Caseware UK (AP4) 2022.0.179 2022.0.179 0true2022-08-01falseNo description of principal activity84trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10289002 2022-08-01 2023-07-31 10289002 2021-08-01 2022-07-31 10289002 2023-07-31 10289002 2022-07-31 10289002 c:Director1 2022-08-01 2023-07-31 10289002 c:Director2 2022-08-01 2023-07-31 10289002 c:Director3 2022-08-01 2023-07-31 10289002 c:RegisteredOffice 2022-08-01 2023-07-31 10289002 d:PlantMachinery 2022-08-01 2023-07-31 10289002 d:PlantMachinery 2023-07-31 10289002 d:PlantMachinery 2022-07-31 10289002 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 10289002 d:FurnitureFittings 2022-08-01 2023-07-31 10289002 d:FurnitureFittings 2023-07-31 10289002 d:FurnitureFittings 2022-07-31 10289002 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 10289002 d:ComputerEquipment 2022-08-01 2023-07-31 10289002 d:ComputerEquipment 2023-07-31 10289002 d:ComputerEquipment 2022-07-31 10289002 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 10289002 d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 10289002 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-08-01 2023-07-31 10289002 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-07-31 10289002 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-07-31 10289002 d:CopyrightsPatentsTrademarksServiceOperatingRights 2022-08-01 2023-07-31 10289002 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-07-31 10289002 d:CopyrightsPatentsTrademarksServiceOperatingRights 2022-07-31 10289002 d:ComputerSoftware 2023-07-31 10289002 d:ComputerSoftware 2022-07-31 10289002 d:OtherResidualIntangibleAssets 2022-08-01 2023-07-31 10289002 d:CurrentFinancialInstruments 2023-07-31 10289002 d:CurrentFinancialInstruments 2022-07-31 10289002 d:Non-currentFinancialInstruments 2023-07-31 10289002 d:Non-currentFinancialInstruments 2022-07-31 10289002 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 10289002 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 10289002 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 10289002 d:Non-currentFinancialInstruments d:AfterOneYear 2022-07-31 10289002 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-07-31 10289002 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-07-31 10289002 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-07-31 10289002 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-07-31 10289002 d:ShareCapital 2023-07-31 10289002 d:ShareCapital 2022-07-31 10289002 d:SharePremium 2023-07-31 10289002 d:SharePremium 2022-07-31 10289002 d:RetainedEarningsAccumulatedLosses 2023-07-31 10289002 d:RetainedEarningsAccumulatedLosses 2022-07-31 10289002 c:FRS102 2022-08-01 2023-07-31 10289002 c:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 10289002 c:FullAccounts 2022-08-01 2023-07-31 10289002 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 10289002 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2022-08-01 2023-07-31 10289002 d:CopyrightsPatentsTrademarksServiceOperatingRights d:ExternallyAcquiredIntangibleAssets 2022-08-01 2023-07-31 10289002 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2022-08-01 2023-07-31 10289002 d:ExternallyAcquiredIntangibleAssets 2022-08-01 2023-07-31 10289002 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2022-08-01 2023-07-31 10289002 d:CopyrightsPatentsTrademarksServiceOperatingRights d:OwnedIntangibleAssets 2022-08-01 2023-07-31 10289002 d:ComputerSoftware d:OwnedIntangibleAssets 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure

Registered number: 10289002










Naqua Ltd








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 July 2023

 
Naqua Ltd
 

Company Information


Directors
Mr I Bowler 
Mr A Endacott 
Mr K Howes 




Registered number
10289002



Registered office
Building 500
Discovery Park

Ramsgate Road

Sandwich

Kent

CT13 9ND




Accountants
Kreston Reeves LLP
Chartered Accountants

Innovation House

Floor 2 Room 20

Ramsgate Road

Sandwich

Kent

CT13 9FF





 
Naqua Ltd
 

Contents



Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 11


 
Naqua Ltd
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Naqua Ltd for the year ended 31 July 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Naqua Ltd for the year ended 31 July 2023 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Naqua Ltd, as a body, in accordance with the terms of our engagement letter dated 20 July 2022Our work has been undertaken solely to prepare for your approval the financial statements of Naqua Ltd  and state those matters that we have agreed to state to the Board of directors of Naqua Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Naqua Ltd and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Naqua Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Naqua Ltd. You consider that Naqua Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Naqua Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
Chartered Accountants
Discovery Park
24 October 2023
Page 1

 
Naqua Ltd
Registered number: 10289002

Balance sheet
As at 31 July 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible fixed assets
 4 
457,619
450,929

