Company registration number 14339213 (England and Wales)
AQUA HEAT SOLUTIONS (WALES) LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
AQUA HEAT SOLUTIONS (WALES) LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
AQUA HEAT SOLUTIONS (WALES) LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
Notes
£
£
Fixed assets
Tangible assets
3
4,012
Current assets
Debtors
4
1,544
Cash at bank and in hand
27,303
28,847
Creditors: amounts falling due within one year
5
(24,271)
Net current assets
4,576
Total assets less current liabilities
8,588
Provisions for liabilities
(11)
Net assets
8,577
Capital and reserves
Called up share capital
6
100
Profit and loss reserves
8,477
Total equity
8,577
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 8 February 2024
Mr L Raison
Director
Company registration number 14339213 (England and Wales)
AQUA HEAT SOLUTIONS (WALES) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 6 September 2022
-
Period ended 30 September 2023:
Profit and total comprehensive income
-
38,477
38,477
Issue of share capital
6
100
-
100
Dividends
-
(30,000)
(30,000)
Balance at 30 September 2023
100
8,477
8,577
AQUA HEAT SOLUTIONS (WALES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 3 -
1
Accounting policies
Company information
Aqua Heat Solutions (Wales) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6 Llanerch Goed, Llantwit Fardre, Pontypridd, CF38 2TB.
1.1
Reporting period
These are the first set of financial statements since incorporation and cover a period of approximately 56 weeks.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% reducing balance
Computers
33% reducing balance
Motor vehicles
25% reducing balance
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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 settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
AQUA HEAT SOLUTIONS (WALES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
Number
Total
1
AQUA HEAT SOLUTIONS (WALES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 5 -
3
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 6 September 2022
Additions
3,930
300
1,001
5,231
At 30 September 2023
3,930
300
1,001
5,231
Depreciation and impairment
At 6 September 2022
Depreciation charged in the period
840
108
271
1,219
At 30 September 2023
840
108
271
1,219
Carrying amount
At 30 September 2023
3,090
192
730
4,012
4
Debtors
2023
Amounts falling due within one year:
£
Other debtors
1,544
5
Creditors: amounts falling due within one year
2023
£
Trade creditors
9,135
Corporation tax
9,109
Other taxation and social security
3,229
Other creditors
2,798
24,271
6
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary of £1 each
80
80
Ordinary A of £1 each
20
20
100
100
During the period 80 Ordinary and 20 Ordinary A shares of £1 each were issued and fully paid.
AQUA HEAT SOLUTIONS (WALES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 6 -
7
Directors' transactions
Dividends totalling £27,000 were paid in the period in respect of shares held by the company's directors.
The director operates a current loan amount with the company, which is debited with payments made by the company on behalf of the director and credited with funds introduced and undrawn directors fees. At the period end the amount outstanding to the director was £714. This amount being included in creditors amounts falling due within one year.