Waterfront Business Centre Limited 08755784 false 2023-10-01 2024-09-30 2024-09-30 The principal activity of the company is deriving income and gains from property. Digita Accounts Production Advanced 6.30.9574.0 true 08755784 2023-10-01 2024-09-30 08755784 2024-09-30 08755784 core:RetainedEarningsAccumulatedLosses 2024-09-30 08755784 core:RevaluationReserve 2024-09-30 08755784 core:ShareCapital 2024-09-30 08755784 core:CurrentFinancialInstruments 2024-09-30 08755784 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 08755784 core:Non-currentFinancialInstruments core:AfterOneYear 2024-09-30 08755784 core:MoreThanFiveYears 2 2024-09-30 08755784 bus:SmallEntities 2023-10-01 2024-09-30 08755784 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 08755784 bus:FilletedAccounts 2023-10-01 2024-09-30 08755784 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 08755784 bus:Director1 2023-10-01 2024-09-30 08755784 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 08755784 countries:AllCountries 2023-10-01 2024-09-30 08755784 2023-09-30 08755784 2022-10-01 2023-09-30 08755784 2023-09-30 08755784 core:RetainedEarningsAccumulatedLosses 2023-09-30 08755784 core:RevaluationReserve 2023-09-30 08755784 core:ShareCapital 2023-09-30 08755784 core:CurrentFinancialInstruments 2023-09-30 08755784 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 08755784 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-30 08755784 core:MoreThanFiveYears 2 2023-09-30 iso4217:GBP xbrli:pure

Registration number: 08755784

Waterfront Business Centre Limited

Unaudited Financial Statements

for the Year Ended 30 September 2024

 

Waterfront Business Centre Limited

(Registration number: 08755784)

Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

3

1,400,000

1,400,000

Current assets

 

Debtors

4

255,045

333,546

Cash at bank and in hand

 

2,416

3,858

 

257,461

337,404

Creditors: Amounts falling due within one year

5

(62,183)

(137,147)

Net current assets

 

195,278

200,257

Total assets less current liabilities

 

1,595,278

1,600,257

Creditors: Amounts falling due after more than one year

5

(751,088)

(752,153)

Provisions for liabilities

(200,442)

(200,442)

Net assets

 

643,748

647,662

Capital and reserves

 

Called up share capital

2

2

Fair value reserve

495,212

495,212

Retained earnings

148,534

152,448

Shareholders' funds

 

643,748

647,662

For the financial 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.

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 delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' Report and the Profit and Loss Account has been taken.

These financial statements, which 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 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the Board on 25 June 2025 and signed on its behalf by:
 

.........................................

G Beech

Director

 

Waterfront Business Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

Accounting policies

Statutory information

Waterfront Business Centre Limited is a private company, limited by shares, domiciled in England and Wales, company number 08755784. The registered office is at Agility House, Rose Lane, Mansfield Woodhouse, Nottinghamshire, NG19 8BA.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

Revenue recognition

Turnover comprises the income arising from property lettings. Revenue is recognised on a straight line basis over the lease term.

Tax

The tax expense for the period comprises 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.

Investment property

Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure.

Investment properties whose fair value can be measured reliably are measured at fair value. The surplus or deficit on revaluation is recognised in the accumulated profit and loss reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.

 

Waterfront Business Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

3

Investment property

Fair value
£

Valuation

At 1 October 2023

1,400,000

At 30 September 2024

1,400,000

The investment property class of fixed assets were revalued by the directors on 30 September 2024. The basis of this valuation was existing use basis. This class of assets has a historical cost of £704,346 (2023: £704,346).

4

Debtors

2024
£

2023
£

Trade debtors

1,244

3,075

Amounts due from related undertakings

253,801

253,883

Other debtors

-

76,588

 

255,045

333,546

 

Waterfront Business Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

5

Creditors

2024
£

2023
£

Due within one year

Bank loans

2,900

2,893

Trade creditors

3,010

2,267

Amounts owed to related undertakings

550

550

Directors' loan account

37,296

36,079

Taxation and social security

2,052

80,627

Other creditors

-

6

Accruals and deferred income

16,375

14,725

62,183

137,147

2024
£

2023
£

Due after one year

Bank loans

751,088

752,153

2024
£

2023
£

After more than five years not by instalments

738,528

734,556

-

-

Bank loan after five years

Borrowings comprise an amount due to Cambridge and Counties Bank. This is repayable in line with the terms of the loan. The loan is interest only over 10 years with interest charged on a monthly basis at 6.79% per annum. The loan is repayable on 17 March 2033.

The bank borrowings are secured on Waterfront, Cuckoo Wharf, Worksop, S80 1DT.

6

Related party transactions

During the year the directors had a loan account with the company. At the balance sheet date the amount owing to the directors was £37,296 (2023: £36,079). The loan was interest free.