Company No: 07008876 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2026		2025
		£		£
Fixed assets
Tangible assets	3	140,918		139,685
Investment property	4	6,000,000		6,000,000
		6,140,918		6,139,685
Current assets
Debtors	5	56,845		61,693
Cash at bank and in hand		965,762		751,391
		1,022,607		813,084
Creditors: amounts falling due within one year	6	( 297,166)		( 273,953)
Net current assets		725,441		539,131
Total assets less current liabilities		6,866,359		6,678,816
Creditors: amounts falling due after more than one year	7	( 2,149,387)		( 2,238,281)
Provision for liabilities		( 732,076)		( 716,980)
Net assets		3,984,896		3,723,555
Capital and reserves
Called-up share capital		100		100
Undistributable reserve		2,172,521		2,172,521
Profit and loss account		1,812,275		1,550,934
Total shareholder's funds		3,984,896		3,723,555

For the financial year ending 31 March 2026 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Waterlip Developments Limited (registered number: 07008876) were approved and authorised for issue by the Board of Directors on 04 September 2026. They were signed on its behalf by:

A M Stott Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Waterlip Developments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 25 Quarry Way Business Park, Waterlip, Shepton Mallet, BA4 4RN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover comprises the fair value of rent received 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery

25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Loans and borrowings
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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	3		2

3. Tangible assets

	Plant and machinery		Total
	£		£
Cost
At 01 April 2025	334,989		334,989
Additions	43,167		43,167
Disposals	( 28,997)		( 28,997)
At 31 March 2026	349,159		349,159
Accumulated depreciation
At 01 April 2025	195,304		195,304
Charge for the financial year	37,815		37,815
Disposals	( 24,878)		( 24,878)
At 31 March 2026	208,241		208,241
Net book value
At 31 March 2026	140,918		140,918
At 31 March 2025	139,685		139,685

4. Investment property

	Investment property
	£
Valuation
As at 01 April 2025	6,000,000
As at 31 March 2026	6,000,000

Valuation

The investment properties are valued by the director at open market value at 31 March 2026. The last professional valuation was carried out by Savills at 5 December 2024 and valued the investment property at £6,000,000.

5. Debtors

	2026		2025
	£		£
Trade debtors	11,665		1,242
Other debtors	45,180		60,451
	56,845		61,693

6. Creditors: amounts falling due within one year

	2026		2025
	£		£
Bank loans (secured)	88,820		82,432
Trade creditors	785		1,722
Taxation and social security	102,340		85,359
Other creditors	105,221		104,440
	297,166		273,953

The bank loans of £88,820 (2025: £82,432) are secured against the investment property of the company.

7. Creditors: amounts falling due after more than one year

	2026		2025
	£		£
Bank loans (secured)	2,149,387		2,238,281

The bank loans of £2,149,387 (2025: £2,238,281) are secured against the investment property of the company.

8. Related party transactions

Transactions with the entity's directors

Advances

The directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

A M Stott
At 1 April 2025, the balance owed by the director was £48,042. During the year, £27,499 was advanced to the director, and £48,042 was repaid by the director. At 31 March 2026, the balance owed by the director was £27,499.

At 1 April 2024, the balance owed by the director was £1,378. During the year, £68,042 was advanced to the director, and £21,378 was repaid by the director. At 31 March 2025, the balance owed by the director was £48,042.

J Stott
At 1 April 2025, the balance owed by the director was £nil. During the year, £2,500 was advanced to the director, and £nil was repaid by the director. At 31 March 2026, the balance owed by the director was £2,500.