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Registration number: 03711086

Waterfront Manufacturing Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

AIMS, Simon Cox
134
Norwich Road
Stoke Holy Cross
Norwich
NR14 8QJ

 

Waterfront Manufacturing Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Statement of Changes in Equity

5

Notes to the Financial Statements

6 to 10

 

Waterfront Manufacturing Ltd

Company Information

Director

Alan Jenkinson

Registered office

Unit 3-4 Cloverfield Industrial Estate
Lopham Road
East Harling
Norfolk
NR16 2LT

Accountants

AIMS, Simon Cox
134
Norwich Road
Stoke Holy Cross
Norwich
NR14 8QJ

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Waterfront Manufacturing Ltd
for the Year Ended 31 March 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Waterfront Manufacturing Ltd for the year ended 31 March 2018 as set out on pages 3 to 10 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Waterfront Manufacturing Ltd, as a body, in accordance with the terms of our engagement letter dated 16 February 2006. Our work has been undertaken solely to prepare for your approval the accounts of Waterfront Manufacturing Ltd and state those matters that we have agreed to state to the Board of Directors of Waterfront Manufacturing Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Waterfront Manufacturing Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Waterfront Manufacturing Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Waterfront Manufacturing Ltd. You consider that Waterfront Manufacturing Ltd 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 accounts of Waterfront Manufacturing Ltd. 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 accounts.

......................................

AIMS, Simon Cox
134
Norwich Road
Stoke Holy Cross
Norwich
NR14 8QJ

5 November 2018

 

Waterfront Manufacturing Ltd

(Registration number: 03711086)
Balance Sheet as at 31 March 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

3

37,455

21,085

Other financial assets

62,056

45,207

 

99,511

66,292

Current assets

 

Stocks

4

7,000

7,000

Debtors

5

48,393

15,475

Cash at bank and in hand

 

179,980

80,521

 

235,373

102,996

Creditors: Amounts falling due within one year

6

(112,516)

(54,952)

Net current assets

 

122,857

48,044

Total assets less current liabilities

 

222,368

114,336

Provisions for liabilities

(4,251)

(1,737)

Net assets

 

218,117

112,599

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

218,116

112,598

Total equity

 

218,117

112,599

For the financial year ending 31 March 2018 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Waterfront Manufacturing Ltd

(Registration number: 03711086)
Balance Sheet as at 31 March 2018

Approved and authorised by the director on 5 November 2018
 

.........................................

Alan Jenkinson

Director

 

Waterfront Manufacturing Ltd

Statement of Changes in Equity for the Year Ended 31 March 2018

Share capital
£

Profit and loss account
£

Total
£

At 1 April 2017

1

112,598

112,599

Profit for the year

-

136,473

136,473

Total comprehensive income

-

136,473

136,473

Dividends

-

(30,955)

(30,955)

At 31 March 2018

1

218,116

218,117

Share capital
£

Profit and loss account
£

Total
£

At 1 April 2016

1

93,783

93,784

Profit for the year

-

37,190

37,190

Total comprehensive income

-

37,190

37,190

Dividends

-

(18,375)

(18,375)

At 31 March 2017

1

112,598

112,599

 

Waterfront Manufacturing Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018

1

General information

The company is a private company limited by share capital incorporated in England.

The address of its registered office is:
Unit 3-4 Cloverfield Industrial Estate
Lopham Road
East Harling
Norfolk
NR16 2LT

These financial statements were authorised for issue by the director on 5 November 2018.

2

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

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

Plant and machinery

20% reducing balance

Furniture and Fittings

20% reducing balance

Office and Computer equipment

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Waterfront Manufacturing Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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 inventories 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Waterfront Manufacturing Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Waterfront Manufacturing Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018

3

Tangible assets

Furniture, fittings and equipment
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2017

82,132

29,479

111,611

Additions

-

28,000

28,000

At 31 March 2018

82,132

57,479

139,611

Depreciation

At 1 April 2017

70,994

19,532

90,526

Charge for the year

2,641

8,989

11,630

At 31 March 2018

73,635

28,521

102,156

Carrying amount

At 31 March 2018

8,497

28,958

37,455

At 31 March 2017

11,138

9,947

21,085

4

Stocks

2018
£

2017
£

Other inventories

7,000

7,000

5

Debtors

2018
£

2017
£

Trade debtors

15,539

14,621

Other debtors

32,854

854

Total current trade and other debtors

48,393

15,475

6

Creditors

Note

2018
£

2017
£

Due within one year

 

Bank loans and overdrafts

7

641

3,001

Trade creditors

 

64,524

38,914

Taxation and social security

 

14,536

7,451

Other creditors

 

32,815

5,586

 

112,516

54,952

 

Waterfront Manufacturing Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018

7

Loans and borrowings

2018
£

2017
£

Current loans and borrowings

Other borrowings

641

3,001