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COMPANY REGISTRATION NUMBER: 07175645
AQUA LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2023
AQUA LTD
STATEMENT OF FINANCIAL POSITION
31 March 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
106,247
93,247
CURRENT ASSETS
Stocks
24,500
24,000
Debtors
6
125,349
76,938
Cash at bank and in hand
67,296
103,673
---------
---------
217,145
204,611
CREDITORS: amounts falling due within one year
7
74,300
74,812
---------
---------
NET CURRENT ASSETS
142,845
129,799
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
249,092
223,046
CREDITORS: amounts falling due after more than one year
8
9,965
14,049
PROVISIONS
9,570
6,528
---------
---------
NET ASSETS
229,557
202,469
---------
---------
CAPITAL AND RESERVES
Called up share capital
9
100
100
Profit and loss account
229,457
202,369
---------
---------
SHAREHOLDERS FUNDS
229,557
202,469
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
AQUA LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 2 November 2023 , and are signed on behalf of the board by:
Mr M Leek
Mrs L Leek
Director
Director
Company registration number: 07175645
AQUA LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 7, Oaks Industrial Estate, Snibstone Drive, Coalville, Leicestershire, LE67 3NQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Home office
-
4% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 5 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Home office
Total
£
£
£
£
£
£
Cost
At 1 Apr 2022
10,160
25,695
83,760
20,294
25,033
164,942
Additions
18,025
585
17,950
7,021
1,536
45,117
Disposals
( 10,450)
( 10,450)
--------
--------
--------
--------
--------
---------
At 31 Mar 2023
28,185
26,280
91,260
27,315
26,569
199,609
--------
--------
--------
--------
--------
---------
Depreciation
At 1 Apr 2022
7,405
18,067
32,039
13,183
1,001
71,695
Charge for the year
5,195
1,643
16,315
3,533
1,023
27,709
Disposals
( 6,042)
( 6,042)
--------
--------
--------
--------
--------
---------
At 31 Mar 2023
12,600
19,710
42,312
16,716
2,024
93,362
--------
--------
--------
--------
--------
---------
Carrying amount
At 31 Mar 2023
15,585
6,570
48,948
10,599
24,545
106,247
--------
--------
--------
--------
--------
---------
At 31 Mar 2022
2,755
7,628
51,721
7,111
24,032
93,247
--------
--------
--------
--------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
114,669
66,258
Other debtors
10,680
10,680
---------
--------
125,349
76,938
---------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
4,084
3,992
Trade creditors
21,438
12,956
Accruals and deferred income
1,700
1,650
Corporation tax
21,198
35,649
Social security and other taxes
20,104
16,377
Director loan accounts
1,396
707
Bank loans and overdrafts
3,862
3,204
Other creditors
518
277
--------
--------
74,300
74,812
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
9,965
14,049
-------
--------
9. Called up share capital
Authorised share capital
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----