Atwater Limited


Directors	Dr P D Cozens
	E B Cozens


Registered Address	Ffynnonddofn,
	74 High Street
	Fishguard
	SA65 9AU


Registered Number	07795887 (England and Wales)

Balance Sheet as at
31 March 2025

	Notes	2025		2024
		£	£	£	£
Fixed assets
Investments	3		828,801		1,438,957
			828,801		1,438,957
Current assets
Cash at bank and on hand		881,239		50,313
		881,239		50,313
Creditors amounts falling due within one year	5	(559,476)		(750,071)
Net current assets (liabilities)			321,763		(699,758)
Total assets less current liabilities			1,150,564		739,199
Net assets			1,150,564		739,199
Capital and reserves
Called up share capital			400,100		400,100
Profit and loss account			750,464		339,099
Shareholders' funds			1,150,564		739,199

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).

The financial statements were approved and authorised for issue by the Board of Directors on 22 December 2025, and are signed on its behalf by:

Dr P D Cozens
Director
Registered Company No. 07795887

Atwater Limited

Notes to the Financial Statements
for the year ended 31 March 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

	Revenue from sale of goods
	Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Revenue from sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

Investments

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	2		2

3.	Fixed asset investments

		Total
		£
	Cost or valuation
	At 01 April 24	1,438,957
	Additions	3,670
	Disposals	(613,826)
	At 31 March 25	828,801
	Net book value
	At 31 March 25	828,801
	At 31 March 24	1,438,957

4.	Revaluation of fixed asset investments
	The market value of the listed investments shown at cost in note 7 is as follows:-

		2025		2024
		£		£
	Investments	1,142,621		2,252,113

5.	Creditors: amounts due within one year

	2025	2024
	£	£
Taxation and social security	137,121	15,353
Other creditors	421,325	733,698
Accrued liabilities and deferred income	1,030	1,020
Total	559,476	750,071


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

6.	Related party transactions
	During the year ended 31 October 2013 the Company established an employee ownership trust, The Atwater Ltd Employee Ownership Trust, to allow the employees of the Company, from time to time, to share in the ownership of the company. Subsequently Dr P D Cozens gifted 192,000 C Ordinary shares in the Company and E B Cozens gifted 192,000 C Ordinary shares in the Company to the Trust. Under the terms of the trust deed the shareholders of the Company are excluded beneficiaries of the Trust such that the Trustees may not apply the Trust property for their benefit. The directors have advanced funds to the company, the amount owing to them at 31 March 2025 was £421,325 (2024 - £733,698).

Related party transactions

During the year ended 31 October 2013 the Company established an employee ownership trust, The Atwater Ltd Employee Ownership Trust, to allow the employees of the Company, from time to time, to share in the ownership of the company.

Subsequently Dr P D Cozens gifted 192,000 C Ordinary shares in the Company and E B Cozens gifted 192,000 C Ordinary shares in the Company to the Trust.

Under the terms of the trust deed the shareholders of the Company are excluded beneficiaries of the Trust such that the Trustees may not apply the Trust property for their benefit.

The directors have advanced funds to the company, the amount owing to them at 31 March 2025 was £421,325 (2024 - £733,698).