Company No:
Contents
31.05.2022 | ||
£ | ||
Current assets | ||
Stocks |
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Debtors | 3 |
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191,499 | ||
Creditors | ||
Amounts falling due within one year | 4 | (
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Net current liabilities | (221,557) | |
Total assets less current liabilities | (221,557) | |
Net liabilities | (
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Capital and reserves | ||
Called-up share capital | 5 |
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Profit and loss account | (
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Total shareholders' deficit | (
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Directors' responsibilities:
The financial statements of WaterCo Infinity UK Limited (registered number:
Isaac Franco
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
WaterCo Infinity UK Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 1-3 College Yard, Worcester, WR1 2LB, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Period from 16.05.2021 to 31.05.2022 |
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Number | |
Monthly average number of persons employed by the Company during the period, including directors |
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31.05.2022 | |
£ | |
Trade debtors |
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Amounts owed by directors |
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VAT recoverable |
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Other debtors |
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31.05.2022 | |
£ | |
Accruals |
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Other creditors |
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31.05.2022 | |
£ | |
Allotted, called-up and fully-paid | |
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Transactions with the entity's directors
31.05.2022 | |
£ | |
Amounts owed by directors | 900 |
Advances were made to the directors during the year totalling £900, no repayments were made. No interest has been charged on this balance. The amount outstanding at the year end was £900 with no fixed date for repayment
Other related party transactions
31.05.2022 | |
£ | |
Amounts owed to related company | 412,306 |
There is no fixed term for repayment of this balance and no interest has been charged on the balance.