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REGISTERED NUMBER: SC476745 (Scotland)














Unaudited Financial Statements

for the Year Ended 31 May 2022

for

Aqua IT Support Ltd

Aqua IT Support Ltd (Registered number: SC476745)






Contents of the Financial Statements
for the Year Ended 31 May 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Aqua IT Support Ltd

Company Information
for the Year Ended 31 May 2022







DIRECTORS: D Monaghan
Ms S Mathieson





REGISTERED OFFICE: Studio 7
Anchor Mill
7 Thread Street
Paisley
PA1 1JR





REGISTERED NUMBER: SC476745 (Scotland)





ACCOUNTANTS: Henderson & Company
73 Union Street
Greenock
Renfrewshire
PA16 8BG

Aqua IT Support Ltd (Registered number: SC476745)

Balance Sheet
31 May 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 34,923 9,806

CURRENT ASSETS
Stocks 19,877 22,942
Debtors 5 16,763 9,609
Cash at bank and in hand 24,360 19,475
61,000 52,026
CREDITORS
Amounts falling due within one year 6 47,195 38,225
NET CURRENT ASSETS 13,805 13,801
TOTAL ASSETS LESS CURRENT
LIABILITIES

48,728

23,607

CREDITORS
Amounts falling due after more than one
year

7

(19,367

)

-

PROVISIONS FOR LIABILITIES (6,635 ) (860 )
NET ASSETS 22,726 22,747

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 22,725 22,746
22,726 22,747

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Aqua IT Support Ltd (Registered number: SC476745)

Balance Sheet - continued
31 May 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 September 2022 and were signed on its behalf by:





D Monaghan - Director


Aqua IT Support Ltd (Registered number: SC476745)

Notes to the Financial Statements
for the Year Ended 31 May 2022

1. STATUTORY INFORMATION

Aqua IT Support Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance and 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Aqua IT Support Ltd (Registered number: SC476745)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2022

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2021 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2021 27,996
Additions 35,865
Disposals (2,700 )
At 31 May 2022 61,161
DEPRECIATION
At 1 June 2021 18,190
Charge for year 10,000
Eliminated on disposal (1,952 )
At 31 May 2022 26,238
NET BOOK VALUE
At 31 May 2022 34,923
At 31 May 2021 9,806

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
Additions 29,795
At 31 May 2022 29,795
DEPRECIATION
Charge for year 6,276
At 31 May 2022 6,276
NET BOOK VALUE
At 31 May 2022 23,519

Aqua IT Support Ltd (Registered number: SC476745)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2022

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 10,006 8,556
Other debtors 6,757 1,053
16,763 9,609

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Hire purchase contracts 5,959 -
Trade creditors 5,541 7,274
Taxation and social security 10,685 14,980
Other creditors 25,010 15,971
47,195 38,225

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Hire purchase contracts 19,367 -