Waterhouse and Dodd Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 02241117

Waterhouse and Dodd Limited

Filleted Unaudited Financial Statements

30 September 2025

Waterhouse and Dodd Limited

Statement of Financial Position

30 September 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	6		7,996	20,895

Current assets

Stocks		42,123	45,123
Debtors	7	167,656	258,226
Cash at bank and in hand		64,007	13,706
		---------	---------
		273,786	317,055

Creditors: amounts falling due within one year	8	137,125		179,163
		---------		---------
Net current assets			136,661	137,892
			---------	---------
Total assets less current liabilities			144,657	158,787

Provisions

Taxation including deferred tax	1,519	3,970
	---------	---------
Net assets	143,138	154,817
	---------	---------

Capital and reserves

Called up share capital	1,977	1,977
Share premium account	243,273	243,273
Profit and loss account	( 102,112)	( 90,433)
	---------	---------
Shareholders funds	143,138	154,817
	---------	---------

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 30 September 2025 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Waterhouse and Dodd Limited

Statement of Financial Position (continued)

30 September 2025

These financial statements were approved by the board of directors and authorised for issue on 30 April 2026 , and are signed on behalf of the board by:

J.W. Dodd
Director

Company registration number: 02241117

Waterhouse and Dodd Limited

Notes to the Financial Statements

Year ended 30 September 2025

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is 4th Floor, 58-59 Great Marlborough Street, London, W1F 7JY.

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

These accounts have been prepared on the going concern basis, on the understanding that the directors, shareholders and investors will provide continuing support to the company during this uncertain period.

Revenue recognition

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax, in respect of art sales, consultancy fees and commission income.

Income tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

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:

Long leasehold property	-	Over period of lease
Fixtures and fittings	-	15% reducing balance
Equipment	-	15% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2024: 3 ).

5. Tax on (loss)/profit

Major components of tax income

	2025	2024
	£	£

Deferred tax:

Origination and reversal of timing differences	( 2,451)	( 572)
	-------	----
Tax on (loss)/profit	( 2,451)	( 572)
	-------	----

Reconciliation of tax income

The tax assessed on the (loss)/profit on ordinary activities for the year is higher than (2024: lower than) the standard rate of corporation tax in the UK of 19 % (2024: 19 %).

	2025	2024
	£	£
(Loss)/profit on ordinary activities before taxation	( 14,130)	31,868
	--------	--------
(Loss)/profit on ordinary activities by rate of tax	( 2,685)	6,055
Effect of expenses not deductible for tax purposes	165	( 475)
Effect of capital allowances and depreciation	2,450	930
Utilisation of tax losses	–	( 6,510)
Unused tax losses	70	–
Timing difference on Capital Allowances & Depreciation	( 2,451)	( 572)
	--------	--------
Tax on (loss)/profit	( 2,451)	( 572)
	--------	--------

6. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 October 2024	130,110	152,499	282,609
Additions	–	316	316
	---------	---------	---------
At 30 September 2025	130,110	152,815	282,925
	---------	---------	---------
Depreciation
At 1 October 2024	117,729	143,985	261,714
Charge for the year	11,890	1,325	13,215
	---------	---------	---------
At 30 September 2025	129,619	145,310	274,929
	---------	---------	---------
Carrying amount
At 30 September 2025	491	7,505	7,996
	---------	---------	---------
At 30 September 2024	12,381	8,514	20,895
	---------	---------	---------

7. Debtors

	2025	2024
	£	£
Trade debtors	37,060	88,289
Other debtors	130,596	169,937
	---------	---------
	167,656	258,226
	---------	---------

Note: Other debtors include related party transactions of £129,310 (2024:£164,882)

8. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	121	119
Trade creditors	34,884	141,515
Social security and other taxes	7,917	28,954
Other creditors	94,203	8,575
	---------	---------
	137,125	179,163
	---------	---------

9. Deferred tax

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

	2025	2024
	£	£
Included in provisions	1,519	3,970
	-------	-------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2025	2024
	£	£
Deferred tax - Provision on fixed asset timing differences	1,519	3,970
	-------	-------

Unprovided deferred tax asset on losses amounted to £61,070 (2024: £61,002).

10. Director's advances, credits and guarantees

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

	2025
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
J.W. Dodd	–	( 15,490)	( 15,490)
	----	--------	--------

	2024
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
J.W. Dodd	–	–	–
	----	----	----

11. Related party transactions related parties

Fine Art Brokers Ltd (FAB) is a company which is controlled by Mr J W Dodd. A loan balance of £129,310(2024: £164,882). was owed by FAB at the year end. All transactions were on an arm's length basis.