| Waterside Construction Southwest Limited |
| Registered number: |
07778550 |
| Balance Sheet |
| as at 30 September 2021 |
|
| Notes |
|
|
2021 |
|
|
2020 |
| £ |
£ |
| Current assets |
| Stocks |
|
|
2,896,559 |
|
|
2,338,406 |
| Debtors |
3 |
|
266,142 |
|
|
390,060 |
| Cash at bank and in hand |
|
|
312 |
|
|
862 |
|
|
|
3,163,013 |
|
|
2,729,328 |
|
| Creditors: amounts falling due within one year |
4 |
|
(3,131,660) |
|
|
(2,697,279) |
|
| Net current assets |
|
|
|
31,353 |
|
|
32,049 |
|
| Total assets less current liabilities |
|
|
|
31,353 |
|
|
32,049 |
|
| Creditors: amounts falling due after more than one year |
5 |
|
|
(50,000) |
|
|
(50,000) |
|
|
|
| Net liabilities |
|
|
|
(18,647) |
|
|
(17,951) |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
100 |
|
|
100 |
| Profit and loss account |
|
|
|
(18,747) |
|
|
(18,051) |
|
| Shareholder's funds |
|
|
|
(18,647) |
|
|
(17,951) |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| I Mitchell |
| Director |
| Approved by the board on 27 September 2022 |
|
| Waterside Construction Southwest Limited |
| Notes to the Accounts |
| for the year ended 30 September 2021 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Going concern |
|
The company’s balance sheet shows a net liability position. However, the director considers the company can continue to rely upon his own support to ensure that its liabilities can be settled when they fall due. Accordingly, these financial statements have been prepared on a going concern basis and do not include any provision for adjustments that may become necessary if the support referred to above were withdrawn. |
|
|
| 2 |
Employees |
2021 |
|
2020 |
| Number |
Number |
|
|
Average number of persons employed by the company |
1 |
|
1 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Debtors |
2021 |
|
2020 |
| £ |
£ |
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
260,335 |
|
383,569 |
|
Other debtors |
5,807 |
|
6,491 |
|
|
|
|
|
|
266,142 |
|
390,060 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Creditors: amounts falling due within one year |
2021 |
|
2020 |
| £ |
£ |
|
|
Bank loans and overdrafts |
2,899,517 |
|
2,461,001 |
|
Trade creditors |
- |
|
4,135 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
20,500 |
|
20,500 |
|
Other creditors |
211,643 |
|
211,643 |
|
|
|
|
|
|
3,131,660 |
|
2,697,279 |
|
|
|
|
|
|
|
|
|
| 6 |
Related party transactions |
|
|
During the year the company was controlled by its directors. |
|
|
The ultimate controlling party is I Mitchell who holds 100% of the share capital. |
|
|
At the year end the company had the following balances with related business entities: |
|
|
Entity |
Debtor/ (Creditor) |
|
|
|
|
|
|
2021 |
|
2020 |
| £ |
£ |
|
|
Empire Homes |
(20,500) |
|
(20,500) |
|
Quay Construction (South West) Limited |
5,130 |
|
5,130 |
|
Secondus LLP |
218,942 |
|
218,942 |
|
IPC Loan |
36,263 |
|
159,497 |
|
|
|
|
|
|
|
|
|
|
The above amounts are included within other debtors / (creditors) in these financial statements |
|
| 5 |
Creditors: amounts falling due after one year |
2021 |
|
2020 |
| £ |
£ |
|
|
Bank loans |
50,000 |
|
50,000 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Loans |
2021 |
|
2020 |
| £ |
£ |
|
Creditors include: |
|
|
Secured bank loans |
2,899,517 |
|
2,461,001 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Other information |
|
|
Waterside Construction Southwest Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
The Mill |
|
Kingsteignton Road |
|
Newton Abbot |
|
Devon |
|
TQ12 2QA |
