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COMPANY REGISTRATION NUMBER: 02241117
Waterhouse and Dodd Limited
Filleted Unaudited Financial Statements
30 September 2024
Waterhouse and Dodd Limited
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
20,895
23,903
Current assets
Stocks
45,123
45,623
Debtors
7
258,226
238,000
Cash at bank and in hand
13,706
101,420
---------
---------
317,055
385,043
Creditors: amounts falling due within one year
8
179,163
282,028
---------
---------
Net current assets
137,892
103,015
---------
---------
Total assets less current liabilities
158,787
126,918
Provisions
Taxation including deferred tax
3,970
4,541
---------
---------
Net assets
154,817
122,377
---------
---------
Capital and reserves
Called up share capital
1,977
1,977
Share premium account
243,273
243,273
Profit and loss account
( 90,433)
( 122,873)
---------
---------
Shareholders funds
154,817
122,377
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Waterhouse and Dodd Limited
Statement of Financial Position (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 21 May 2025 , and are signed on behalf of the board by:
J.W. Dodd
Director
Company registration number: 02241117
Waterhouse and Dodd Limited
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 4th Floor, 58-59 Great Marlborough Street, London, W1F 7JY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These accounts have been prepared on the going concern basis, on the understanding that the directors, shareholders and investors will provide continuing support to the company during this uncertain period.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax, in respect of art sales, consultancy fees and commission income.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
Over period of lease
Fixtures and fittings
-
15% reducing balance
Equipment
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Tax on profit
Major components of tax (income)/expense
2024
2023
£
£
Deferred tax:
Origination and reversal of timing differences
( 572)
20,331
----
--------
Tax on profit
( 572)
20,331
----
--------
Reconciliation of tax (income)/expense
The tax assessed on the profit on ordinary activities for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 19 % (2023: 21.70 %).
2024
2023
£
£
Profit on ordinary activities before taxation
31,868
171,275
--------
---------
Profit on ordinary activities by rate of tax
6,055
37,167
Effect of expenses not deductible for tax purposes
( 475)
410
Effect of capital allowances and depreciation
930
915
Utilisation of tax losses
( 6,510)
( 38,492)
Timing difference on Capital Allowances & Depreciation
( 572)
( 801)
Reversal of deferred tax assets on losses (provided)
21,132
--------
---------
Tax on profit
( 572)
20,331
--------
---------
6. Tangible assets
Land and buildings
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 October 2023
25,147
129,431
152,499
307,077
Additions
679
679
Disposals
( 25,147)
( 25,147)
--------
---------
---------
---------
At 30 September 2024
130,110
152,499
282,609
--------
---------
---------
---------
Depreciation
At 1 October 2023
25,147
115,544
142,483
283,174
Charge for the year
2,185
1,502
3,687
Disposals
( 25,147)
( 25,147)
--------
---------
---------
---------
At 30 September 2024
117,729
143,985
261,714
--------
---------
---------
---------
Carrying amount
At 30 September 2024
12,381
8,514
20,895
--------
---------
---------
---------
At 30 September 2023
13,887
10,016
23,903
--------
---------
---------
---------
7. Debtors
2024
2023
£
£
Trade debtors
88,289
183,710
Other debtors
169,937
54,290
---------
---------
258,226
238,000
---------
---------
Note: Other debtors include related party transactions of £164,882(2023:£33,940) (see note 11 )
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
119
Trade creditors
141,515
252,834
Social security and other taxes
28,954
7,672
Other creditors
8,575
21,522
---------
---------
179,163
282,028
---------
---------
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
3,970
4,541
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Deferred tax - Provision on fixed asset timing differences
3,970
4,541
-------
-------
Unprovided deferred tax asset on losses amounted to £61,002 (2023: £67,512).
10. Related party transactions related parties
Fine Art Brokers Ltd (FAB) is a company which is controlled by Mr J W Dodd. A loan balance of £164,882 (2023: £33,940). was owed by FAB at the year end. All transactions were on an arm's length basis.