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Registration number: 04481912

Aqualogic Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Aqualogic Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Aqualogic Limited

Company Information

Directors

Mr J T Mercer

Mrs J Mercer

Mr G Reading

Registered office

Claremont
Stonards Brow
Shamley Green
Surrey
GU5 0UY

Accountants

Brinkworths Accounting Services Ltd
t/a AIMS Accountants for Business
The Leatherhead Institute
67 High St
Leatherhead
Surrey
KT22 8AH

 

Aqualogic Limited

(Registration number: 04481912)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

59,477

46,120

Current assets

 

Debtors

5

129,084

107,821

Cash at bank and in hand

 

161,146

87,909

 

290,230

195,730

Creditors: Amounts falling due within one year

6

(166,903)

(138,270)

Net current assets

 

123,327

57,460

Total assets less current liabilities

 

182,804

103,580

Provisions for liabilities

(10,895)

(8,289)

Net assets

 

171,909

95,291

Capital and reserves

 

Called up share capital

7

135

135

Share premium reserve

665

665

Retained earnings

171,109

94,491

Shareholders' funds

 

171,909

95,291

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 27 October 2023 and signed on its behalf by:
 

.........................................
Mr J T Mercer
Director

 

Aqualogic Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Claremont
Stonards Brow
Shamley Green
Surrey
GU5 0UY

These financial statements were authorised for issue by the Board on 27 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

Aqualogic Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Other tangible assets

33% on cost

Motor vehicles

10% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Aqualogic Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2022 - 10).

 

Aqualogic Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2022

74,395

10,312

84,707

Additions

24,098

482

24,580

At 31 July 2023

98,493

10,794

109,287

Depreciation

At 1 August 2022

29,579

9,008

38,587

Charge for the year

9,850

1,373

11,223

At 31 July 2023

39,429

10,381

49,810

Carrying amount

At 31 July 2023

59,064

413

59,477

At 31 July 2022

44,816

1,304

46,120

5

Debtors

Current

2023
£

2022
£

Trade debtors

123,100

102,533

Prepayments

5,984

5,288

 

129,084

107,821

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

23,000

7,506

Taxation and social security

140,934

73,822

Accruals and deferred income

1,080

1,000

Other creditors

1,889

55,942

166,903

138,270

 

Aqualogic Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

A Ordinary of £1 each

70

70

70

70

B Ordinary of £1 each

35

35

35

35

C Ordinary of £1 each

30

30

30

30

 

135

135

135

135

8

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £158,750.00 (2022 - £87,092.00) per ordinary share

 

158,750

 

87,092

         

9

Related party transactions

 

Aqualogic Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Transactions with directors

2023

At 1 August 2022
£

Advances to director
£

Repayments by director
£

Other payments made to company by director
£

At 31 July 2023
£

Mr J T Mercer

Amounts owed to Director by Company

(56,028)

59,295

-

(3,267)

-

           
         

 

2022

At 1 August 2021
£

Advances to director
£

Repayments by director
£

Other payments made to company by director
£

At 31 July 2022
£

Mr J T Mercer

Amounts owed to Director by Company

(90,176)

40,000

-

(5,852)

(56,028)

           
         

Mr G Reading

Amounts owed by Director to the Company

1,823

-

(1,823)

-

-