Year Ended
Registration number:
Waterfall Developments Ltd
(formerly
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Waterfall Developments Ltd
(formerly
Balance Sheet
1 January 2020
Note |
2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Page 1 |
Waterfall Developments Ltd
(formerly
Balance Sheet
1 January 2020
For the financial year ending 1 January 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Company Registration Number: 10062898
Page 2 |
Waterfall Developments Ltd
(formerly
Notes to the Unaudited Financial Statements
Year Ended 1 January 2020
General information |
The company is a private company limited by share capital, incorporated in England.
The company was formerly known as Fall Over Ltd.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Page 3 |
Waterfall Developments Ltd
(formerly
Notes to the Unaudited Financial Statements
Year Ended 1 January 2020
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Motor vehicles |
25% reducing balance |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Page 4 |
Waterfall Developments Ltd
(formerly
Notes to the Unaudited Financial Statements
Year Ended 1 January 2020
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 2 January 2019 |
- |
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Additions |
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- |
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At 1 January 2020 |
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Depreciation |
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At 2 January 2019 |
- |
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Charge for the year |
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At 1 January 2020 |
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Carrying amount |
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At 1 January 2020 |
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At 1 January 2019 |
- |
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Debtors |
2020 |
2019 |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2020 |
2019 |
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Due within one year |
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Corporation tax |
- |
115,498 |
Other creditors |
- |
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Accrued expenses |
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Page 5 |
Waterfall Developments Ltd
(formerly
Notes to the Unaudited Financial Statements
Year Ended 1 January 2020
Related party transactions |
Advances to directors |
2020 |
At 2 January 2019 |
Advances to director |
Repayments by director |
At 1 January 2020 |
Key Management |
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Overdrawn loan account |
- |
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( |
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2019 |
At 2 January 2018 |
Advances to director |
Repayments by director |
At 1 January 2019 |
Key Management |
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Overdrawn loan account |
1,778,042 |
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( |
- |
Page 6 |