Registered number
12322933
Aquachina Limited
Unaudited Filleted Accounts
30 November 2021
Aquachina Limited
Registered number: 12322933
Balance Sheet
as at 30 November 2021
Notes 2021 2020
£ £
Fixed assets
Tangible assets 3 480 640
Current assets
Stocks 1,000 500
Debtors 4 795 531
Cash at bank and in hand 38,917 20,343
40,712 21,374
Creditors: amounts falling due within one year 5 (11,670) (8,850)
Net current assets 29,042 12,524
Net assets 29,522 13,164
Capital and reserves
Called up share capital 1 1
Profit and loss account 29,521 13,163
Shareholder's funds 29,522 13,164
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr A X Wang
Director
Approved by the board on 29 July 2022
Aquachina Limited
Notes to the Accounts
for the year ended 30 November 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2020 800
At 30 November 2021 800
Depreciation
At 1 December 2020 160
Charge for the year 160
At 30 November 2021 320
Net book value
At 30 November 2021 480
At 30 November 2020 640
4 Debtors 2021 2020
£ £
Other debtors 795 531
5 Creditors: amounts falling due within one year 2021 2020
£ £
Taxation and social security costs 9,062 5,914
Other creditors 2,608 2,936
11,670 8,850
6 Controlling party
The company is under the control of the director, Mr A X Wang by virtue of his shareholdings in the company.
7 Other information
Aquachina Limited is a private company limited by shares and incorporated in England. Its registered office is:
114 Hamlet Court Road
Westcliff On Sea
Essex
SS0 7LP
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