Caseware UK (AP4) 2024.0.164 2024.0.164 2024-11-302024-11-30false2023-06-01falseDevelopment of building projects12truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04435769 2023-06-01 2024-11-30 04435769 2022-06-01 2023-05-31 04435769 2024-11-30 04435769 2023-05-31 04435769 c:Director1 2023-06-01 2024-11-30 04435769 d:CurrentFinancialInstruments 2024-11-30 04435769 d:CurrentFinancialInstruments 2023-05-31 04435769 d:Non-currentFinancialInstruments 2024-11-30 04435769 d:Non-currentFinancialInstruments 2023-05-31 04435769 d:CurrentFinancialInstruments d:WithinOneYear 2024-11-30 04435769 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 04435769 d:Non-currentFinancialInstruments d:AfterOneYear 2024-11-30 04435769 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 04435769 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-11-30 04435769 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-05-31 04435769 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-11-30 04435769 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-05-31 04435769 d:ShareCapital 2024-11-30 04435769 d:ShareCapital 2023-05-31 04435769 d:RetainedEarningsAccumulatedLosses 2024-11-30 04435769 d:RetainedEarningsAccumulatedLosses 2023-05-31 04435769 c:OrdinaryShareClass1 2023-06-01 2024-11-30 04435769 c:OrdinaryShareClass1 2024-11-30 04435769 c:OrdinaryShareClass1 2023-05-31 04435769 c:OrdinaryShareClass2 2023-06-01 2024-11-30 04435769 c:OrdinaryShareClass2 2024-11-30 04435769 c:OrdinaryShareClass2 2023-05-31 04435769 c:OrdinaryShareClass3 2023-06-01 2024-11-30 04435769 c:OrdinaryShareClass3 2024-11-30 04435769 c:OrdinaryShareClass3 2023-05-31 04435769 c:FRS102 2023-06-01 2024-11-30 04435769 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-11-30 04435769 c:FullAccounts 2023-06-01 2024-11-30 04435769 c:PrivateLimitedCompanyLtd 2023-06-01 2024-11-30 04435769 2 2023-06-01 2024-11-30 04435769 e:PoundSterling 2023-06-01 2024-11-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04435769









WATERBEACH PROPERTY COMPANY LTD.







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 NOVEMBER 2024

 
WATERBEACH PROPERTY COMPANY LTD.
REGISTERED NUMBER: 04435769

BALANCE SHEET
AS AT 30 NOVEMBER 2024

30 November
31 May
2024
2023
Note
£
£

  

Current assets
  

Stocks
 4 
5,850,000
4,699,624

Debtors: amounts falling due within one year
 5 
2,714
13,990

Cash at bank and in hand
 6 
1,200
3,031

  
5,853,914
4,716,645

Creditors: amounts falling due within one year
 7 
(8,610,273)
(5,292,484)

Net current liabilities
  
 
 
(2,756,359)
 
 
(575,839)

Total assets less current liabilities
  
(2,756,359)
(575,839)

Creditors: amounts falling due after more than one year
 8 
(24,452)
(23,906)

  

Net liabilities
  
(2,780,811)
(599,745)


Capital and reserves
  

Called up share capital 
 10 
1,000
1,000

Profit and loss account
  
(2,781,811)
(600,745)

  
(2,780,811)
(599,745)


Page 1

 
WATERBEACH PROPERTY COMPANY LTD.
REGISTERED NUMBER: 04435769
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 August 2025.




P Bullock 
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
WATERBEACH PROPERTY COMPANY LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024

1.


General information

Waterbeach Property Company Limited is a private limited company incorporated in England and Wales and its registered office is Charles Lake House, Claire Causeway, Crossways Business Park, Dartford, Kent, DA2 6QA. The principal activity of the company is property development.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The company has net liabilities of £2,780,811 (2023: £599,745) following the write down (impairment) of property development stock. As such the company is reliant on the support of its creditors, and in particular specific finance providers of bank loans, to continue to meet financial obligations as they fall due.
The directors expect the financial support of its finance providers to continue while the properties are marketed for sale, and until sales proceeds are realised for all properties. At this point it is envisaged that the company will cease to trade and will be wound up, and the directors and finance providers will need to agree on the process required given the net liabilitiy position will result in a shortfall to creditors. As a result the company is not considered a going concern.
For convenience, the accounts presentation accords with the going concern basis. However in view of the above all assets have been stated at what the directors consider to be their net realisable value.
The directors consider that no further material adjustments are anticipated to arise as a result of the planned discontinuance of trade, although further losses will accrue in future periods as the bank loans continue to accrue interest. 

Page 3

 
WATERBEACH PROPERTY COMPANY LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.6

Stocks (including work in progress)

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
WATERBEACH PROPERTY COMPANY LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
WATERBEACH PROPERTY COMPANY LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.10

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the period was 1 (2023 - 2).


4.


Stocks

30 November
31 May
2024
2023
£
£

Work in progress - Development properties
5,850,000
4,699,624

5,850,000
4,699,624


Page 6

 
WATERBEACH PROPERTY COMPANY LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024

5.


Debtors

30 November
31 May
2024
2023
£
£


Other debtors
2,714
13,990

2,714
13,990



6.


Cash and cash equivalents

30 November
31 May
2024
2023
£
£

Cash at bank and in hand
1,200
3,031

1,200
3,031


Page 7

 
WATERBEACH PROPERTY COMPANY LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024

7.


Creditors: Amounts falling due within one year

30 November
31 May
2024
2023
£
£

Bank loans
7,863,322
4,526,855

Other loans
-
80,000

Trade creditors
86,612
65,710

Other creditors
656,940
608,240

Accruals and deferred income
3,399
11,679

8,610,273
5,292,484


The following liabilities were secured:

30 November
31 May
2024
2023
£
£



Bank loans (due in less and more than one year)
7,853,322
4,516,856

7,853,322
4,516,856

Details of security provided:

Bank loans are secured by a fixed charge over the development properties held.


8.


Creditors: Amounts falling due after more than one year

30 November
31 May
2024
2023
£
£

Bank loans
24,452
23,906

24,452
23,906


Page 8

 
WATERBEACH PROPERTY COMPANY LTD.
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2024

9.


Loans


Analysis of the maturity of loans is given below:


30 November
31 May
2024
2023
£
£

Amounts falling due within one year

Bank loans
7,863,322
4,526,855

Other loans
-
80,000

Amounts falling due 1-2 years

Bank loans
10,000
10,000

Amounts falling due 2-5 years

Bank loans
14,452
13,906


7,887,774
4,630,761



10.


Share capital

30 November
31 May
2024
2023
£
£
Allotted, called up and fully paid



500 (2023 - 500) Ordinary A Shares shares of £1.00 each
500
500
250 (2023 - 250) Ordinary B Shares shares of £1.00 each
250
250
250 (2023 - 250) Ordinary C Shares shares of £1.00 each
250
250

1,000

1,000



11.


Related party transactions

Included within other creditors due within one year is a balance owed to a former director amounting to £656,940 (2023: £608,240). There are no set repayment terms and interest of £nil (2023:  £nil) was paid to the director during the year.

 
Page 9