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Registered number: 10204373 THE WATERWAY RESTAURANT LIMITED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
THE WATERWAY RESTAURANT LIMITED REGISTERED NUMBER:10204373
BALANCE SHEET AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 102,127 |  | 97,563
Investments | 5 |  | 1 |  | 1
|  |  | 102,128 |  | 97,564
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 137,661 |  | 106,107 |
Cash at bank and in hand | 7 | 31,478 |  | 307 |
|  | 169,139 |  | 106,414 |
Creditors: amounts falling due within one year | 8 | (275,033) |  | (208,815) |
Net current liabilities |  |  | (105,894) |  | (102,401)
Total assets less current liabilities |  |  | (3,766) |  | (4,837)
Provisions for liabilities |  |  |  |  |
Deferred tax | 9 | (1,399) |  | - |
|  |  | (1,399) |  | -
Net liabilities |  |  | (5,165) |  | (4,837)
Capital and reserves |  |  |  |  |
Called up share capital | 10 |  | 100 |  | 100
Profit and loss account |  |  | (5,265) |  | (4,937)
|  |  | (5,165) |  | (4,837)
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THE WATERWAY RESTAURANT LIMITED REGISTERED NUMBER:10204373
BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 The director considers 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 year in question in accordance with section 476 of the Companies Act 2006. The director acknowledges his 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 profit and loss account 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 13 March 2026.
M H Tillman
Director
The notes on pages 3 to 8 form part of these financial statements. Page 2
THE WATERWAY RESTAURANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
The Waterway Restaurant Limited is a private company, limited by shares, registered in England and Wales, registration number 10204373. The registered office address is 18 Bristol Gardens, London, W9 2JQ. The principal activity of the company continued to be that of a property holding company. 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 Section 1A of the Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006.
| 2.2 | Exemption from preparing consolidated financial statements
The company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.
| 2.3 | Going concern
The financial statements have been prepared on the going concern basis as the director has confirmed he will continue to provide necessary funding in order for the company to maintain operations and meet liabilities in full for at least the next 12 months. On this basis, the director is satisfied that the financial statements should be prepared on a going concern basis.
| 2.4 | Functional and presentational currency
The company's functional and presentational currency is pound sterling.
| 2.5 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Rental income is recognised over the period to which it relates. Recharged income is recognised when rechargeable corresponding expenses have been incurred on behalf of other entities.
| 2.6 | Operating leases: the company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 3
THE WATERWAY RESTAURANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.8 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.9 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Long-term leasehold property | - | over the term of the lease
|  |  |  | Fixtures and fittings | - | 20% straight-line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.10 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.11 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Page 4
THE WATERWAY RESTAURANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.12 | Cash
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 2.13 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.14 | Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as other debtors, trade and other creditors, and loans with related parties.
3. | Employees
| The average monthly number of employees, including the director, during the year was 1 (2024 - 1).
4. | Tangible fixed assets
|  | Long-term leasehold property | Fixtures and fittings | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 April 2024 | 100,236 | - | 100,236
| Additions | - | 14,081 | 14,081
| At 31 March 2025 | 100,236 | 14,081 | 114,317
| Depreciation |  |  |
| At 1 April 2024 | 2,673 | - | 2,673
| Charge for the year | 7,711 | 1,806 | 9,517
| At 31 March 2025 | 10,384 | 1,806 | 12,190
| Net book value |  |  |
| At 31 March 2025 | 89,852 | 12,275 | 102,127
| At 31 March 2024 | 97,563 | - | 97,563
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THE WATERWAY RESTAURANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
5. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost |
| At 1 April 2024 | 1
| At 31 March 2025 | 1
| Subsidiary undertaking
| The following was a subsidiary undertaking of the company:
| Name | Principal activity | Class of shares | Holding
| The Waterway (OC) Limited | owning and running of a restaurant | ordinary | 100%
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed by group undertakings | 31,147 | 100
| Amounts owed by connected entities | 3,374 | -
| Other debtors | 77,240 | 75,000
| Prepayments | 25,900 | 30,339
| Deferred taxation | - | 668
|  | 137,661 | 106,107
7. | Cash
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank | 31,478 | 307
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THE WATERWAY RESTAURANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
8. | Creditors: amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 33,429 | 31,345
| Amounts owed to connected entities | 147,500 | 84,266
| Other creditors | 66,204 | 66,204
| Accruals and deferred income | 27,900 | 27,000
|  | 275,033 | 208,815
9. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (668)
| Charged to profit or loss | 2,067
| At end of year | 1,399
| The deferred taxation balance is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fixed asset timing differences | 1,399 | (668)
10. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and partly paid |  |
|  | 100 (2024 - 100) ordinary shares of £1 each | 100 | 100
11. | Commitments under operating leases
| At 31 March 2025, the company had future minimum lease payments under non-cancellable operating leases of £3,542,226 (2024 - £3,750,411).
12.Director's personal guarantees The director is the guarantor of the lease between the landlord, EI Group Limited and the tenant, The Waterway Restaurant Limited. Page 7
THE WATERWAY RESTAURANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
13. | Related party transactions
| No disclosure has been made of transactions with other wholly owned group companies in accordance with FRS 102 Section 1A paragraph 1AC.35, as the company is itself a wholly owned subsidiary of FRG Holdings Ltd.
14. | Post balance sheet events
On 22 April 2025, a charge is registered due to a cross guarantee provided to a company under common control. The total facility provided is secured by a floating and fixed charge of the assets of the company.
15. | Controlling party
The company is owned by FRG Holdings Ltd and is ultimately controlled by M H Tillman, a director and a majority shareholder of the parent company.
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