For the year ended 31 March 2016
Unaudited Abbreviated Financial Statements
England and Wales
Registered Number: 03577754
Waterco Limited
For the year ended 31 March 2016
1
Balance Sheet
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Notes to the Abbreviated Financial Statements
Notes to the Abbreviated Financial Statements
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Waterco Limited
For the year ended 31 March 2016
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015). The company and its subsidiary undertakings comprise a small group. The company has taken advantage of the exemption provided by s.398 of the Companies Act 2006 not to prepare group accounts. The financial statements therefore present information about the company as an individual undertaking and not abouts its group.
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Turnover represents amounts chargeable to clients for professional services provided during the year, inclusive of direct expenses incurred on client assignments but excluding Value Added Tax. Turnover is recognised when a right to consideration has been obtained through performance under each contract. Consideration accrues as contract activity progresses by reference to the value of work performed. Unbilled revenue is included in debtors as 'Accrued Income'.
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Research and development expenditure
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Research and development expenditure is charged to the profit and loss account in the period in which it is incurred.
The company operates defined contribution pension schemes for the benefit of its directors and employees
.
Contributions
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payable are charged to the profit and loss account in the period in which they are payable
.
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Deferred taxation arises when items are charged or credited in accounts in different periods to those in which they are included in the company's tax computations.Deferred tax is provided in full on timing differences that result in an obligation to pay more (or less) tax at a future date. Deferred tax is calculated at the average rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. The resulting deferred tax asset or liability is not discounted.
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Proposed dividends are only included as liabilities in the financial statements when their payment has been approved by the
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shareholders prior to the balance sheet date
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Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
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Land and Buildings
Over 15 years Straight line
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Computer Equipment
Motor Vehicles
Fixtures and Fittings
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Notes to the Abbreviated Financial Statements
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Waterco Limited
For the year ended 31 March 2016
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
326,472
43,430
369,902
168,732
30,581
Charge for year
199,313
170,589
157,740
3
Fixed asset investments
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1,001
1,001
1,001
-
Allotted called up and fully paid
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2016
2015
100
Ordinary shares of £
1
.
00
each
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100
100
100
100
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