

168

168

At 31 December 2024

2,876

74,019

76,895

Carrying amount

At 31 December 2024

-

383

383

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of short leasehold land and buildings.
 

6

Investments

2024
£

2023
£

Investments in associates

2

2

7

Debtors

Current

2024
£

2023
£

Trade debtors

63,038

50,126

Prepayments

4,295

8,941

Other debtors

45,800

49,056

 

113,133

108,123

 

Watershed Claims Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

50,000

50,000

Trade creditors

 

148

2,637

Taxation and social security

 

33,242

29,176

Accruals and deferred income

 

7,349

6,944

Other creditors

 

212

212

 

90,951

88,969

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

20,833

70,833

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

A Ordinary shares of £1 each

4,250

4,250

4,250

4,250

B Ordinary shares of £1 each

250

250

250

250

4,500

4,500

4,500

4,500

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

20,833

70,833

Current loans and borrowings

 

Watershed Claims Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

2024
£

2023
£

Bank borrowings

50,000

50,000