Waterfall Commercial Properties Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07861727 (England and Wales)

WATERFALL COMMERCIAL PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

4

DIRECTORS:

Mrs H J Yates

Mrs J Waterfall

Mr T A Waterfall

Mrs C Waterfall

REGISTERED OFFICE:

81 Burton Road

Derby

Derbyshire

DE1 1TJ

BUSINESS ADDRESS:

4 Hallfields Rise

Shirland

Alfreton

DE55 6DH

REGISTERED NUMBER:

07861727 (England and Wales)

ACCOUNTANTS:

Johnson Tidsall Limited

Chartered Accountants

81 Burton Road

Derby

Derbyshire

DE1 1TJ

FIXED ASSETS

Investment property

4

887,790

887,790

CURRENT ASSETS

Cash at bank

226

1,758

CREDITORS

Amounts falling due within one year

5

386,852

456,221

NET CURRENT LIABILITIES

(386,626

)

(454,463

)

TOTAL ASSETS LESS CURRENT LIABILITIES

501,164

433,327

CAPITAL AND RESERVES

Called up share capital

6

100

100

Retained earnings

501,064

433,227

SHAREHOLDERS' FUNDS

501,164

433,327

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors and authorised for issue on 3 November 2020 and were signed on its behalf by:

Mrs H J Yates - Director

1.	STATUTORY INFORMATION

Waterfall Commercial Properties 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - NIL).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2019

and 31 December 2019

887,790

NET BOOK VALUE

At 31 December 2019

887,790

At 31 December 2018

887,790

The directors consider the fair value of the investment property at 31/12/2019 is £887,790 (2018: £887,790)

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Corporation tax

15,913

15,907

Directors' current accounts

369,757

439,157

Accruals and deferred income

1,182

1,157

386,852

456,221

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

3,776

Ordinary A

1p

38

38

2,724

Ordinary B

1p

27

27

2,500

Ordinary C

1p

25

25

1,000

Ordinary D

1p

10

10

100

100

7.	RELATED PARTY DISCLOSURES

The amount owing to the directors by the company at the year end date was £369,757 (2018: £439,157). This is a interest free loan with no fixed payment date.