Wellness Water Limited - Period Ending 2021-03-31

Wellness Water Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 8

Wellness Water Limited

Company Information

Directors

Duncan Gilbert Hannah Gilbert Daniel Wilde

Registered office

Lowin House Tregolls Road Truro TR1 2NA

Accountants

Francis Clark LLP Lowin House Tregolls Road Truro Cornwall TR1 2NA

Wellness Water Limited

Balance Sheet

31 March 2021

	Note	2021 £	2020 £
Fixed assets
Tangible assets	4	1,436	1,795
Current assets
Stocks	5	4,120	18,954
Debtors	6	27,500	27,500
Cash at bank and in hand		20,002	6,996
		51,622	53,450
Creditors: Amounts falling due within one year	7	(26,566)	(26,916)
Net current assets		25,056	26,534
Net assets		26,492	28,329
Capital and reserves
Called up share capital		50,000	50,000
Profit and loss account		(23,508)	(21,671)
Total equity		26,492	28,329

Wellness Water Limited

Balance Sheet

31 March 2021

For the financial year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 10 March 2022 and signed on its behalf by:
 

......................................... Duncan Gilbert Director

Company Registration Number: 11233741

Wellness Water Limited

Notes to the Financial Statements

Year Ended 31 March 2021

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Lowin House
Tregolls Road
Truro
TR1 2NA
United Kingdom

These financial statements were authorised for issue by the Board on 10 March 2022.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of water filtration systems in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Wellness Water Limited

Notes to the Financial Statements

Year Ended 31 March 2021

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	20% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and,
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

Wellness Water Limited

Notes to the Financial Statements

Year Ended 31 March 2021

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2020 - 3).

Wellness Water Limited

Notes to the Financial Statements

Year Ended 31 March 2021

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2020	2,648	2,648
At 31 March 2021	2,648	2,648
Depreciation
At 1 April 2020	853	853
Charge for the year	359	359
At 31 March 2021	1,212	1,212
Carrying amount
At 31 March 2021	1,436	1,436
At 31 March 2020	1,795	1,795

5

Stocks

	2021 £	2020 £
Other inventories	4,120	18,954

6

Debtors

	2021 £	2020 £
Other debtors	27,500	27,500
	27,500	27,500

Wellness Water Limited

Notes to the Financial Statements

Year Ended 31 March 2021

7

Creditors

Creditors: amounts falling due within one year

	2021 £	2020  £
Due within one year
Trade creditors	-	2,655
Other creditors	22,809	22,811
Accrued expenses	3,757	1,450
	26,566	26,916