REGISTERED NUMBER: |
Financial Statements for the Year Ended 31st December 2023 |
for |
Aquatiq Food Safety Ltd |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31st December 2023 |
for |
Aquatiq Food Safety Ltd |
Aquatiq Food Safety Ltd (Registered number: SC323503) |
Contents of the Financial Statements |
for the year ended 31st December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Aquatiq Food Safety Ltd |
Company Information |
for the year ended 31st December 2023 |
Directors: |
Registered office: |
Registered number: |
Auditors: |
4th Floor Metropolitan House |
31-33 High Street |
Inverness |
IV1 1HT |
Aquatiq Food Safety Ltd (Registered number: SC323503) |
Balance Sheet |
31st December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 5 |
Current assets |
Stocks |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities |
Net assets |
Capital and reserves |
Called up share capital |
Retained earnings |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Aquatiq Food Safety Ltd (Registered number: SC323503) |
Notes to the Financial Statements |
for the year ended 31st December 2023 |
1. | Statutory information |
Aquatiq Food Safety Ltd is a |
2. | Statement of compliance |
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. |
Turnover |
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. |
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable. |
Tangible fixed assets |
Tangible fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. |
Any tangible fixed 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss. |
Aquatiq Food Safety Ltd (Registered number: SC323503) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2023 |
3. | Accounting policies - continued |
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 | - | 25-33% straight line |
Fixtures, fittings and equipment | - | 25-33% straight line |
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible fixed assets, the depreciation is revised prospectively to reflect the new estimates. |
Impairment |
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. |
When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. |
Stocks |
Stocks are measured at the lower of cost as approximated by the most recent purchase price 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 stocks to their present location and condition. |
Taxation |
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. |
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. |
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. |
Aquatiq Food Safety Ltd (Registered number: SC323503) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2023 |
3. | Accounting policies - continued |
Research and development |
Research expenditure is written off in the year in which it is incurred. |
Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: |
- | It is technically feasible to complete the intangible asset so that it will be available for use or sale; |
- | There is the intention to complete the intangible asset and use or sell it; |
- | There is the ability to use or sell the intangible asset; |
- | The use or sale of the intangible asset will generate probable future economic benefits; |
- | There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and |
- | The expenditure attributable to the intangible asset during its development can be measured reliably. |
Expenditure that does not meet the above criteria is expensed as incurred. |
Foreign currencies |
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Defined contribution plans |
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. |
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises. |
Provisions |
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. |
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises. |
4. | Employees and directors |
The average number of employees during the year was |
Aquatiq Food Safety Ltd (Registered number: SC323503) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2023 |
5. | Tangible fixed assets |
Fixtures, |
fittings |
Plant and | and |
machinery | equipment | Totals |
£ | £ | £ |
Cost |
At 1st January 2023 |
and 31st December 2023 |
Depreciation |
At 1st January 2023 |
Charge for year |
At 31st December 2023 |
Net book value |
At 31st December 2023 |
At 31st December 2022 |
6. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
7. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | Secured debts |
DNB Bank ASA holds a floating charge over the assets of the company in respect of loans, cash pooling and other credit facilities made available to the company and other companies within the Aquatiq group. The charge is limited to £1,000,000 plus all amounts due in respect of interest, default interest, fees, costs, enforcement costs, expenses and indemnities |
Aquatiq Food Safety Ltd (Registered number: SC323503) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2023 |
9. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Auditors' Report was unqualified. |
for and on behalf of |
10. | FRC Ethical Standard - provisions available for small entities |
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |
11. | Consolidated financial statements |
Aquatiq AS is the only undertaking for which consolidated financial statements of the company are prepared. The registered office of Aquatiq AS is Hovemovegen 1, 2624, Lillehammer, Norway. |