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Registration number: 05802151

Aquarium Software Limited

Annual Report and Abridged Financial Statements

for the Year Ended 31 December 2023

 

Aquarium Software Limited

Contents

Company Information

1

Directors' Report

2

Statement of Directors' Responsibilities

3

Independent Auditor's Report

4 to 7

Profit and Loss Account and Statement of Retained Earnings

8

Abridged Balance Sheet

9

Notes to the Abridged Financial Statements

10 to 17

 

Aquarium Software Limited

Company Information

Directors

Andrew Sherwin

Simon Wheeler

Janice Turner

Asher Bearman

Registered office

First Floor Charter House
2 Woodlands Road
Altrincham
WA14 1HF

Auditors

Bright Partnership Limited
1 Park Street
Macclesfield
Cheshire
SK11 6SR

 

Aquarium Software Limited

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the abridged financial statements for the year ended 31 December 2023.

Directors of the company

The directors who held office during the year were as follows:

Andrew Sherwin (appointed 27 March 2023)

Simon Wheeler (appointed 27 March 2023)

Janice Turner

Asher Bearman

Tricia Plouf - Director (ceased 23 March 2023)

Principal activity

The principal activity of the company is Software Development

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 29 August 2024 and signed on its behalf by:
 

.........................................
Janice Turner
Director

 

Aquarium Software Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Aquarium Software Limited

Independent Auditor's Report to the Members of Aquarium Software Limited

Opinion

We have audited the financial statements of Aquarium Software Limited (the 'company') for the year ended 31 December 2023, which comprise the Profit and Loss Account and Statement of Retained Earnings, Abridged Balance Sheet, and Notes to the Abridged Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

Aquarium Software Limited

Independent Auditor's Report to the Members of Aquarium Software Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit; or

the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 3], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Aquarium Software Limited

Independent Auditor's Report to the Members of Aquarium Software Limited

Iregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, are detailed below:
Our approach to identifying and assessing the risks of material misstatements in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the computer component manufacturing and supply sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companics Act 2006, taxation lcgislation, data protcction, anti-bribcry, employment, environmental and health and safety Iegislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquirics of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We asscssed the susceptibility of the company's financial statcments to matcrial misstatcments, including obtaining an understanding of how fraud might occur, by:
- making cnquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulaions.

To address the risk of fraud through management bias and override controls, we:
- performed analytical procedures to identity any unusual or expected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential basis; and
- investigate the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not Liimited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading minutes of meetings of those charged with governance: and
- enquiring of management as to actual potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are trom financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from errors as they may involve deliberate concealment or collusion.

A further description of cur responsibilities for the audit of the financial statements is located on the Financial Reperting Council's website at www.fre.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

 

Aquarium Software Limited

Independent Auditor's Report to the Members of Aquarium Software Limited

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Neil Kennington (Senior Statutory Auditor)
For and on behalf of Bright Partnership Limited, Statutory Auditor

1 Park Street
Macclesfield
Cheshire
SK11 6SR

29 August 2024

 

Aquarium Software Limited

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

 

14,064,874

12,374,284

Cost of sales

 

(2,482,368)

(2,550,492)

Gross profit

 

11,582,506

9,823,792

Administrative expenses

 

(10,636,293)

(8,781,783)

Operating profit

 

946,213

1,042,009

Income from shares in group undertakings

 

-

55,132

Other interest receivable and similar income

 

7,546

4,772

Interest payable and similar charges

 

(1,588)

1,051

 

5,958

60,955

Profit before tax

5

952,171

1,102,964

Taxation

 

(226,047)

(102,889)

Profit for the financial year

 

726,124

1,000,075

Retained earnings brought forward

 

2,262,226

1,262,151

Retained earnings carried forward

 

2,988,350

2,262,226

 

Aquarium Software Limited

(Registration number: 05802151)
Abridged Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

87,856

80,119

Current assets

 

Debtors

8

3,175,434

2,466,325

Cash at bank and in hand

 

