K. Waterhouse Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00971282 (England and Wales)

Unaudited Financial Statements

for the Period 1 October 2020 to 30 June 2021

for

K. Waterhouse Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Vinay Shah

Nalin Shah

Anil Lalji Shah

SECRETARY:

Vinay Shah

REGISTERED OFFICE:

SDC (2012) Ltd P/A Shah Dodhia & Co

173 Cleveland Street

London

W1T 6QR

REGISTERED NUMBER:

00971282 (England and Wales)

ACCOUNTANTS:

Shah Dodhia & Co

173 Cleveland Street

London

W1T 6QR

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

1

1

Investments

6

657,741

569,131

Investment property

7

1,657,143

1,100,000

2,314,885

1,669,132

CURRENT ASSETS

Stocks

208,474

353,637

Debtors

8

582,367

539,897

Cash at bank

6,743,795

9,940,334

7,534,636

10,833,868

CREDITORS

Amounts falling due within one year

9

739,659

1,006,316

NET CURRENT ASSETS

6,794,977

9,827,552

TOTAL ASSETS LESS CURRENT LIABILITIES

9,109,862

11,496,684

PROVISIONS FOR LIABILITIES

205,347

50,206

NET ASSETS

8,904,515

11,446,478

CAPITAL AND RESERVES

Called up share capital

75,000

75,000

Revaluation reserve

10

97,707

85,155

Retained earnings

8,731,808

11,286,323

8,904,515

11,446,478

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 June 2021.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 June 2021 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 25 October 2021 and were signed on its behalf by:

Vinay Shah - Director

1.	STATUTORY INFORMATION

K. Waterhouse 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

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

Investments in subsidiaries

Investments in subsidiary company is stated at the net asset values of the subsidiary company, which is considered to be their fair values, unless the net asset value is negative, in which case the investment's carrying value is recognised in other comprehensive income (OCI) in accordance with FRS102.17.15.E-F, with net revaluation gains recognised in OCI and net revaluation losses in profit and loss to the extent that these are not reversals of previous revaluation gain.

Investment property

Investment property are initially recorded at cost, which includes purchase price and directly attributable expenditure. Investment properties are revalued to their fair values at each reporting date and any changes in fair values are recognised in profit or loss account and no depreciation is provided in respect of investment properties.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or group of assets.

Stocks

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

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

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

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 8 (2020 - 14 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2020

and 30 June 2021

69,000

AMORTISATION

At 1 October 2020

and 30 June 2021

69,000

NET BOOK VALUE

At 30 June 2021

-

At 30 September 2020

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2020

and 30 June 2021

16,063

DEPRECIATION

At 1 October 2020

and 30 June 2021

16,062

NET BOOK VALUE

At 30 June 2021

1

At 30 September 2020

1

6.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

£

£

£

COST OR VALUATION

At 1 October 2020

85,156

483,975

569,131

Additions

-

13,049

13,049

Disposals

-

(57,855

)

(57,855

)

Revaluations

12,552

120,864

133,416

At 30 June 2021

97,708

560,033

657,741

NET BOOK VALUE

At 30 June 2021

97,708

560,033

657,741

At 30 September 2020

85,156

483,975

569,131

Cost or valuation at 30 June 2021 is represented by:

Shares in

group

Other

undertakings

investments

Totals

£

£

£

Valuation in 2021

97,708

560,033

657,741

The quoted securities represent UK stocks and shares which are stated at fair value.

The company owns the entire issued share capital of Ace Greenacre Ltd which operates a retail pharmaceutical business.

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2020

1,100,000

Revaluations

557,143

At 30 June 2021

1,657,143

NET BOOK VALUE

At 30 June 2021

1,657,143

At 30 September 2020

1,100,000

The directors have considered the carrying value of all investment properties and the properties are stated at directors valuation at the Balance Sheet date.

Fair value at 30 June 2021 is represented by:

£

Valuation in 2021

1,657,143

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

492,543

434,636

Amounts owed by group undertakings

87,824

82,718

Other debtors

2,000

22,543

582,367

539,897

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

262,580

366,962

Amounts owed to group undertakings

106,779

112,024

Taxation and social security

38,233

84,056

Other creditors

332,067

443,274

739,659

1,006,316

10.

RESERVES

Revaluation

reserve

£

At 1 October 2020

85,155

Revaluation adjustment

12,552

At 30 June 2021

97,707

11.	RELATED PARTY DISCLOSURES

As the company is a wholly owned subsidiary of Pharm-Tex Limited, the company has taken advantage of the exemption contained in FRS 102 1A and has therefore not disclosed transactions on balances with entities which form part of the group headed by Pharm-Tex Limited.

The directors confirm that there are no other related party transactions other than those disclosed in these financial statements.