REGISTERED NUMBER: |
Audited Financial Statements |
for the Year Ended 31 December 2021 |
for |
Aqua Free Solutions Ltd |
REGISTERED NUMBER: |
Audited Financial Statements |
for the Year Ended 31 December 2021 |
for |
Aqua Free Solutions Ltd |
Aqua Free Solutions Ltd (Registered number: 09978703) |
Contents of the Financial Statements |
for the Year Ended 31 DECEMBER 2021 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 2 |
Aqua Free Solutions Ltd (Registered number: 09978703) |
Balance Sheet |
31 DECEMBER 2021 |
31.12.21 | 31.12.20 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Aqua Free Solutions Ltd (Registered number: 09978703) |
Notes to the Financial Statements |
for the Year Ended 31 DECEMBER 2021 |
1. | STATUTORY INFORMATION |
Aqua Free Solutions Ltd is a private company, limited by shares, registered in England and Wales,registration number 09978703.The registered office is Solar House, PF 915 High Road, North Finchley, London N12 8QJ. |
The presentation currency of the financial statements is pound sterling (£) and the level of rounding is the nearest £1. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
In the application of the company's accounting policies, which are described as part of the notes to the financial statements, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
Turnover recognition |
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of theconsideration received or receivable, excluding discounts, rebates and value added tax . The following criteria must also be met before revenue is recognised: |
Sale of goods |
Turnover 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 turnover 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. |
Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Plant and machinery - Straight line between 10% to 20% on Cost |
Computer equipment - 33.33% on cost |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and loss account. |
Stocks |
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined on a first in first out basis. Net realisable value represents value estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost. |
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. |
Aqua Free Solutions Ltd (Registered number: 09978703) |
Notes to the Financial Statements - continued |
for the Year Ended 31 DECEMBER 2021 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has entered into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like other debtors,creditors and loans to related parties. |
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 fund, an impairment loss is recognised in the profit and loss. |
Debtors |
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. |
Cash and cash equivalents |
Cash and cash equivalents are represented by cash in hand, deposits held at call with financialinstitutions. |
Creditors |
Basic financial liabilities, including trade and other creditors, loans from related parties, are initiallyrecognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and | Computer |
machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2021 |
Additions |
At 31 December 2021 |
DEPRECIATION |
At 1 January 2021 |
Charge for year |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
Aqua Free Solutions Ltd (Registered number: 09978703) |
Notes to the Financial Statements - continued |
for the Year Ended 31 DECEMBER 2021 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Trade creditors |
Amounts owed to participating interests | 814,709 | 649,738 |
Taxation and social security |
Other creditors |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
8. | GOING CONCERN |
The directors have received written confirmation that the holding company Aqua Free GmbH will provide unconditional financial support to Aqua Free solutions Ltd for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statement. |