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Registration number: 03496105

Waterwell Ltd
Unaudited Filleted Financial Statements
for the Year Ended 31 December 2025

Waterwell Ltd

Contents

Company Information | 1
Balance Sheet | 2
Statement of Changes in Equity | 3
Notes to the Unaudited Financial Statements | 4 to 10

Waterwell Ltd

Company Information

Directors | Mr F McMillan Mr N J Ryan

Registered office | 6-8 Dyer Street Cirencester Gloucestershire GL7 2PF

Accountants | Franklin, Chartered Accountants 320 Garratt Lane London SW18 4EJ

Waterwell Ltd

(Registration number: 03496105)
Balance Sheet as at 31 December 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 96,893 | 62,574
Current assets |  |  |
Debtors | 5 | 57,701 | 66,476
Cash at bank and in hand |  | 306,815 | 155,822
|  | 364,516 | 222,298
Creditors: Amounts falling due within one year | 6 | (157,890) | (198,160)
Net current assets |  | 206,626 | 24,138
Total assets less current liabilities |  | 303,519 | 86,712
Creditors: Amounts falling due after more than one year | 6 | (36,313) | (17,916)
Provisions for liabilities |  | (17,942) | (11,320)
Net assets |  | 249,264 | 57,476
Capital and reserves |  |  |
Called up share capital | 7 | 2 | 2
Retained earnings |  | 249,262 | 57,474
Shareholders' funds |  | 249,264 | 57,476

For the financial year ending 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 July 2026 and signed on its behalf by:

......................................... Mr F McMillan Director

Waterwell Ltd

Statement of Changes in Equity for the Year Ended 31 December 2025

| Share capital £ | Retained earnings £ | Total £
At 1 January 2025 | 2 | 57,474 | 57,476
Profit for the year | - | 191,788 | 191,788
At 31 December 2025 | 2 | 249,262 | 249,264

| Share capital £ | Retained earnings £ | Total £
At 1 January 2024 | 2 | 141,251 | 141,253
Profit for the year | - | 212,136 | 212,136
Dividends | - | (145,913) | (145,913)
Purchase of own share capital | - | (150,000) | (150,000)
At 31 December 2024 | 2 | 57,474 | 57,476

Waterwell Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

1 | General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
6-8 Dyer Street
Cirencester
Gloucestershire
GL7 2PF

These financial statements were authorised for issue by the Board on 20 July 2026.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Waterwell Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Plant & Equipment | 25% on a straight line basis
Motor Vehicles | 25% on a straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Waterwell Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Waterwell Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

Financial instruments

Classification
The Company has chosen to adopt sections 11 and 12 of FRS 102 in respect of financial instruments.
Recognition and measurement
Financial instruments are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate.
Impairment
Financial instruments are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2024 - 11).

Waterwell Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

4 | Tangible assets

| Motor vehicles £ | Other property, plant and equipment £ | Total £
Cost or valuation
At 1 January 2025 | 149,374 | 23,279 | 172,653
Additions | 79,206 | 1,978 | 81,184
Disposals | (76,834) | - | (76,834)
At 31 December 2025 | 151,746 | 25,257 | 177,003
Depreciation
At 1 January 2025 | 89,727 | 20,352 | 110,079
Charge for the year | 26,018 | 1,975 | 27,993
Eliminated on disposal | (57,962) | - | (57,962)
At 31 December 2025 | 57,783 | 22,327 | 80,110
Carrying amount
At 31 December 2025 | 93,963 | 2,930 | 96,893
At 31 December 2024 | 59,647 | 2,927 | 62,574

5 | Debtors

Current | 2025 £ | 2024 £
Trade debtors | 48,051 | 45,676
Other debtors | 9,650 | 20,800
| 57,701 | 66,476

Waterwell Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

6 | Creditors

Creditors: amounts falling due within one year

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 8 | 38,760 | 32,453
Trade creditors |  | 35,198 | 20,265
Taxation and social security |  | 77,704 | 89,522
Other creditors |  | 6,228 | 55,920
|  | 157,890 | 198,160

Creditors: amounts falling due after more than one year

| Note | 2025 £ | 2024 £
Due after one year |  |  |
Loans and borrowings | 8 | 36,313 | 17,916

7 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary of £0.00 each | 1,550 | 2 | 1,550 | 2

8 | Loans and borrowings

Non-current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | - | 9,351
Hire purchase contracts | 36,313 | 8,565
| 36,313 | 17,916

Current loans and borrowings

Waterwell Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

| 2025 £ | 2024 £
Bank borrowings | 10,000 | 10,649
Hire purchase contracts | 28,760 | 21,804
| 38,760 | 32,453

9 | Dividends

|  | 2025 |  | 2024
|  | £ |  | £
Interim dividend of £Nil (2024 - £94.13) per ordinary share |  | - |  | 145,913

10 | Related party transactions

Transactions with directors

2025 | At 1 January 2025 £ | Repayments by director £ | At 31 December 2025 £
Mr F McMillan
Loan to Director | 8,000 | (8,000) | -

2024 | At 1 January 2024 £ | Advances to director £ | Repayments by director £ | At 31 December 2024 £
Mr N J Ryan
Loan to Director | 1,100 | 172 | (1,273) | -
Mr F McMillan
Loan to Director | 15,000 | 38,000 | (45,000) | 8,000

Directors' remuneration

The directors' remuneration for the year was as follows:

| 2025 £ | 2024 £
Remuneration | 141,614 | 151,801
Contributions paid to money purchase schemes | 3,317 | 4,154
| 144,931 | 155,955