WATERMARK_SYSTEMS_UK_LIMI - Accounts

WATERMARK SYSTEMS UK LIMITED - Company Information

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Company Registration No. 03004901 (England and Wales)

WATERMARK SYSTEMS UK LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 APRIL 2014

WATERMARK SYSTEMS UK LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

WATERMARK SYSTEMS UK LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 APRIL 2014

- 1 -

2014

2013

Notes

Fixed assets

Tangible assets

112,674

93,832

Current assets

Stocks

81,069

45,891

Debtors

867,300

753,862

Cash at bank and in hand

57,661

124,947

1,006,030

924,700

Creditors: amounts falling due within one year

(437,286)

(519,466)

Net current assets

568,744

405,234

Total assets less current liabilities

681,418

499,066

Creditors: amounts falling due after more than one year

(17,702)

(31,246)

Provisions for liabilities

(24,900)

(18,100)

638,816

449,720

Capital and reserves

Called up share capital

101

Profit and loss account

638,715

449,619

Shareholders' funds

638,816

449,720

WATERMARK SYSTEMS UK LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

30 APRIL 2014

- 2 -

For the financial year ended 30 April 2014 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 and authorised for issue on 3 November 2014

Mr M J Roberts

Director

Company Registration No. 03004901

WATERMARK SYSTEMS UK LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 APRIL 2014

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention.

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

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

15% p.a. reducing balance basis

Fixtures, fittings & equipment

15% p.a. reducing balance basis

Motor vehicles

25% p.a. reducing balance basis

1.5

Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.6

Stock and work in progress

Work in progress is valued at the lower of cost and net realisable value.

1.7

Pensions

The company operates a defined contribution pension scheme. Contributions payable for the year are charged in the profit and loss account.

1.8

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

WATERMARK SYSTEMS UK LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2014

- 4 -

Fixed assets

Tangible assets

Cost

At 1 May 2013

242,757

Additions

50,410

Disposals

(38,554)

At 30 April 2014

254,613

Depreciation

At 1 May 2013

148,924

On disposals

(27,376)

Charge for the year

20,391

At 30 April 2014

141,939

Net book value

At 30 April 2014

112,674

At 30 April 2013

93,832

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £0 (2013 - £52,667).

Share capital

2014

2013

Allotted, called up and fully paid

100 Ordinary shares of £1 each

100

100 Preference shares of 1p each

101