Waterhouse Lane Limited Company Accounts

WATERHOUSE LANE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09315019

Waterhouse Lane Limited

Filleted Unaudited Financial Statements

30 November 2017

Waterhouse Lane Limited

Financial Statements

Year ended 30 November 2017

Contents	Page

Statement of financial position	1

Statement of changes in equity	3

Notes to the financial statements	4

Waterhouse Lane Limited

Statement of Financial Position

30 November 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	4		200,000	200,000

Current assets

Debtors	5	22,550	16,120
Cash at bank and in hand		2,581	4,786
		--------	--------
		25,131	20,906

Creditors: amounts falling due within one year	6	98,670		116,492
		--------		---------
Net current liabilities			73,539	95,586
			---------	---------
Total assets less current liabilities			126,461	104,414
			---------	---------
Net assets			126,461	104,414
			---------	---------

Capital and reserves

Called up share capital	100	100
Revaluation reserve	122,450	122,450
Profit and loss account	3,911	( 18,136)
	---------	---------
Shareholders funds	126,461	104,414
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 30 November 2017 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 .

Waterhouse Lane Limited

Statement of Financial Position (continued)

30 November 2017

These financial statements were approved by the board of directors and authorised for issue on 9 January 2018 , and are signed on behalf of the board by:

Mrs D J Whitelaw

Director

Company registration number: 09315019

Waterhouse Lane Limited

Statement of Changes in Equity

Year ended 30 November 2017

			Called up share capital	Revaluation reserve	Profit and loss account	Total
Note			£	£	£	£
At 1 December 2015			100	118,671	( 3,593)	115,178

Loss for the year					( 14,543)	( 14,543)
Other comprehensive income for the year:
	Revaluation of tangible assets	4	–	3,779	–	3,779
			----	---------	--------	---------
Total comprehensive income for the year			–	3,779	( 14,543)	( 10,764)

At 30 November 2016			100	122,450	( 18,136)	104,414

Profit for the year					22,047	22,047
			----	---------	--------	---------
Total comprehensive income for the year			–	–	22,047	22,047

			----	---------	--------	---------
At 30 November 2017			100	122,450	3,911	126,461
			----	---------	--------	---------

Waterhouse Lane Limited

Notes to the Financial Statements

Year ended 30 November 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 94a Scalby Road, Scarborough, North Yorkshire, YO12 5QN.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 December 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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 groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. Compound instruments Compound instruments comprise both a liability and an equity component. At date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar debt instrument. The liability component is accounted for as a financial liability. The residual is the difference between the net proceeds of issue and the liability component (at time of issue). The residual is the equity component, which is accounted for as an equity instrument. The interest expense on the liability component is calculated applying the effective interest rate for the liability component of the instrument. The difference between this amount and any repayments is added to the carrying amount of the liability in the balance sheet.

4. Tangible assets

	Land and buildings
	£
Cost
At 1 December 2016 and 30 November 2017	200,000
	---------
Depreciation
At 1 December 2016 and 30 November 2017	–
	---------
Carrying amount
At 30 November 2017	200,000
	---------
At 30 November 2016	200,000
	---------

5. Debtors

	2017	2016
	£	£
Other debtors	22,550	16,120
	--------	--------

6. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	92,959	98,156
Trade creditors	–	63
Corporation tax	938	–
Other creditors	4,773	18,273
	--------	---------
	98,670	116,492
	--------	---------

7. Related party transactions

The company was under the control of Mr A Whitelaw and Mrs D Whitelaw until 17th December 2015 when Mr A Whitelaw resigned. After this date the company was under the control of Mrs D Whitelaw. Mrs D Whitelaw is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.

8. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 December 2015.

No transitional adjustments were required in equity or profit or loss for the year.