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Registration number: 03492068

Aquacut Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Aquacut Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Aquacut Limited

Company Information

Directors

F A Taylor

P L Middleton

S C Middleton

S D Corfield

J Stott

S McDonald

Company secretary

F A Taylor

Registered office

10 The Grove
Parkgate Industrial Estate
Knutsford
Cheshire
WA16 8DX

Accountants

EKWilliams Accountants Ltd
1 Pavilion Square
Cricketers Way
Westhoughton
Bolton
BL5 3AJ

 

Aquacut Limited

(Registration number: 03492068)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

646,133

541,772

Current assets

 

Stocks

6

477,099

416,936

Debtors

7

246,684

443,943

Cash at bank and in hand

 

268,875

382,647

 

992,658

1,243,526

Creditors: Amounts falling due within one year

8

(460,532)

(590,795)

Net current assets

 

532,126

652,731

Total assets less current liabilities

 

1,178,259

1,194,503

Creditors: Amounts falling due after more than one year

8

(426,030)

(253,119)

Provisions for liabilities

-

(47,784)

Net assets

 

752,229

893,600

Capital and reserves

 

Called up share capital

158,000

158,000

Retained earnings

594,229

735,600

Shareholders' funds

 

752,229

893,600

 

Aquacut Limited

(Registration number: 03492068)
Balance Sheet as at 31 August 2023

For the financial year ending 31 August 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 February 2024 and signed on its behalf by:

.........................................

S C Middleton
Director

 

Aquacut Limited

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

1

General information

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

The address of its registered office is:
10 The Grove
Parkgate Industrial Estate
Knutsford
Cheshire
WA16 8DX

These financial statements were authorised for issue by the Board on 14 February 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Tax

The tax expense for the period comprises current and deferred 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.

 

Aquacut Limited

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

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Land and buildings

2% Straight line

Plant and machinery

15% Reducing balance

Motor vehicles

25% Reducing balance

Office equipment

25% Reducing balance

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Aquacut Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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 26 (2022 - 24).

4

Loss/profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

49,791

33,083

5

Tangible assets

Land and buildings
£

Plant and Machinery
£

Total
£

Cost or valuation

At 1 September 2022

402,646

411,101

813,747

Additions

76,926

91,708

168,634

Disposals

(2,500)

(37,500)

(40,000)

At 31 August 2023

477,072

465,309

942,381

Depreciation

At 1 September 2022

52,009

219,966

271,975

Charge for the year

10,565

39,226

49,791

Eliminated on disposal

(448)

(25,070)

(25,518)

At 31 August 2023

62,126

234,122

296,248

Carrying amount

At 31 August 2023

414,946

231,187

646,133

At 31 August 2022

350,637

191,135

541,772

Included in creditors is a loan of £468,522 (2022: £321,296) from P Middleton which is secured against the company's premises.

 

Aquacut Limited

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

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

477,099

416,936

7

Debtors

Current

2023
£

2022
£

Trade debtors

210,905

424,237

Prepayments

10,071

19,706

Other debtors

25,708

-

 

246,684

443,943

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

3,224

-

Trade creditors

 

203,554

287,312

Taxation and social security

 

123,340

151,876

Accruals and deferred income

 

42,221

53,789

Other creditors

 

88,193

97,818

 

460,532

590,795

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

12,508

-

Other non-current financial liabilities

 

413,522

253,119

 

426,030

253,119

 

Aquacut Limited

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

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Finance lease liabilities

12,508

-

2023
£

2022
£

Current loans and borrowings

Finance lease liabilities

3,224

-