1,575,736

1,664,249

 

4,751,170

4,130,574

Prepayments and accrued income

 

66,899

126,548

Creditors: Amounts falling due within one year

(987,017)

(1,120,218)

Net current assets

 

3,831,052

3,136,904

Total assets less current liabilities

 

3,918,908

3,217,023

Accruals and deferred income

 

(430,642)

(454,881)

Net assets

 

3,488,266

2,762,142

Capital and reserves

 

Called up share capital

9

211

211

Share premium reserve

499,690

499,690

Capital redemption reserve

15

15

Retained earnings

2,988,350

2,262,226

Shareholders' funds

 

3,488,266

2,762,142

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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 29 August 2024 and signed on its behalf by:
 

.........................................
Janice Turner
Director

 

Aquarium Software Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
First Floor Charter House
2 Woodlands Road
Altrincham
WA14 1HF

These financial statements were authorised for issue by the Board on 29 August 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 abridged 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 abridged 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.

These financial statements are presented in sterling, which is the functional currency of the entity.

 

Aquarium Software Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2023

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 recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

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:

 

Aquarium Software Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2023

Asset class

Depreciation method and rate

Leasehold

20% Straight line

Plant & Machinery

33% Straight line

Fixtures & Fittings

20% Straight line

Computer Equipment

33% Straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Aquarium Software Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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 76 (2022 - 64).

4

Auditors' remuneration

2023
£

2022
£

Audit of the financial statements

4,410

4,200


 

5

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

49,224

60,242

Impairment loss

-

1,000

Income from shares in group undertakings

-

(55,132)

 

Aquarium Software Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2023

6

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

86,183

342,012

428,195

Additions

52,377

15,172

67,549

Disposals

(85,463)

(187,097)

(272,560)

At 31 December 2023

53,097

170,087

223,184

Depreciation

At 1 January 2023

62,676

285,400

348,076

Charge for the year

14,702

34,522

49,224

Eliminated on disposal

(75,510)

(186,462)

(261,972)

At 31 December 2023

1,868

133,460

135,328

Carrying amount

At 31 December 2023

51,229

36,627

87,856

At 31 December 2022

23,507

56,612

80,119

Included within the net book value of land and buildings above is £51,229 (2022 - £23,507) in respect of freehold land and buildings.
 

 

Aquarium Software Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2023

7

Investments

Total
£

Cost or valuation

At 1 January 2023

1,000

Disposals

(1,000)

At 31 December 2023

-

Provision

Carrying amount

At 31 December 2023

-

2023
£

2022
£

 

Aquarium Software Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2023

8

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Allotted, Called up and fully paid of £1 each

211

211

211

211

       

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £344,712 (2022 - £947,889). Non-cancellable operating leases

11

Related party transactions

 

Aquarium Software Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

432,929

459,260

Summary of transactions with parent

The company's immediate and ultimate parent undertaking is Trupanion Inc. Trupanion Inc was incorporated in the United States. Copies of the group accounts may be obtained from the secretary, 6100 4th Avenue, South Suite 200, Seattle, WA 98108, United States . The ultimate controlling party is Trupanion Inc who controls 100% of the shares of Aquarium Software Ltd.
 

Summary of transactions with subsidiaries

Aquarium Ireland Software

A 100% subsidiary.

The company was dormant throughout the years and has no value and there were no dividends received from the company (2022 £2,469).

Aquarium HR Ltd

A 100% subsidairy.

A dividend of nil (2022 £52,663) was received during the period. Aquiarium HR Ltd was dissolved on 24th January 2023.

Trupanion Group

Trupanion Inc is included in the Trupanion Group and is the ultimate parent and controlling party.

Total net sales to Trupanion Group during the period were £12,031,056 (2022 £9,304,397). A management charge was incurred of £1,384,546 (2022 £1,048,903). At the balance sheet date the loan due from Trupanion Group was £2,854,988 (2022 £2,080,286).