Waterside Commercial Developments Limite - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 09423061 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH APRIL 2017

FOR

WATERSIDE COMMERCIAL DEVELOPMENTS

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr JB Barrett

Mr DP De Laszlo

Mr HS Mighell

Mr MD Swan

SECRETARY:

Mr HS Mighell

REGISTERED OFFICE:

Portland House

11-13 Station Road

Kettering

Northamptonshire

NN15 7HH

BUSINESS ADDRESS:

20 Kent Road

Northampton

Northamptonshire

NN5 4DR

REGISTERED NUMBER:

09423061 (England and Wales)

FIXED ASSETS

Investment property

4

5,138,315

3,428,433

CURRENT ASSETS

Debtors

5

36,531

209,362

Cash at bank

85,185

80,067

121,716

289,429

CREDITORS

Amounts falling due within one year

6

2,567,848

2,623,832

NET CURRENT LIABILITIES

(2,446,132

)

(2,334,403

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,692,183

1,094,030

CREDITORS

Amounts falling due after more than one year

7

2,556,267

1,000,000

NET ASSETS

135,916

94,030

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Revaluation reserve

9

164,160

164,160

Retained earnings

(29,244

)

(71,130

)

SHAREHOLDERS' FUNDS

135,916

94,030

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 24th January 2018 and were signed on its behalf by:

Mr HS Mighell - Director

1.	STATUTORY INFORMATION

Waterside Commercial Developments 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	TRANSITION TO FRS102

This is the first year in which the financial statements have been prepared under FRS102 section 1A,

issue by the Financial Reporting Council. The financial statements for the year ended 30 April 2016

were prepared under previous UK GAAP. The transition date is therefore 1 May 2015.

Adopting FRS102 has resulted in no changes in accounting policies.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small

Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK

and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared

under the historic cost basis.

The financial statements have been prepared on a going concern basis, not withstanding the fact the

company had net current liabilities at the balance sheet date. Continuing to trade depends on the

continued support of the company's banks and investors. Should the company be unable to trade,

adjustments would have to be made to reduce the value of the assets to their recoverable amounts

and to provide for any further liabilities which might arise.

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 is shown at most recent valuation. Any aggregate surplus or deficit arising from

changes in fair value is recognised in profit or loss.

Financial statements

The company is party to only basic financial instruments such as cash, trade debtors and creditors,

and bank loans. Instruments such as trade debtors and creditors are initially recognised at their

transaction cost and reviewed at the year end for impairment. Debt instruments not repayable on

demand or due within one year, such as bank loans, are measured at amortised cost using the

effective interest ra

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st May 2016

3,428,433

Additions

1,709,882

At 30th April 2017

5,138,315

NET BOOK VALUE

At 30th April 2017

5,138,315

At 30th April 2016

3,428,433

The investment property is shown at the most recent valuation for completed properties and cost for

properties in the construction process. At the year end the directors consider the cost of the properties

in construction to represent the market value.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

VAT

31,973

196,104

Prepayments and accrued income

4,558

13,258

36,531

209,362

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Debentures

160,223

80,221

Bank loans and overdrafts

145,984

-

Trade creditors

1,032

6,504

Amounts owed to associates

2,259,311

2,504,847

Other creditors

1,000

-

Accruals and deferred income

298

32,260

2,567,848

2,623,832

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Debentures

1,000,000

1,000,000

Bank loans more than 5 years

by instalment

1,556,267

-

2,556,267

1,000,000

2017

2016

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

by instalment

1,556,267

-

1,556,267

-

8.	SECURED DEBTS

The debenture is secured by a fixed charge in respect of all assets of the company.

9.

RESERVES

Revaluation

reserve

£

At 1st May 2016

and 30th April 2017

164,160

10.	RELATED PARTY DISCLOSURES

All material related party transactions with owners holding a participating interest, companies in which

the entity has a participating interest and directors were all concluded under normal market conditions.