ACCOUNTS - Final Accounts preparation

Commitments under operating leases

At 31 December 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

WATERSLADE LIMITED - Company Information

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Company registration number: 2782750

	UNAUDITED FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 DECEMBER 2022

	WATERSLADE LIMITED


WATERSLADE LIMITED

COMPANY INFORMATION

Directors	P Fletcher
	M MacPherson


Registered number	2782750


Registered office	7 Oasis Park
	Eynsham
	Oxford
	OX29 4TP


Accountants	Menzies LLP
	Chartered Accountants
	Lynton House
	7-12 Tavistock Square
	London
	WC1H 9LT


WATERSLADE LIMITED

CONTENTS

	Page
Statement of financial position	1
Notes to the financial statements	2 - 5


WATERSLADE LIMITED REGISTERED NUMBER:2782750

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2022

		2022		2021
Note		£		£

Fixed assets
Tangible assets	4		172,647		11,899
			172,647		11,899
Current assets
Debtors: amounts falling due within one year	5	474,053		635,527
Cash at bank and in hand		411,600		505,730
		885,653		1,141,257
Creditors: amounts falling due within one year	6	(421,643)		(564,756)
Net current assets			464,010		576,501
Total assets less current liabilities			636,657		588,400

Net assets			636,657		588,400

Capital and reserves
Called up share capital	20	20
Capital redemption reserve	10	10
Profit and loss account	636,627	588,370
	636,657	588,400

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

P Fletcher

Director

Date: 28 September 2023

The notes on pages 2 to 5 form part of these financial statements.

Page 1


WATERSLADE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

1.	General information

Waterslade Limited is a private company limited by shares, incorporated in England and Wales under the Companies Act 2006. The registered office is located on the Company Information page.
The accounts are presented in GBP which is the functional currency of the company.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Turnover

The turnover shown in the Statement of Income and Retained Earnings represents amounts receivable for services provided during the period in the normal course of business, net of trade discounts, VAT and other sales and related taxes.

2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

				Fixtures and fittings	-	33%	Straight line
				Office equipment	-	33%	Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.4

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 2


WATERSLADE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.8

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 3


WATERSLADE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

Employees

The average monthly number of employees, including directors, during the year was 28 (2021 -30).

4.	Tangible fixed assets

	Fixtures and fittings	Office equipment	Total
	£	£	£
Cost or valuation
At 1 January 2022	72,823	72,997	145,820
Additions	170,141	9,298	179,439
At 31 December 2022	242,964	82,295	325,259
Depreciation
At 1 January 2022	71,290	62,631	133,921
Charge for the year on owned assets	9,948	8,743	18,691
At 31 December 2022	81,238	71,374	152,612
Net book value
At 31 December 2022	161,726	10,921	172,647
At 31 December 2021	1,533	10,366	11,899

Debtors

					2022	2021
					£	£


Trade debtors	61,133	68,250
Other debtors	151,128	513,976
Prepayments and accrued income	220,388	53,301
Deferred taxation	41,404	-
	474,053	635,527

Page 4


WATERSLADE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

6.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Trade creditors	13,494	12,325
Corporation tax	-	3,417
Other taxation and social security	110,875	267,597
Other creditors	66,783	68,797
Accruals and deferred income	230,491	212,620
	421,643	564,756

Not later than 1 year	91,676	54,214
Later than 1 year and not later than 5 years	196,956	203,301
	288,632	257,515

Page 5