ACCOUNTS - Final Accounts preparation

WATER DIRECT MANAGEMENT LIMITED - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 truetrueNo description of principal activityfalse2017-05-01Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Investments in non-convertible preference shares and in non-puttable ordinary and preference shares are measured: at fair value with changes recognised in the Statement of income and retained earnings if the shares are publicly traded or their fair value can otherwise be measured reliably; at cost less impairment for all other investments. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date. Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 04017912 2017-05-01 2018-04-30 04017912 2018-04-30 04017912 2017-04-30 04017912 c:Director1 2017-05-01 2018-04-30 04017912 c:Director2 2017-05-01 2018-04-30 04017912 d:CurrentFinancialInstruments 2018-04-30 04017912 d:CurrentFinancialInstruments 2017-04-30 04017912 d:CurrentFinancialInstruments d:WithinOneYear 2017-04-30 04017912 d:ShareCapital 2018-04-30 04017912 d:ShareCapital 2017-04-30 04017912 d:RetainedEarningsAccumulatedLosses 2017-04-30 04017912 c:FRS102 2017-05-01 2018-04-30 04017912 c:Audited 2017-05-01 2018-04-30 04017912 c:FullAccounts 2017-05-01 2018-04-30 04017912 c:PrivateLimitedCompanyLtd 2017-05-01 2018-04-30 04017912 c:SmallCompaniesRegimeForAccounts 2017-05-01 2018-04-30 iso4217:GBP

Registered number: 04017912

Water Direct Management Limited

Financial statements

Information for filing with the registrar

For the year ended 30 April 2018

Water Direct Management Limited

Registered number: 04017912

Balance sheet

As at 30 April 2018

		2018		2017
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	700		16,272
Cash at bank and in hand	5	-		634
		700		16,906
Creditors: amounts falling due within one year	6	-		(15,232)
Net current assets			700		1,674
Total assets less current liabilities			700		1,674

Net assets			700		1,674

Capital and reserves
Called up share capital	700	700
Profit and loss account	-	974
	700	1,674

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 statement of income and retained earnings 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 on 29 January 2019.

T L Heathcote	J H West
Director	Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1

Water Direct Management Limited

Notes to the financial statements

For the year ended 30 April 2018

1.	General information

Water Direct Management Limited is a limited liability company incorporated in England and Wales, registered number 04017912. The registered office is Standford Bridge Farm, Pluckley, Ashford, Kent, TN27 0RU.

2.Accounting policies

2.1

Basis of preparation of financial statements

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.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The company's functional and presentational currency is Pounds Sterling.
The company's financial statements are presented to the nearest pound.

The following principal accounting policies have been applied:

2.2

Revenue

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

Page 2

Water Direct Management Limited

Notes to the financial statements

For the year ended 30 April 2018

2.Accounting policies (continued)

2.3

Interest income

Interest income is recognised in the Statement of income and retained earnings using the effective interest method.

2.4

Taxation

Tax is recognised in the Statement of income and retained earnings, 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.

2.5

Debtors

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.

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.7

Creditors

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.

2.8

Financial instruments

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 non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Page 3

Water Direct Management Limited

Notes to the financial statements

For the year ended 30 April 2018

2.Accounting policies (continued)

2.8

Financial instruments (continued)

Investments in non-convertible preference shares and in non-puttable ordinary and preference shares are measured:

∙at fair value with changes recognised in the Statement of income and retained earnings if the shares are publicly traded or their fair value can otherwise be measured reliably;

∙at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The Company has no employees other than the directors, who did not receive any remuneration (2017 - £NIL)

Debtors

					2018	2017
					£	£


Trade debtors	-	15,233
Amounts owed by group undertakings	700	1,039
	700	16,272

Page 4

Water Direct Management Limited

Notes to the financial statements

For the year ended 30 April 2018

5.	Cash and cash equivalents
		2018	2017
		£	£

Cash at bank and in hand	-	634
	-	634

6.	Creditors: Amounts falling due within one year
		2018	2017
		£	£

Amounts owed to group undertakings	-	15,232
	-	15,232

7.	Controlling party

Water Direct Management Limited is a wholly owned subsidiary of Water Direct Management Limited, the immediate parent company incorporated in England and Wales. The ultimate parent company is FGS Agri Limited, a company also incorporated in England and Wales, which owns 100% of the share capital in Water Direct Management Limited.
Water Direct Management Limited are included in the consolidated financial statements of FGS Agri Limited which are avaliable from Stanford Bridge Farm, Station Road, Pluckley, Ashford, Kent, TN27 0RU.

8.	Auditors' information

The auditors' report on the financial statements for the year ended 30 April 2018 was unqualified.

The audit report was signed on 30 January 2019 by Samantha Rouse FCCA DChA (Senior statutory auditor) on behalf of Kreston Reeves LLP.

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