Watersrule Limited - Period Ending 2015-06-30

Registration number: SC251414

Watersrule Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 June 2015
 

Amber Scott Accounts and Tax Ltd
22 Graemeslea View
Aberuthven
Auchterarder
PH3 1FG

Watersrule Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Watersrule Limited
for the Year Ended 30 June 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Watersrule Limited for the year ended 30 June 2015 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.org.uk/accountspreparationguidance.

This report is made solely to the Board of Directors of Watersrule Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Watersrule Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at www.icas.org.uk/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Watersrule Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Watersrule Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Watersrule Limited. You consider that Watersrule Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Watersrule Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Amber Scott Accounts and Tax Ltd
22 Graemeslea View
Aberuthven
Auchterarder
PH3 1FG

11 January 2016

Page 1

Watersrule Limited
(Registration number: SC251414)
Abbreviated Balance Sheet at 30 June 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					10,177			13,489
Current assets
Debtors					336,404			321,727
Cash at bank and in hand					1,809,100			1,289,956
					2,145,504			1,611,683
Creditors: Amounts falling due within one year					(1,908,144)			(1,373,665)
Net current assets					237,360			238,018
Total assets less current liabilities					247,537			251,507
Provisions for liabilities					(876)			(1,283)
Net assets					246,661			250,224
Capital and reserves
Called up share capital		4			6			6
Profit and loss account					246,655			250,218
Shareholders' funds					246,661			250,224

For the year ending 30 June 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 11 January 2016 and signed on its behalf by:

.........................................
Mr Stephen Rule
Director

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 2

Watersrule Limited
(Registration number: SC251414)
Abbreviated Balance Sheet at 30 June 2015
......... continued

.........................................
Mr Steven Robert Waters
Director

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 3

Watersrule Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	10 years straight line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	25% reducing balance
Office equipment	33% reducing balance

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 4

Watersrule Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2015
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 July 2014		240,000			56,548			296,548
Additions		-			1,622			1,622
At 30 June 2015		240,000			58,170			298,170
Depreciation
At 1 July 2014		240,000			43,059			283,059
Charge for the year		-			4,934			4,934
At 30 June 2015		240,000			47,993			287,993
Net book value
At 30 June 2015		-			10,177			10,177
At 30 June 2014		-			13,489			13,489

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2015 £			2014 £
Amounts falling due within one year		22,833			34,331

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
ordinary of £1 each		6			6			6			6

Page 5