REGISTERED NUMBER: 03768376 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH NOVEMBER 2025

FOR

WATERGATES LTD

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr. F A Chaka

Mr N H Malida

SECRETARY:

Mr. F A Chaka

REGISTERED OFFICE:

Watergates Building

109 Coleman Road

Leicester

Leicestershire

LE5 4LE

BUSINESS ADDRESS:

109 Coleman Road

Leicester

LE5 4LE

REGISTERED NUMBER:

03768376 (England and Wales)

ACCOUNTANTS:

Watergates Ltd

109 Coleman Road

Leicester

LE5 4LE

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

17,967

16,869

17,967

16,869

CURRENT ASSETS

Stocks

202,750

197,500

Debtors

1,703,022

1,471,255

Cash at bank and in hand

132,091

56,795

2,037,863

1,725,550

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

(492,671

)

(374,525

)

NET CURRENT ASSETS

1,545,192

1,351,025

TOTAL ASSETS LESS CURRENT LIABILITIES

1,563,159

1,367,894

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

(154,569

)

(121,630

)

PROVISIONS FOR LIABILITIES

(3,723

)

(3,280

)

NET ASSETS

1,404,867

1,242,984

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

1,404,767

1,242,884

SHAREHOLDERS' FUNDS

1,404,867

1,242,984

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th November 2025.

The members have not required the Company to obtain an audit of its financial statements for the year ended 30th November 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 30th November 2025 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20th August 2026 and were signed on its behalf by:

Mr N H Malida - Director

1.	STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

GOODWILL

Goodwill, being the amount paid in connection with the acquisition of a business in 2001, is being amortised evenly over its estimated useful life of five years.

TANGIBLE FIXED ASSETS

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment

losses. Such cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual

value of each asset over its estimated useful life:

Fixtures and fittings - 25% on cost

Office equipment - 33% on cost

The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.

IMPAIRMENT OF ASSETS

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

STOCKS AND WORK IN PROGRESS

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Work in progress is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes the direct labour costs of professional staff, calculated using standard hourly cost rates, together with any directly attributable overheads.

Estimated selling price represents the amount expected to be recoverable from clients for the work performed at the reporting date, less any costs expected to be incurred to complete the service and finalise billing. Work in progress is reviewed for recoverability at each reporting date and written down where necessary.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 37 (2024 - 35 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1st December 2024

and 30th November 2025

28,500

AMORTISATION

At 1st December 2024

and 30th November 2025

28,500

NET BOOK VALUE

At 30th November 2025

-

At 30th November 2024

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1st December 2024

51,863

Additions

9,314

At 30th November 2025

61,177

DEPRECIATION

At 1st December 2024

34,994

Charge for year

8,216

At 30th November 2025

43,210

NET BOOK VALUE

At 30th November 2025

17,967

At 30th November 2024

16,869

6.	SECURED DEBTS

The following secured debts are included within creditors:

30/11/25

30/11/24

£

£

Other loans

154,569

121,630

Loans are secured by way of fixed and floating charge over all assets of the company.

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30/11/25

30/11/24

value:

£

£

100

Ordinary

1

100

100

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30th November 2025 and 30th November 2024:

30/11/25

30/11/24

£

£

Mr N H Malida and Mr. F A Chaka

Balance outstanding at start of year

(11,387

)

(6,616

)

Amounts advanced

10,832

(4,771

)

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(555

)

(11,387

)