AQUAFORCE PLUMBING SOLUTIONS LIMITED
Registered number: 04854560
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 325,396 351,660
Current assets
Stocks 310,139 268,842
Debtors 4 429,916 657,345
Cash at bank and in hand 47,542 125,662
787,597 1,051,849
Creditors: amounts falling due within one year 5 (406,931) (453,520)
Net current assets 380,666 598,329
Total assets less current liabilities 706,062 949,989
Creditors: amounts falling due after more than one year 6 (62,250) (114,750)
Provisions for liabilities (12,182) (15,615)
Net assets 631,630 819,624
Capital and reserves
Called up share capital 2 2
Profit and loss account 631,628 819,622
Shareholders' funds 631,630 819,624
The director is 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 director acknowledges his 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.
C E Wood
Director
Approved by the board on 4 January 2024
AQUAFORCE PLUMBING SOLUTIONS LIMITED
Notes to the Accounts
for the year ended 31 August 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.
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:
Land & Buildings straight line over 50 years
Equipment, fixtures & fittings 20% written down value
Motor vehicles 25% written down value
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.
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 30 30
3 Tangible fixed assets
Land and buildings Equipment, fixtures & fittings Motor vehicles Total
£ £ £ £
Cost
At 1 September 2022 321,340 241,575 56,839 619,754
At 31 August 2023 321,340 241,575 56,839 619,754
Depreciation
At 1 September 2022 58,604 176,285 33,205 268,094
Charge for the year 7,298 13,058 5,908 26,264
At 31 August 2023 65,902 189,343 39,113 294,358
Net book value
At 31 August 2023 255,438 52,232 17,726 325,396
At 31 August 2022 262,736 65,290 23,634 351,660
4 Debtors 2023 2022
£ £
Trade debtors 394,624 512,785
Amounts owed by group undertakings and undertakings in which the company has a participating interest - 13,652
Other debtors 35,292 130,908
429,916 657,345
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 51,543 52,287
Obligations under finance lease and hire purchase contracts - 5,162
Trade creditors 175,020 235,357
Amounts owed to group undertakings and undertakings in which the company has a participating interest 35,808 -
Corporation tax 44,336 91,806
Other taxes and social security costs 56,460 25,084
Other creditors 43,764 43,824
406,931 453,520
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 62,250 114,750
7 Other information
AQUAFORCE PLUMBING SOLUTIONS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
105 Redbrook Road
Barnsley
South Yorkshire
S75 2RG
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