0 false false false false false false false false false true false false false false false false No description of principal activity 2021-04-01 Sage Accounts Production Advanced 2020 - FRS102_2019 6,755 2,910 577 3,487 3,268 3,845 255 240 15 255 15 xbrli:pure xbrli:shares iso4217:GBP 07391540 2021-04-01 2022-03-31 07391540 2022-03-31 07391540 2021-03-31 07391540 2021-03-31 07391540 core:PatentsTrademarksLicencesConcessionsSimilar 2021-04-01 2022-03-31 07391540 core:FurnitureFittings 2021-04-01 2022-03-31 07391540 bus:Director1 2021-04-01 2022-03-31 07391540 core:PatentsTrademarksLicencesConcessionsSimilar 2021-03-31 07391540 core:PatentsTrademarksLicencesConcessionsSimilar 2022-03-31 07391540 core:FurnitureFittings 2021-03-31 07391540 core:FurnitureFittings 2022-03-31 07391540 core:WithinOneYear 2022-03-31 07391540 core:WithinOneYear 2021-03-31 07391540 core:ShareCapital 2022-03-31 07391540 core:ShareCapital 2021-03-31 07391540 core:RetainedEarningsAccumulatedLosses 2022-03-31 07391540 core:RetainedEarningsAccumulatedLosses 2021-03-31 07391540 core:PatentsTrademarksLicencesConcessionsSimilar 2021-03-31 07391540 core:FurnitureFittings 2021-03-31 07391540 bus:SmallEntities 2021-04-01 2022-03-31 07391540 bus:AuditExemptWithAccountantsReport 2021-04-01 2022-03-31 07391540 bus:FullAccounts 2021-04-01 2022-03-31 07391540 bus:SmallCompaniesRegimeForAccounts 2021-04-01 2022-03-31 07391540 bus:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31
COMPANY REGISTRATION NUMBER: 07391540
Aquabrade Flotation Aids Limited
Filleted Unaudited Financial Statements
31 March 2022
Aquabrade Flotation Aids Limited
Statement of Financial Position
31 March 2022
2022
2021
Note
£
£
Fixed assets
Intangible assets
4
3,268
3,845
Tangible assets
5
15
-------
-------
3,268
3,860
Current assets
Stocks
18,000
18,000
Cash at bank and in hand
483
1,258
--------
--------
18,483
19,258
Creditors: amounts falling due within one year
6
82,266
77,169
--------
--------
Net current liabilities
63,783
57,911
--------
--------
Total assets less current liabilities
( 60,515)
( 54,051)
--------
--------
Net liabilities
( 60,515)
( 54,051)
--------
--------
Capital and reserves
Called up share capital
4
4
Profit and loss account
( 60,519)
( 54,055)
--------
--------
Shareholders deficit
( 60,515)
( 54,051)
--------
--------
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.
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Aquabrade Flotation Aids Limited
Statement of Financial Position (continued)
31 March 2022
These financial statements were approved by the board of directors and authorised for issue on 1 September 2022 , and are signed on behalf of the board by:
Mrs K Franklin
Director
Company registration number: 07391540
Aquabrade Flotation Aids Limited
Notes to the Financial Statements
Year ended 31 March 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Mill, 9 Soar Lane, Leicester, LE3 5DE, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Patents, trademarks and licences
-
15% reducing balance
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and 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.
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:
Fixtures and fittings
-
12% straight line
Impairment of fixed assets
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.
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 stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
4. Intangible assets
Patents, trademarks and licences
£
Cost
At 1 April 2021 and 31 March 2022
6,755
-------
Amortisation
At 1 April 2021
2,910
Charge for the year
577
-------
At 31 March 2022
3,487
-------
Carrying amount
At 31 March 2022
3,268
-------
At 31 March 2021
3,845
-------
5. Tangible assets
Fixtures and fittings
£
Cost
At 1 April 2021 and 31 March 2022
255
----
Depreciation
At 1 April 2021
240
Charge for the year
15
----
At 31 March 2022
255
----
Carrying amount
At 31 March 2022
----
At 31 March 2021
15
----
6. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
154
Other creditors
82,112
77,169
--------
--------
82,266
77,169
--------
--------
7. Going concern
The company's liabilities exceed it's assets but the director has confirmed that she will continue to financially support it to ensure it continues trading for the forseeable future and so considers that it is appropriate to prepare the financial statements on a going concern basis.
8. Related party transactions
During the year the company was provided with interest free loans repayable on demand to related parties. The amount outstanding at the balance sheet date was £27,322 (2021 £21,579).