Waterside Commercial Developments Limite - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09423061 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH APRIL 2022

FOR

WATERSIDE COMMERCIAL DEVELOPMENTS

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr J B Barrett

Mr DP De Laszlo

Mr HS Mighell

Mr MD Swan

REGISTERED OFFICE:

Portland House

11-13 Station Road

Kettering

Northamptonshire

NN15 7HH

REGISTERED NUMBER:

09423061 (England and Wales)

ACCOUNTANTS:

Bewers Turner & Co LLP

Chartered Accountants

Portland House

11-13 Station Road

Kettering

Northamptonshire

NN15 7HH

FIXED ASSETS

Investment property

4

5,390,000

5,390,000

CURRENT ASSETS

Debtors

5

118,752

28,851

Cash at bank

215,378

107,521

334,130

136,372

CREDITORS

Amounts falling due within one year

6

438,758

414,637

NET CURRENT LIABILITIES

(104,628

)

(278,265

)

TOTAL ASSETS LESS CURRENT LIABILITIES

5,285,372

5,111,735

CREDITORS

Amounts falling due after more than one year

7

5,142,757

5,010,938

NET ASSETS

142,615

100,797

CAPITAL AND RESERVES

Called up share capital

2,000

2,000

Revaluation reserve

9

115,375

115,375

Retained earnings

25,240

(16,578

)

SHAREHOLDERS' FUNDS

142,615

100,797

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 2022 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.

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 9th September 2022 and were signed on its behalf by:

Mr HS Mighell - Director

1.	STATUTORY INFORMATION

Waterside Commercial Developments Limited 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historic cost basis.

The financial statements have been prepared on a going concern basis, not withstanding the fact the company had net current liabilities at the balance sheet date. Continuing to trade depends on the continued support of the company's banks and investors. Should the company be unable to trade, adjustments would have to be made to reduce the value of the assets to their recoverable amounts and to provide for any further liabilities which might arise.

Turnover

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

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial statements

The company is party to only basic financial instruments such as cash, trade debtors and creditors, and bank loans. Instruments such as trade debtors and creditors are initially recognised at their transaction cost and reviewed at the year end for impairment. Debt instruments not repayable on demand or due within one year, such as bank loans, are measured at amortised cost using the effective interest ra

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st May 2021

and 30th April 2022

5,390,000

NET BOOK VALUE

At 30th April 2022

5,390,000

At 30th April 2021

5,390,000

The investment property is shown at fair value.

Fair value at 30th April 2022 is represented by:

£

Valuation in 2016

164,160

Valuation in 2021

(48,785

)

Cost

5,274,625

5,390,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

96,374

18,893

Other debtors

22,378

9,958

118,752

28,851

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

190,000

286,652

Trade creditors

996

6,871

Amounts owed to associates

19,126

19,126

Taxation and social security

22,070

17,833

Other creditors

206,566

84,155

438,758

414,637

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

2,549,167

2,573,346

Other creditors

2,593,590

2,437,592

5,142,757

5,010,938

8.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

2,739,167

2,859,998

Bank loans are secured against the investment property and a charge on the cash deposit of £125,000.

9.

RESERVES

Revaluation

reserve

£

At 1st May 2021

and 30th April 2022

115,375

10.	RELATED PARTY DISCLOSURES

All material related party transactions with owners holding a participating interest, companies in which the entity has a participating interest and directors were all concluded under normal market conditions.