Company registration number 14350196 (England and Wales)
SALTWATER PROPERTY AND INVESTMENT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
PAGES FOR FILING WITH REGISTRAR
SALTWATER PROPERTY AND INVESTMENT LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
SALTWATER PROPERTY AND INVESTMENT LTD
BALANCE SHEET
AS AT
31 JANUARY 2025
31 January 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investment property
3
310,315
310,315
Current assets
Debtors
4
154
529
Cash at bank and in hand
19,012
10,363
19,166
10,892
Creditors: amounts falling due within one year
5
(140,772)
(141,124)
Net current liabilities
(121,606)
(130,232)
Total assets less current liabilities
188,709
180,083
Creditors: amounts falling due after more than one year
6
(189,812)
(192,139)
Net liabilities
(1,103)
(12,056)
Capital and reserves
Called up share capital
7
4
4
Profit and loss reserves
(1,107)
(12,060)
Total equity
(1,103)
(12,056)

For the financial year ended 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has 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 her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 20 August 2025
J Feeley
Director
Company registration number 14350196 (England and Wales)
SALTWATER PROPERTY AND INVESTMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
- 2 -
1
Accounting policies
Company information

Saltwater Property And Investment Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 56 Leazes Park Road, Newcastle upon Tyne, NE1 4PG.

1.1
Reporting period

The financial statements cover a period of 12 months, however will not be entirely comparable with last year as the reporting period was 16 months and 9 days.

1.2
Accounting convention

These financial statements have been prepared in accordance with 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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover represents rental income receivable during the period, excluding value added tax. Turnover is attributable to the continuing principal activity of the company and arose wholly within the United Kingdom.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

SALTWATER PROPERTY AND INVESTMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
1
1
3
Investment property
2025
£
Fair value
At 1 February 2024 and 31 January 2025
310,315

The investment property was purchased by the company in the last period and is currently included in these financial statements at cost. The director considers the cost above remains to be a reasonable assessment of the value of the investment property.

SALTWATER PROPERTY AND INVESTMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 4 -
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
150
-
0
Other debtors
4
529
154
529
5
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
-
0
6,690
Other creditors
140,772
134,434
140,772
141,124

Included within creditors due within one year are bank loans of £2,314 (2024 - £1,941) that are secured against the assets of the company.

6
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
189,812
192,139

Included within creditors due after more than one year are bank loans of £189,812 (2024 - £192,139) that are secured against the assets of the company.

Creditors which fall due after five years are as follows:
2025
2024
£
£
Payable by instalments
178,022
182,120
7
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
4
4
4
4
SALTWATER PROPERTY AND INVESTMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 5 -
8
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Loan
-
529
(525)
4
529
(525)
4

There are no set terms as to repayment of this balance and no interest is accrued thereon.

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