K Waterhouse Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 00971282 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 June 2023

for

K Waterhouse Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Nalin Shah

REGISTERED OFFICE:

173 Cleveland Street

London

W1T 6QR

REGISTERED NUMBER:

00971282 (England and Wales)

ACCOUNTANTS:

Shah Dodhia & Co

173 Cleveland Street

London

W1T 6QR

FIXED ASSETS

Tangible assets

4

1

1

Investments

5

933,473

666,181

Investment property

6

1,657,143

1,657,143

2,590,617

2,323,325

CURRENT ASSETS

Stocks

105,792

165,037

Debtors

7

250,964

249,611

Cash at bank

1,200,016

1,155,492

1,556,772

1,570,140

CREDITORS

Amounts falling due within one year

8

529,664

484,951

NET CURRENT ASSETS

1,027,108

1,085,189

TOTAL ASSETS LESS CURRENT LIABILITIES

3,617,725

3,408,514

PROVISIONS FOR LIABILITIES

205,347

205,347

NET ASSETS

3,412,378

3,203,167

CAPITAL AND RESERVES

Called up share capital

75,000

75,000

Retained earnings

3,337,378

3,128,167

3,412,378

3,203,167

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 27 November 2023 and were signed by:

Nalin 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.

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 year 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 year 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.

Financial instruments

Trade and other debtors/creditors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Debtors and creditors payable or receivable within one year on initial recognition are measured at the undiscounted amount of the cash expected to be paid or received, net of impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 July 2022

and 30 June 2023

16,063

DEPRECIATION

At 1 July 2022

and 30 June 2023

16,062

NET BOOK VALUE

At 30 June 2023

1

At 30 June 2022

1

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 July 2022

666,181

Additions

342,068

Disposals

(52,033

)

Revaluations

(22,743

)

At 30 June 2023

933,473

NET BOOK VALUE

At 30 June 2023

933,473

At 30 June 2022

666,181

Cost or valuation at 30 June 2023 is represented by:

Other

investments

£

Valuation in 2023

933,473

The other investments include quoted securities and gilt securities which are stated at fair value.

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2022

and 30 June 2023

1,657,143

NET BOOK VALUE

At 30 June 2023

1,657,143

At 30 June 2022

1,657,143

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 2023 is represented by:

£

Valuation in 2023

1,657,143

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

223,965

204,253

Other debtors

26,999

45,358

250,964

249,611

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

176,684

179,875

Amounts owed to group undertakings

177,991

196,741

Taxation and social security

69,501

41,577

Other creditors

105,488

66,758

529,664

484,951

9.	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.