Still Waters Capital Ltd Accounts






Still Waters Capital Ltd

	Company No. 10756533
		Information for Filing with The Registrar
		31 March 2026

at	31 March 2026
Company No.		10756533	Notes	2026	2025
				£	£
Fixed assets

	Tangible assets		5	38,903	50,122


				38,903	50,122
Current assets

	Debtors		6	7,599,270	9,938,465

	Cash at bank and in hand			1,373,452	475,377
				8,972,722	10,413,842
Creditors: Amount falling due within one year			7	(5,740,056)	(6,242,874)
Net current assets				3,232,666	4,170,968
Total assets less current liabilities				3,271,569	4,221,090
Creditors: Amounts falling due after more than one year			8	(3,295,000)	(3,750,328)



Net (liabilities)/assets				(23,431)	470,762

Capital and reserves
	Called up share capital			100	100



	Profit and loss account		10	(23,531)	470,662

Total equity				(23,431)	470,762



These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.



As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 28 August 2026 and signed on its behalf by:
M. Higgins
Director
28 August 2026

for the year ended 31 March 2026

General information

Still Waters Capital Ltd is a private company limited by shares and incorporated in England and Wales.

Its registered number is: 10756533

Its registered office is:

Ebenezer House

5a Poole Road

Bournemouth

Dorset

BH2 5QJ

The accounts have been prepared in accordance and comply with FRS 102 and Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

Accounting policies

Revenue recognition

Turnover represents interest income, fee income, and other charges earned from lending and related financial services, stated net of value added tax where applicable. Interest income is recognized in the profit and loss account using the effective interest rate (EIR) method. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the financial instrument to the net carrying amount of the financial asset.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Motor vehicles

25% reducing balance

Furniture, fittings and equipment

25% reducing balance

Leased assets

Where the company enters into a lease which entails taking substantially all the risks and rewards of the ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease, or if lower, at the present value of minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lese obligation. Lease payments are apportioned between finance expenses and the reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the equity. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs .

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the term of the lease.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expenses on a straight-line basis.

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

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.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.

3	Employees
			2026	2025
			Number	Number
		The average monthly number of employees (including directors) during the year was:	5	6

4	Taxation
		(a) Tax on profit on ordinary activities	2026	2025
		The tax charge is made up as follows:	£	£
		UK corporation tax

		Charge for prior periods	-	(14,451)
		Total corporation tax	-	(14,451)

		Origination and reversal of timing differences	-	(16,191)

		Total deferred tax	-	(16,191)

		Tax on profit on ordinary activities	-	(30,642)

		(b) Factors affecting the total tax charge for the period
		The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The differences are reconciled below:
		Higher	2026	2025
		123548	£	£
		Profit on ordinary activities before tax	(494,193)	(494,495)

		Standard rate of corporation tax in the United Kingdom	25%	25%

		Profit on ordinary activities multiplied by standard rate of corporation tax in the United Kingdom	(123,548)	(123,624)
		Expenses not deductible for tax purposes	32,500	-
		Adjustments to charge in respect of prior periods	-	(14,451)

		Other short term timing differences	2,805	(12,530)
		Tax loss carried forwards	88,243	119,963
		Tax on profit on ordinary activities	-	(30,642)

5	Tangible fixed assets
			Motor vehicles	Fixtures, fittings and equipment	Total
			£	£	£
		Cost or revaluation
		At 1 April 2025	86,351	2,066	88,417
		Additions	-	1,749	1,749



		At 31 March 2026	86,351	3,815	90,166
		Depreciation
		At 1 April 2025	37,779	516	38,295
		Charge for the year	12,143	825	12,968



		At 31 March 2026	49,922	1,341	51,263
		Net book values
		At 31 March 2026	36,429	2,474	38,903
		At 31 March 2025	48,572	1,550	50,122

6	Debtors
			2026	2025
			£	£
		Trade debtors	7,480,608	9,725,054





		Other debtors	118,662	213,411

			7,599,270	9,938,465

7	Creditors:
		amounts falling due within one year
			2026	2025
			£	£

		Bank loans and overdrafts	2,642	10,441

		Obligations under finance lease and hire purchase contracts	52,685	8,572
		Trade creditors	375,310	446,280

		Taxes and social security	387	1,196
		Loans from directors	5,302,651	5,764,651

		Accruals and deferred income	6,381	11,734
			5,740,056	6,242,874

8	Creditors:
		amounts falling due after more than one year
			2026	2025
			£	£

		Bank loans and overdrafts	-	2,643

		Obligations under finance lease and hire purchase contracts	-	52,685
		Trade creditors	3,295,000	3,695,000



			3,295,000	3,750,328

Share Capital

M Higgins acts as trustee for both shareholders. C F Brewer & J H Brewer each hold a 50% interest in the issued share capital of the company. The issued share capital is 100 ordinary £1.00 shares.

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.