REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021 |
FOR |
AQUMEN BUSINESS SOLUTIONS LTD |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2021 |
FOR |
AQUMEN BUSINESS SOLUTIONS LTD |
AQUMEN BUSINESS SOLUTIONS LTD (REGISTERED NUMBER: 07408138) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
AQUMEN BUSINESS SOLUTIONS LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
7 Wellington Road East |
Dewsbury |
West Yorkshire |
WF13 1HF |
AQUMEN BUSINESS SOLUTIONS LTD (REGISTERED NUMBER: 07408138) |
BALANCE SHEET |
31 OCTOBER 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Profit and loss account |
The director acknowledges his 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. |
AQUMEN BUSINESS SOLUTIONS LTD (REGISTERED NUMBER: 07408138) |
BALANCE SHEET - continued |
31 OCTOBER 2021 |
In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
AQUMEN BUSINESS SOLUTIONS LTD (REGISTERED NUMBER: 07408138) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
1. | STATUTORY INFORMATION |
Aqumen Business Solutions Ltd is a |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
TURNOVER |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
GOODWILL |
Goodwill has been capitalised and is amortised on a straight line basis over the estimated useful economic life of ten years, which was chosen because the directors are of the opinion that this is the period over which the company will receive economic benefits from these assets. |
TANGIBLE FIXED ASSETS |
Freehold property | - |
Office equipment | - |
Fixtures and fittings | - |
Motor vehicles | - |
Tangible fixed assets are included in the accounts at cost less depreciation. |
GOVERNMENT GRANTS |
Grants receivable in relation to profit and loss expenditure are credited to the profit and loss in the year for which they relate. |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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. |
AQUMEN BUSINESS SOLUTIONS LTD (REGISTERED NUMBER: 07408138) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. |
INCOME RECOGNITION |
Income is recognised when goods have been delivered to customers such that the risks and rewards of ownership have transferred to them. |
FINANCE COSTS OF DEBT |
The finance costs of debt, including interest and issue costs, are allocated to each period over the term of the debt and charged to the profit and loss account at a constant rate on the outstanding amount. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 November 2020 |
and 31 October 2021 |
AMORTISATION |
At 1 November 2020 |
Amortisation for year |
At 31 October 2021 |
NET BOOK VALUE |
At 31 October 2021 |
At 31 October 2020 |
AQUMEN BUSINESS SOLUTIONS LTD (REGISTERED NUMBER: 07408138) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Office | and | Motor |
property | equipment | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 November 2020 |
Additions |
At 31 October 2021 |
DEPRECIATION |
At 1 November 2020 |
Charge for year |
At 31 October 2021 |
NET BOOK VALUE |
At 31 October 2021 |
At 31 October 2020 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
Debt factoring advances |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans |
AQUMEN BUSINESS SOLUTIONS LTD (REGISTERED NUMBER: 07408138) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2021 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2021 | 2020 |
£ | £ |
Debt factoring advances | 472,156 | 564,055 |
The bank overdraft is secured on the assets of the company. The debt factoring advances are secured on the trade book debts of the company. |
The bank loan is unsecured as this is backed by a government guarantee. |
10. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 October 2021 and 31 October 2020: |
2021 | 2020 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
11. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme. The assets of the pension scheme are held separately from those of the company in an independently administered fund. The pension cost represents contributions payable by the company to the fund and amounted to £34,223 (2020 - £26,531 ). Contributions totalling £1,667 (2020 - £3,817) were payable to the fund at the year end and are included in creditors. |