WATERMEAD_DEVELOPMENT_LIM - Accounts

WATERMEAD DEVELOPMENT LIMITED - Company Information

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Company Registration No. 05296872 (England and Wales)

WATERMEAD DEVELOPMENT LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2016

WATERMEAD DEVELOPMENT LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

WATERMEAD DEVELOPMENT LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 APRIL 2016

- 1 -

2016

2015

Notes

Current assets

Stocks

2,998,574

3,023,000

Debtors

1,285

7,017

Cash at bank and in hand

3,069

2,189

3,002,928

3,032,206

Creditors: amounts falling due within one year

(3,936,319)

(3,862,367)

Total assets less current liabilities

(933,391)

(830,161)

Capital and reserves

Called up share capital

100

Profit and loss account

(933,491)

(830,261)

Shareholders' funds

(933,391)

(830,161)

For the financial year ended 30 April 2016 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 financial statements for the year in question in accordance with section 476;

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

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 28 January 2017

Mr P S Thakkar

Director

Company Registration No. 05296872

WATERMEAD DEVELOPMENT LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 APRIL 2016

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

The company has net current liabilities of £930,391(2015: £830,161) at the balance sheet date which suggests that the going concern basis may not be appropriate. However, the directors have given informal assurance that they will continue to provide support to the company to allow it to continue in operation for the foreseeable future. The directors therefore consider it appropriate to prepare financial statements on a going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of this support.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Stocks

Stocks are valued at the lower of cost and net realisable value, after considering provision for impairment.

Share capital

2016

2015

Allotted, called up and fully paid

100 Ordinary Shares of £1 each

100

Related party relationships and transactions

During the year a £85,000 loan was provided to the company from D M Thakkar. £50,000 was repaid to D M Thakkar during the year also. The balance due to her at the year end was £85,000 (2015: £50,000). D M Thakkar is the daughter of the directors. The loan has no interest and is repayable within one year.