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Aquarius Financial Technologies Limited
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For the period ended 31 December 2023
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Registered number: 11060344
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Aquarius Financial Technologies Limited - Registered number:11060344
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Statement of financial position
As at 31 December 2023
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more
than one year
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The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
Page 1
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Aquarius Financial Technologies Limited - Registered number:11060344
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Statement of financial position (continued)
As at 31 December 2023
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 7 form part of these financial statements.
Page 2
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Aquarius Financial Technologies Limited
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Notes to the financial statements
For the period ended 31 December 2023
Aquarius Financial Technologies Limited is a private company limited by shares incorporated in England and Wales. Its registered office is 269 Farnborough Road, Farnborough, London, GU14 7LY. Its company registration number is 11060344.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102,'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.
The company and the group headed by it, qualify as small as set out in section 383 of the Companies Act
2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.
These financial statements therefore present information about the company as an individual undertaking
and not about its group.
The following principal accounting policies have been applied:
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Page 3
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Aquarius Financial Technologies Limited
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Notes to the financial statements
For the period ended 31 December 2023
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
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Associates and joint ventures
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Associates and Joint Ventures are held at cost less impairment.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third
parties, loans to related parties and investments in ordinary shares.
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The average monthly number of employees, including directors, during the period was 3 (2022 - 3).
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Page 4
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Aquarius Financial Technologies Limited
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Notes to the financial statements
For the period ended 31 December 2023
Page 5
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Aquarius Financial Technologies Limited
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Notes to the financial statements
For the period ended 31 December 2023
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Investments in subsidiary companies
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Investments in associates
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Due after more than one year
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Amounts owed by group undertakings
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Creditors: Amounts falling due within one year
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Page 6
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Aquarius Financial Technologies Limited
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Notes to the financial statements
For the period ended 31 December 2023
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Creditors: Amounts falling due after more than one year
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Bank loans and overdrafts
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Related party transactions
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During the period the company made advances to the parent entity of £15,973 (2022: £225,961) and was charged a management fee of £94,407 by the parent entity. As at 31 December 2023 the amount due to the company was £944,845 (2022: £1,023,279). The loan is repayable on demand.
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Page 7
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