WAAT Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 06876338 (England and Wales)

WAAT LIMITED

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2014

Page

Abbreviated Balance Sheet

1

Notes to the Abbreviated Accounts

3

FIXED ASSETS

Intangible assets

2

184,090

194,859

Tangible assets

3

36,597

52,062

220,687

246,921

CURRENT ASSETS

Stocks

3,750

3,450

Debtors

20,754

67,665

Cash in hand

6,697

5,787

31,201

76,902

CREDITORS

Amounts falling due within one year

4

(156,469

)

(119,621

)

NET CURRENT LIABILITIES

(125,268

)

(42,719

)

TOTAL ASSETS LESS CURRENT LIABILITIES

95,419

204,202

CREDITORS

Amounts falling due after more than one year

4

(120,264

)

(196,065

)

PROVISIONS FOR LIABILITIES

(4,925

)

(6,377

)

NET (LIABILITIES)/ASSETS

(29,770

)

1,760

CAPITAL AND RESERVES

Called up share capital

5

100

100

Profit and loss account

(29,870

)

1,660

SHAREHOLDERS' FUNDS

(29,770

)

1,760

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 29 June 2015 and were signed on its behalf by:

S E Johnson - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on the going concern basis, which assumes that the company will

continue in operational existence for the foreseeable future. The directors' consider this basis of preparation

appropriate given the continued support of themselves and the company's bank.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets

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.

Improvements to property

-

10% Straight line

Fixtures and fittings

-

20% Straight line

Computer equipment

-

20% Straight line

Depreciation is charged in the year of purchase but not in the year of disposal.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 October 2013

and 30 September 2014

245,453

AMORTISATION

At 1 October 2013

50,594

Amortisation for year

10,769

At 30 September 2014

61,363

NET BOOK VALUE

At 30 September 2014

184,090

At 30 September 2013

194,859

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 October 2013

88,076

Additions

563

At 30 September 2014

88,639

DEPRECIATION

At 1 October 2013

36,014

Charge for year

16,028

At 30 September 2014

52,042

NET BOOK VALUE

At 30 September 2014

36,597

At 30 September 2013

52,062

4.

CREDITORS

Creditors include an amount of £ 146,065 (2013 - £ 171,866 ) for which security has been given.

They also include the following debts falling due in more than five years:

2014

2013

£

£

Repayable by instalments

18,750

42,861

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

100

Ordinary

£1

100

100

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 September 2014 and

30 September 2013:

2014

2013

£

£

S E Johnson and Mrs C Johnson

Balance outstanding at start of year

51,739

16,821

Amounts advanced

31,813

34,918

Amounts repaid

(83,552

)

-

Balance outstanding at end of year

-

51,739

No interest has been charged by the company in respect of the above loans.

At 30 September 2014 the company owed S E Johnson and Mrs C Johnson £5,670.