Waterlaw Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 02588294

Waterlaw Limited

Filleted Unaudited Financial Statements

31 December 2024

Waterlaw Limited

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	6	1,946	2,919
Fixed Asset Investments	7	1,423,174	1,141,976
		------------	------------
		1,425,120	1,144,895

Current assets

Debtors	8	39,529	454
Cash at bank and in hand		27,882	56,486
		--------	--------
		67,411	56,940

Creditors: amounts falling due within one year	9	8,212		9,079
		--------		--------
Net current assets			59,199	47,861
			------------	------------
Total assets less current liabilities			1,484,319	1,192,756

Provisions

Taxation including deferred tax	10	137,145	85,319
		------------	------------
Net assets		1,347,174	1,107,437
		------------	------------

Waterlaw Limited

Statement of Financial Position (continued)

31 December 2024

	2024		2023
Note	£	£	£

Capital and reserves

Called up share capital	12	52	52
Profit and loss account		1,347,122	1,107,385
		------------	------------
Shareholders funds		1,347,174	1,107,437
		------------	------------

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 31 December 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 her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 25 September 2025 , and are signed on behalf of the board by:

R Davies
Director

Company registration number: 02588294

Waterlaw Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 24 Bridge Street, Newport, South Wales, NP20 4SF.

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

The Director has given assurances to the company that she will continue to support it for the next 12 months.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

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:

Fixtures & Fittings	-	15% p.a. Straight line basis
Office Equipment	-	25% p.a. Straight line basis

Investments

Fixed asset investments are recorded at fair value.

The current asset investment is recorded at cost less any accumulated permanent impairment losses.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).

5. Tax on profit

Major components of tax expense

	2024	2023
	£	£

Current tax:

UK current tax expense	5,338	3,587

Deferred tax:

Origination and reversal of timing differences	51,826	2,213
	--------	-------
Tax on profit	57,164	5,800
	--------	-------

6. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 January 2024 and 31 December 2024	10,813	16,220	27,033
	--------	--------	--------
Depreciation
At 1 January 2024	10,813	13,301	24,114
Charge for the year	–	973	973
	--------	--------	--------
At 31 December 2024	10,813	14,274	25,087
	--------	--------	--------
Carrying amount
At 31 December 2024	–	1,946	1,946
	--------	--------	--------
At 31 December 2023	–	2,919	2,919
	--------	--------	--------

7. Fixed asset investments

	Investment properties	Unit trusts	Total
	£	£	£
Valuation
At 1 January 2024	729,321	412,655	1,141,976
Revaluations	268,805	12,393	281,198
	---------	---------	------------
At 31 December 2024	998,126	425,048	1,423,174
	---------	---------	------------
Impairment
At 1 January 2024 and 31 December 2024	–	–	–
	---------	---------	------------

Carrying amount
At 31 December 2024	998,126	425,048	1,423,174
	---------	---------	------------
At 31 December 2023	729,321	412,655	1,141,976
	---------	---------	------------

In respect of certain fixed assets stated at valuations, the comparable historical cost and depreciation values are as follows:

Net book value as at 31 December 2024 £1,423,174 (2023: £1,141,976)

Historical cost as at 31 December 2024 £899,547 (2023: £899,547)

A valuation of the investment property was undertaken by the director as at 31 December 2024.

8. Debtors

	2024	2023
	£	£
Prepayments and accrued income	529	454
Director's loan account	39,000	–
	--------	----
	39,529	454
	--------	----

9. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	–	2,670
Accruals and deferred income	2,874	2,822
Corporation tax	5,338	3,587
	-------	-------
	8,212	9,079
	-------	-------

10. Provisions

	Deferred tax (note 11)
	£
At 1 January 2024	85,319
Additions	51,826
	---------
At 31 December 2024	137,145
	---------

11. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2024	2023
	£	£
Included in provisions (note 10)	137,145	85,319
	---------	--------

12. Called up share capital

Authorised share capital

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	25,000	25,000	25,000	25,000
	--------	--------	--------	--------

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	52	52	52	52
	----	----	----	----

13. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2024
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
R Davies	–	59,000	( 20,000)	39,000
	----	--------	--------	--------

	2023
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
R Davies	30,827	55,000	( 85,827)	–
	--------	--------	--------	----

14. Related party transactions

The company was under the control of R Davies throughout the current year. R Davies is the managing director. As at 31st December 2024 the Director owed the company £39,000 (2023: £nil). The Director repaid the £39,000 within nine months of the year end.