8 31/12/2021 2021-12-31 false false false false true false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2021-01-01 Sage Accounts Production 2020 Update 1 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP SC432106 2021-01-01 2021-12-31 SC432106 2021-12-31 SC432106 2020-12-31 SC432106 2020-12-31 SC432106 bus:RegisteredOffice 2021-01-01 2021-12-31 SC432106 bus:LeadAgentIfApplicable 2021-01-01 2021-12-31 SC432106 bus:Director1 2021-01-01 2021-12-31 SC432106 bus:Director2 2021-01-01 2021-12-31 SC432106 core:LandBuildings core:OwnedOrFreeholdAssets 2020-12-31 SC432106 core:PlantMachinery 2020-12-31 SC432106 core:FurnitureFittingsToolsEquipment 2020-12-31 SC432106 core:LandBuildings core:OwnedOrFreeholdAssets 2021-12-31 SC432106 core:PlantMachinery 2021-12-31 SC432106 core:FurnitureFittingsToolsEquipment 2021-12-31 SC432106 core:WithinOneYear 2021-12-31 SC432106 core:WithinOneYear 2020-12-31 SC432106 core:AfterOneYear 2020-12-31 SC432106 core:LandBuildings core:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 SC432106 core:PlantMachinery 2021-01-01 2021-12-31 SC432106 core:FurnitureFittingsToolsEquipment 2021-01-01 2021-12-31 SC432106 core:ShareCapital 2021-12-31 SC432106 core:ShareCapital 2020-12-31 SC432106 core:RetainedEarningsAccumulatedLosses 2021-12-31 SC432106 core:RetainedEarningsAccumulatedLosses 2020-12-31 SC432106 core:LandBuildings core:OwnedOrFreeholdAssets 2020-12-31 SC432106 core:PlantMachinery 2020-12-31 SC432106 core:FurnitureFittingsToolsEquipment 2020-12-31 SC432106 bus:SmallEntities 2021-01-01 2021-12-31 SC432106 bus:Audited 2021-01-01 2021-12-31 SC432106 bus:FullAccounts 2021-01-01 2021-12-31 SC432106 bus:SmallCompaniesRegimeForAccounts 2021-01-01 2021-12-31 SC432106 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 SC432106 core:MotorVehicles 2021-01-01 2021-12-31
Company registration number: SC432106
Aquatiq Hygiene Systems Ltd
Filleted financial statements
31 December 2021
Aquatiq Hygiene Systems Ltd
Contents
Directors and other information
Directors' responsibilities statement
Statement of financial position
Notes to the financial statements
Aquatiq Hygiene Systems Ltd
Directors and other information
Directors Elvin Bugge
Svein Inge Holtesmo
Company number SC432106
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 Hygiene Systems 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 Hygiene Systems Ltd
Statement of financial position
31 December 2021
2021 2020
(restated - see note 10)
Note £ £ £ £
Fixed assets
Tangible assets 5 84,661 165,810
_______ _______
84,661 165,810
Current assets
Stocks 133,876 101,006
Debtors 6 243,060 145,553
Cash at bank and in hand 312,840 602,527
_______ _______
689,776 849,086
Creditors: amounts falling due
within one year 7 ( 180,903) ( 124,313)
_______ _______
Net current assets 508,873 724,773
_______ _______
Total assets less current liabilities 593,534 890,583
Creditors: amounts falling due
after more than one year 8 - ( 1,958)
Provisions for liabilities ( 12,829) ( 25,156)
_______ _______
Net assets 580,705 863,469
_______ _______
Capital and reserves
Called up share capital 200 200
Profit and loss account 580,505 863,269
_______ _______
Shareholders funds 580,705 863,469
_______ _______
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: SC432106
Aquatiq Hygiene Systems 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 the provisions of 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:
Land - No depreciation
Plant, machinery and motor vehicles - 25-33% straight line
Fittings fixtures and equipment - 25-33% straight line
Motor vehicles - 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 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 8 (2020: 9).
5. Tangible assets
Land Plant, machinery and motor vehicles Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 January 2021 30,867 297,801 51,234 379,902
Additions 511 22,584 - 23,095
Disposals - ( 61,162) - ( 61,162)
_______ _______ _______ _______
At 31 December 2021 31,378 259,223 51,234 341,835
_______ _______ _______ _______
Depreciation
At 1 January 2021 - 188,542 25,550 214,092
Charge for the year - 66,579 8,332 74,911
Disposals - ( 31,829) - ( 31,829)
_______ _______ _______ _______
At 31 December 2021 - 223,292 33,882 257,174
_______ _______ _______ _______
Carrying amount
At 31 December 2021 31,378 35,931 17,352 84,661
_______ _______ _______ _______
At 31 December 2020 30,867 109,259 25,684 165,810
_______ _______ _______ _______
6. Debtors
2021 2020
£ £
Trade debtors 380 29,789
Amounts owed by group undertakings and undertakings 200,911 109,976
Other debtors 41,769 5,788
_______ _______
243,060 145,553
_______ _______
7. Creditors: amounts falling due within one year
2021 2020
(restated -
see note 10)
£ £
Trade creditors 2,403 4,629
Amounts owed to group undertakings 2,816 6,420
Corporation tax - 80,127
Social security and other taxes 22,370 12,171
Other creditors 153,314 20,966
_______ _______
180,903 124,313
_______ _______
Included in other creditors is a hire purchase creditor of £2,937 (2020: £11,747) secured by the asset financed.
8. Creditors: amounts falling due after more than one year
2021 2020
£ £
Other creditors - 1,958
_______ _______
Included in other creditors is a hire purchase creditor of £nil (2020: £1,958) secured by the asset financed.
9. Prior period errors
Work in progress has been restated to correct for items that should have gone through profit and loss. The effect of the restatement is as follows:
Year ended 31 December 2020
Work in progress - decreased by £46,735
Cost of sales - increased by £46,735
Corporation tax charge - decreased by £8,861
Corporation tax creditor - decreased by £8,861
10. 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
11. 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.
12. Consolidated financial statements
Aquatiq AS is the only undertaking for which consolidated financial statements of the company are prepared. Copies of the Aquatiq AS financial statements may be requested from Aquatiq AS at Hovemovegen 1, 2624, Lillehammer, Norway.