Company Registration No. 05892839 (England and Wales)
WATER MAIDEN LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
WATER MAIDEN LIMITED
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2
Notes to the abbreviated accounts
3 - 4
WATER MAIDEN LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WATER MAIDEN LIMITED FOR THE YEAR ENDED 31 DECEMBER 2015
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Water Maiden Limited for the year ended 31 December 2015 set out on pages 2 to 4 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 in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.
This report is made solely to the Board of Directors of Water Maiden 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 financial statements of Water Maiden Limited and state those matters that we have agreed to state to the Board of Directors of Water Maiden Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Water Maiden Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Water Maiden Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Water Maiden Limited. You consider that Water Maiden 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 financial statements of Water Maiden 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 financial statements.
Moore and Smalley LLP
Chartered Accountants
Richard House
9 Winckley Square
Preston
PR1 3HP
22 September 2016
WATER MAIDEN LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2015
31 December 2015
- 2 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
25,448
126,052
Current assets
Stocks
73,459
-
Debtors
1,297,788
694,636
Cash at bank and in hand
88,413
-
1,459,660
694,636
Creditors: amounts falling due within one year
3
(1,899,130)
(1,251,772)
Net current liabilities
(439,470)
(557,136)
Total assets less current liabilities
(414,022)
(431,084)
Capital and reserves
Called up share capital
4
100
100
Profit and loss account
(414,122)
(431,184)
Shareholders' funds
(414,022)
(431,084)
For the financial year ended 31 December 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his 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 22 September 2016
Mr S Jensen
Director
Company Registration No. 05892839
WATER MAIDEN LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
- 3 -
1
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).
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
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. Income is recognised upon delivery of the relevant services.
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:
Computer equipment
25% per annum on cost
Plant and machinery
33% per annum on cost
Fixtures, fittings & equipment
25% per annum on cost
Motor vehicles
25% per annum on cost
1.5
Leasing
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
1.6
Stock
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving stock.
1.7
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exception:
Deferred tax assets are recognised only to the extent that the director considers that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
1.8
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.
WATER MAIDEN LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2015
- 4 -
2
Fixed assets
Tangible assets
£
Cost
At 1 January 2015
619,576
Disposals
(90,780)
At 31 December 2015
528,796
Depreciation
At 1 January 2015
493,524
On disposals
(39,993)
Charge for the year
49,817
At 31 December 2015
503,348
Net book value
At 31 December 2015
25,448
At 31 December 2014
126,052
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £0 (2014 - £23,955).
4
Share capital
2015
2014
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100
During the year
499,900
ordinary shares of £
1
each were allotted and fully paid
for
at par
value
.
5
Ultimate parent company
The ultimate parent company is Water Maiden Holdings Limited, a company registered in England and Wales, which is under the control of majority shareholder Mr Philip McIntyre, throughout the current and previous periods.