Tangible assets
 5 
66,069
27,107

  
523,688
478,036

Current assets
  

Stocks
  
84,022
1,740

Debtors: amounts falling due within one year
 6 
360,318
166,674

Cash at bank and in hand
  
2,004
275,552

  
446,344
443,966

Creditors: amounts falling due within one year
 7 
(567,728)
(290,604)

Net current (liabilities)/assets
  
 
 
(121,384)
 
 
153,362

Total assets less current liabilities
  
402,304
631,398

Creditors: amounts falling due after more than one year
 8 
(269,498)
(426,338)

  

Net assets
  
132,806
205,060


Capital and reserves
  

Called up share capital 
  
1,200
1,200

Share premium account
  
199,800
199,800

Profit and loss account
  
(68,194)
4,060

  
132,806
205,060


Page 2

 
Naqua Ltd
Registered number: 10289002

Balance sheet (continued)
As at 31 July 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 October 2023.


Mr A Endacott
Director

The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
Naqua Ltd
 

 
Notes to the financial statements
For the year ended 31 July 2023

1.


General information

Naqua Ltd ("the company") is a private company limited by shares and is incoproated in England with the registration number 10289002. the registered office of the company is Building 500, Discovery Park, Ramsgate Road, Sandwich, England, CT13 9ND. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

These financial statements are rounded to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company is reliant on the continued support of the directors who are confident that there are adequate resources to continue in operational existence for the foreseeable future. 
For these reasons, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. 

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
Naqua Ltd
 

 
Notes to the financial statements
For the year ended 31 July 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 5

 
Naqua Ltd
 

 
Notes to the financial statements
For the year ended 31 July 2023

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Development expenditure
-
5
years
Licences
-
Website
-
3
years

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 6

 
Naqua Ltd
 

 
Notes to the financial statements
For the year ended 31 July 2023

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Reducing balance
Fixtures and fittings
-
25%
Reducing balance
Computer equipment
-
33%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to
Page 7

 
Naqua Ltd
 

 
Notes to the financial statements
For the year ended 31 July 2023

2.Accounting policies (continued)


2.17
Financial instruments (continued)

settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of
Page 8

 
Naqua Ltd
 

 
Notes to the financial statements
For the year ended 31 July 2023

2.Accounting policies (continued)


2.17
Financial instruments (continued)

ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2022 - 4).


4.


Intangible assets




Development expenditure
Licences
Computer software
Total

£
£
£
£



Cost


At 1 August 2022
516,634
197,948
-
714,582


Additions
133,042
-
4,875
137,917



At 31 July 2023

649,676
197,948
4,875
852,499



Amortisation


At 1 August 2022
263,653
-
-
263,653


Charge for the year on owned assets
129,935
-
1,292
131,227



At 31 July 2023

393,588
-
1,292
394,880



Net book value



At 31 July 2023
256,088
197,948
3,583
457,619



At 31 July 2022
252,981
197,948
-
450,929



Page 9

 
Naqua Ltd
 

 
Notes to the financial statements
For the year ended 31 July 2023

5.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 August 2022
42,306
1,343
10,220
53,869


Additions
47,766
8,200
2,791
58,757



At 31 July 2023

90,072
9,543
13,011
112,626



Depreciation


At 1 August 2022
19,427
749
6,587
26,763


Charge for the year on owned assets
15,463
1,673
2,658
19,794



At 31 July 2023

34,890
2,422
9,245
46,557



Net book value



At 31 July 2023
55,182
7,121
3,766
66,069



At 31 July 2022
22,879
594
3,634
27,107


6.


Debtors

2023
2022
£
£


Trade debtors
105,316
71,233

Other debtors
239,601
82,753

Prepayments and accrued income
15,401
12,688

360,318
166,674



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,000
10,000

Other loans
292,130
133,086

Trade creditors
237,568
110,220

Other taxation and social security
22,166
32,244

Other creditors
2,114
684

Accruals and deferred income
3,750
4,370

567,728
290,604


Page 10

 
Naqua Ltd
 

 
Notes to the financial statements
For the year ended 31 July 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
18,333
28,333

Other loans
251,165
398,005

269,498
426,338



9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,000
10,000

Other loans
292,130
133,086


302,130
143,086

Amounts falling due 1-2 years

Bank loans
10,000
10,000

Other loans
131,302
121,239


141,302
131,239

Amounts falling due 2-5 years

Bank loans
8,333
18,333

Other loans
119,863
276,765


128,196
295,098


571,628
569,423



10.


Related party transactions

All related party transactions during the current and prior periods, including key management personnel compensation, were made under normal market conditions.


11.


Controlling party

The ultimate controlling party is a director of the company, Mr A Endacott by way of his majority shareholding.


Page 11