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COMPANY REGISTRATION NUMBER: 10652993
AQUASERVE MAINTENANCE LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2021
AQUASERVE MAINTENANCE LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2021
2021
2020
Note
£
£
£
FIXED ASSETS
Tangible assets
5
39,830
48,621
CURRENT ASSETS
Debtors
6
6,232
7,412
Cash at bank and in hand
72,839
25,879
--------
--------
79,071
33,291
CREDITORS: amounts falling due within one year
7
54,133
63,104
--------
--------
NET CURRENT ASSETS/(LIABILITIES)
24,938
( 29,813)
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
64,768
18,808
CREDITORS: amounts falling due after more than one year
8
23,632
35,808
PROVISIONS
7,568
--------
--------
NET ASSETS/(LIABILITIES)
33,568
( 17,000)
--------
--------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
33,468
( 17,100)
--------
--------
SHAREHOLDERS FUNDS/(DEFICIT)
33,568
( 17,000)
--------
--------
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 December 2021 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
AQUASERVE MAINTENANCE LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2021
These financial statements were approved by the board of directors and authorised for issue on 7 September 2022 , and are signed on behalf of the board by:
Mr A G McKenna
Director
Company registration number: 10652993
AQUASERVE MAINTENANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2021
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Headlands House, 1 Kings Court, Kettering Parkway, Kettering, NN15 6WJ.
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.
Going concern
The company currently meets its daily working capital requirements through operating revenues, banking facilities and financial support from the director. On this basis, the director considers it appropriate to prepare the accounts on the going concern basis. The accounts do not include any adjustments that would result from the failure to raise any additional finance that may prove necessary.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of 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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
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:
Plant and machinery
-
20% reducing balance
Motor vehicles
-
20% straight line
Equipment
-
33% 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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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 as a finance cost 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 amounted to 8 (2020: 5 ).
5. TANGIBLE ASSETS
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 January 2021
34,769
27,508
1,898
64,175
Additions
1,513
204
1,717
--------
--------
-------
--------
At 31 December 2021
36,282
27,508
2,102
65,892
--------
--------
-------
--------
Depreciation
At 1 January 2021
6,953
7,803
798
15,554
Charge for the year
5,867
3,940
701
10,508
--------
--------
-------
--------
At 31 December 2021
12,820
11,743
1,499
26,062
--------
--------
-------
--------
Carrying amount
At 31 December 2021
23,462
15,765
603
39,830
--------
--------
-------
--------
At 31 December 2020
27,816
19,705
1,100
48,621
--------
--------
-------
--------
6. DEBTORS
2021
2020
£
£
Trade debtors
1,717
2,829
Other debtors
4,515
4,583
-------
-------
6,232
7,412
-------
-------
7. CREDITORS: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
3,600
Trade creditors
3,096
3,831
Corporation tax
922
Social security and other taxes
13,309
4,162
Other creditors
33,206
55,111
--------
--------
54,133
63,104
--------
--------
Included within other creditors are amounts totalling £6,476 (2020 - £6,476) which relate to hire purchase agreements which are secured by the company.
8. CREDITORS: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
12,300
18,000
Other creditors
11,332
17,808
--------
--------
23,632
35,808
--------
--------
Included within other creditors are amounts totalling £11,332 (2020 - £17,808) which relate to hire purchase agreements which are secured by the company.
9. RELATED PARTY TRANSACTIONS
During the year the company undertook the following transactions with related parties: The director advanced monies to the company. At 31 December 2021 the amount due from the company was £11,727 (2020 - £34,568).
10. GOING CONCERN
The director has considered the period to September 2023 when assessing the company's ability to continue as a going concern. It is believed that the company will be able to satisfy its liabilities as these become payable.