Registered number:
08840643
RODEN WATER SUPPLIES LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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RODEN WATER SUPPLIES LIMITED
REGISTERED NUMBER:
08840643
BALANCE SHEET
AS AT
31 DECEMBER 2019
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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RODEN WATER SUPPLIES LIMITED
REGISTERED NUMBER:
08840643
BALANCE SHEET
(CONTINUED)
AS AT
31 DECEMBER 2019
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
................................................
Mr Matthew Sandy Walker
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The notes on pages 3 to 6 form part of these financial statements.
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RODEN WATER SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
Roden Water Supplies Limited (registered company number 08840643) is a private limited company, limited by shares, incorporated in England and Wales, with its registered office and principal place of business at Ercall Park, High Ercall, Telford, Shropshire, TF6 6AU.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The comparative figures relate to the year ended 31 December 2018.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙
the amount of revenue can be measured reliably;
∙
it is probable that the Company will receive the consideration due under the contract;
∙
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙
the costs incurred and the costs to complete the contract can be measured reliably.
Interest income is recognised in the Profit and loss account using the effective interest method.
Tax is recognised in the Profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
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RODEN WATER SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.
Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and loss account.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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The average monthly number of employees, including directors, during the year was
2
(2018 -
2
)
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RODEN WATER SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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Charge for the year on owned assets
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Loan to M S Walker Partnership
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Prepayments and accrued income
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RODEN WATER SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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Creditors: Amounts falling due within one year
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Loan from M S Walker Partnership
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Loan from Park Timber Limited
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Accruals and deferred income
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There were no financial assets or financial liabilites measured at fair value through the profit and loss account at 31 December 2019 or 31 December 2018.
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Related party transactions
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During the year ended 31 December 2019, the Company operated a loan account with a connected company with the same Directors and Shareholders as Roden Water Supplies Ltd. At the start of the year £110,000 was owed by Roden Water Supplies, and during the year a further £100,000 has been loaned by the connected company. The outstanding balance is £210,000 due to connected company at 31 December 2019, as shown within current liabilities.
Roden Water Supplies Ltd made sales to a connected company during the year ended 31 Decmber 2019 for a total sum of £230 (2018: £226). Roden Water Supplies Ltd made no purchases from the connected company during the year (2018: Nil).
In addition, the Company operates a loan account with an unincorporated business, a Partnership in which the Directors of Roden Water Supplies Ltd are Partners. As at 31 December 2019 the loan account showed a balance of £67,020 due by the Partnership to the Company (2018: £82,980 due by the Company to the Partnership).
There were no fixed repayment terms for either loan, and are both repayble on demand. The loans are unsecured.
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