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Registration number: 11674365

Watermans Group Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Watermans Group Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Watermans Group Limited

Company Information

Director

Mr Stuart Turnbull

Registered office

Unit 4 City Limits
Danehill
Reading
Berkshire
RG6 4UP

Accountants

WoodWhite Accountants Ltd
Unit 4 City Limits
Danehill
Reading
Berkshire
RG6 4UP

 

Watermans Group Limited

(Registration number: 11674365)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

36,802

37,776

Investments

5

101

101

 

36,903

37,877

Current assets

 

Debtors

6

4,390,391

3,382,303

Cash at bank and in hand

 

19,072

11,740

 

4,409,463

3,394,043

Creditors: Amounts falling due within one year

7

(3,534,386)

(2,525,178)

Net current assets

 

875,077

868,865

Total assets less current liabilities

 

911,980

906,742

Creditors: Amounts falling due after more than one year

7

(15,769)

(20,681)

Provisions for liabilities

(9,200)

(9,444)

Net assets

 

887,011

876,617

Capital and reserves

 

Called up share capital

201

201

Retained earnings

886,810

876,416

Shareholders' funds

 

887,011

876,617

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 12 May 2025
 

 

Watermans Group Limited

(Registration number: 11674365)
Balance Sheet as at 31 August 2024

.........................................
Mr Stuart Turnbull
Director

 

Watermans Group Limited

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

1

General information

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

The address of its registered office is:
Unit 4 City Limits
Danehill
Reading
Berkshire
RG6 4UP
England

These financial statements were authorised for issue by the director on 12 May 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.

Going concern

The financial statements have been prepared on a going concern basis.

Tax

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

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 taxable income.

 

Watermans Group Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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:

Asset class

Depreciation method and rate

Motor Vehicles

2.5% Straight Line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand.

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. 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.

 

Watermans Group Limited

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

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 at the transaction price.

Borrowings

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 are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Watermans Group Limited

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

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

38,995

38,995

At 31 August 2024

38,995

38,995

Depreciation

At 1 September 2023

1,219

1,219

Charge for the year

974

974

At 31 August 2024

2,193

2,193

Carrying amount

At 31 August 2024

36,802

36,802

At 31 August 2023

37,776

37,776

5

Investments

2024
£

2023
£

Investments in subsidiaries

101

101

Subsidiaries

£

Cost or valuation

At 1 September 2023

101

Provision

Carrying amount

At 31 August 2024

101

At 31 August 2023

101

6

Debtors

Note

2024
£

2023
£

Amounts owed by related parties

9

2,940,488

2,790,487

Other debtors

 

1,449,903

591,816

 

4,390,391

3,382,303

 

Watermans Group Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

4,912

4,233

Trade creditors

 

5,472

2,464

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

2,599

48,913

Taxation and social security

 

80,657

77,260

Accruals and deferred income

 

1,325

6,325

Other creditors

 

3,439,421

2,385,983

 

3,534,386

2,525,178

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

15,769

20,681

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Hire purchase contracts

15,769

20,681

2024
£

2023
£

Current loans and borrowings

Hire purchase contracts

4,912

4,233

 

Watermans Group Limited

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

9

Related party transactions

Transactions with the director

2024

At 1 September 2023
£

Advances to director
£

Repayments by director
£

At 31 August 2024
£

Mr Stuart Turnbull

Directors loan account - interest charged at HMRC's official rate

502,776

859,537

(15,000)

1,347,313

2023

At 1 September 2022
£

Advances to director
£

Repayments by director
£

At 31 August 2023
£

Mr Stuart Turnbull

Directors loan account - interest charged at HMRC's official rate

(504,855)

502,776

504,855

502,776