Registered number
05602983
Aquascience Limited
Filleted Accounts
31 July 2023
Aquascience Limited
Registered number: 05602983
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 30,804 38,236
30,804 38,236
Current assets
Stocks 26,379 70,417
Debtors 4 283,570 44,944
Cash at bank and in hand 102,072 204,750
412,021 320,111
Creditors: amounts falling due within one year 5 (216,484) (100,749)
Net current assets 195,537 219,362
Total assets less current liabilities 226,341 257,598
Creditors: amounts falling due after more than one year 6 (8,077) (14,677)
Provisions for liabilities - -
Net assets 218,264 242,921
Capital and reserves
Called up share capital 150 150
Share premium - -
Profit and loss account 218,114 242,771
Shareholders' funds 218,264 242,921
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P A Duquemin
Director
Approved by the board on 8 April 2024
Aquascience Limited
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 12 13
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 August 2022 1,245 52,449 83,254 136,948
Additions - 14,754 - 14,754
Surplus on revaluation - - - -
Disposals - - - -
At 31 July 2023 1,245 67,203 83,254 151,702
Depreciation
At 1 August 2022 1,245 42,539 54,928 98,712
Charge for the year - 8,024 14,162 22,186
Surplus on revaluation - - - -
On disposals - - - -
At 31 July 2023 1,245 50,563 69,090 120,898
Net book value
At 31 July 2023 - 16,640 14,164 30,804
At 31 July 2022 - 9,910 28,326 38,236
4 Debtors 2023 2022
£ £
Trade debtors 276,966 39,605
Retentions 348 -
Deferred tax asset - -
Other debtors 6,256 5,339
283,570 44,944
5 Creditors: amounts falling due within one year 2023 2022
£ £
Pension contributions due - -
Trade creditors 141,453 17,395
Vat Liability 54,821 41,572
Taxation and social security costs 13,938 34,940
Finance lease and HP contracts 6,272 6,842
Other creditors - -
216,484 100,749
6 Creditors: amounts falling due after one year 2023 2022
£ £
Trade creditors - -
Other loans 5,446 5,446
Finance lease and HP contracts - 5,701
Directors' loan (see below) 2,631 3,530
8,077 14,677
7 Loans to/(from) directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mark Stollery (1,401) - - (1,401)
Simon Thurgood (2,234) - 1,004 (1,230)
8 Related party transactions
No related party transactions were undertaken during the course of the year.
9 Other information
Aquascience Limited is a private company limited by shares and incorporated in England. Its registered office is:
5-6 Green Lane Farm
Green lane, Ampfield
Romsey
Hampshire
SO51 9BN
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