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Company registration number: SC323503
Aquatiq Food Safety Ltd
Filleted financial statements
31 December 2021
Aquatiq Food Safety Ltd
Contents
Directors and other information
Directors' responsibilities statement
Statement of financial position
Notes to the financial statements
Aquatiq Food Safety Ltd
Directors and other information
Directors Elvin Bugge
Eirik Bugge
Company number SC323503
Registered office Metropolitan House
31-33 High Street
Inverness
IV1 1HT
Business address Aurora House
8 Inverness Campus
Inverness
IV2 5NA
Auditor FKF Accounting Limited
Metropolitan House
31-33 High Street
Inverness
IV1 1HT
Bankers DNB
25 Walbrook
London
EC4N 8AF
Aquatiq Food Safety Ltd
Directors' responsibilities statement
Year ended 31 December 2021
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Aquatiq Food Safety Ltd
Statement of financial position
31 December 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 5 874 -
_______ _______
874 -
Current assets
Stocks 118,322 86,442
Debtors 6 53,104 35,909
Cash at bank and in hand 21,947 3,112
_______ _______
193,373 125,463
Creditors: amounts falling due
within one year 7 ( 35,415) ( 13,167)
_______ _______
Net current assets 157,958 112,296
_______ _______
Total assets less current liabilities 158,832 112,296
_______ _______
Net assets 158,832 112,296
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 158,732 112,196
_______ _______
Shareholders funds 158,832 112,296
_______ _______
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 06 July 2022 , and are signed on behalf of the board by:
Elvin Bugge
Director
Company registration number: SC323503
Aquatiq Food Safety Ltd
Notes to the financial statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Metropolitan House, 31-33 High Street, Inverness, IV1 1HT.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. There were no material departures from the standard.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25-33% straight line
Fittings fixtures and equipment - 25-33% straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost as approximated by the most recent purchase price and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year, including directors, amounted to 4 (2020: 3).
5. Tangible assets
Plant and machinery Office equipment Total
£ £ £
Cost
At 1 January 2021 13,216 8,279 21,495
Additions 806 404 1,210
_______ _______ _______
At 31 December 2021 14,022 8,683 22,705
_______ _______ _______
Depreciation
At 1 January 2021 13,216 8,279 21,495
Charge for the year 179 157 336
_______ _______ _______
At 31 December 2021 13,395 8,436 21,831
_______ _______ _______
Carrying amount
At 31 December 2021 627 247 874
_______ _______ _______
At 31 December 2020 - - -
_______ _______ _______
6. Debtors
2021 2020
£ £
Trade debtors 44,925 24,012
Amounts owed by group undertakings 5,679 9,402
Other debtors 2,500 2,495
_______ _______
53,104 35,909
_______ _______
7. Creditors: amounts falling due within one year
2021 2020
£ £
Trade creditors 8,898 3,540
Amounts owed to group undertakings 471 1,928
Corporation tax 10,490 -
Social security and other taxes 4,653 3,748
Other creditors 10,903 3,951
_______ _______
35,415 13,167
_______ _______
8. Summary audit opinion
The auditor's report for the year dated 09 August 2022 was unqualified.
The senior statutory auditor was Colin Gray B.Com., C.A. for and on behalf of FKF Accounting Limited
9. Ethical standards
The company has taken advantage of the alternative provisions available in Section 6 (Provisions Available for the Audits of Small Entities) of the FRC Revised Ethical Standard 2019 in respect of the preparation of the financial statements and with the submission of returns to the tax authorities.
10. Consolidated financial statements
Aquatiq AS is the only undertaking for which consolidated financial statements of the company are prepared. The registered office of Aquatiq AS is Hovemovegen 1, 2624, Lillehammer, Norway.
11. Charges
DNB Bank ASA holds a floating charge over the assets of the company in respect of loans, cash pooling and other credit facilities made available to the company and other companies within the Aquatiq group. The charge is limited to £1,000,000 plus all amounts due in respect of interest, default interest, fees, costs, enforcement costs, expenses and indemnities.