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REGISTERED NUMBER: SC401988 (Scotland)















Financial Statements for the Year Ended 31st December 2023

for

Aqua Pharma Technical Ltd

Aqua Pharma Technical Ltd (Registered number: SC401988)

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


Aqua Pharma Technical Ltd

Company Information
for the year ended 31st December 2023







Directors: E R Bugge
H Mertens





Registered office: 4th Floor Metropolitan House
31-33 High Street
Inverness
IV1 1HT





Registered number: SC401988 (Scotland)





Auditors: Frame Kennedy Ltd
4th Floor Metropolitan House
31-33 High Street
Inverness
IV1 1HT

Aqua Pharma Technical Ltd (Registered number: SC401988)

Balance Sheet
31st December 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 5 26,504 108,420

Current assets
Stocks 295,926 141,000
Debtors 6 165,016 160,131
Cash at bank 9,275 18,882
470,217 320,013
Creditors
Amounts falling due within one year 7 578,228 480,844
Net current liabilities (108,011 ) (160,831 )
Total assets less current liabilities (81,507 ) (52,411 )

Capital and reserves
Called up share capital 100 100
Retained earnings (81,607 ) (52,511 )
(81,507 ) (52,411 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 14th May 2024 and were signed on its behalf by:




E R Bugge - Director



H Mertens - Director


Aqua Pharma Technical Ltd (Registered number: SC401988)

Notes to the Financial Statements
for the year ended 31st December 2023


1. Statutory information

Aqua Pharma Technical Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

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.

Aqua Pharma Technical Ltd (Registered number: SC401988)

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 -33% straight line
Fixtures, fittings and equipment-33% straight line
Motor vehicles-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 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.

Financial instruments
A financial asset or a financial liability is recognised only when the company 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.

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.date.

Aqua Pharma Technical Ltd (Registered number: SC401988)

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.

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 3 (2022 - 3 ) .

Aqua Pharma Technical Ltd (Registered number: SC401988)

Notes to the Financial Statements - continued
for the year ended 31st December 2023


5. Tangible fixed assets
Fixtures,
fittings
Plant and and Motor
machinery equipment vehicles Totals
£    £    £    £   
Cost
At 1st January 2023 176,062 25,108 65,198 266,368
Additions 63,724 1,618 - 65,342
Disposals (129,012 ) - - (129,012 )
At 31st December 2023 110,774 26,726 65,198 202,698
Depreciation
At 1st January 2023 70,312 22,438 65,198 157,948
Charge for year 15,684 2,562 - 18,246
At 31st December 2023 85,996 25,000 65,198 176,194
Net book value
At 31st December 2023 24,778 1,726 - 26,504
At 31st December 2022 105,750 2,670 - 108,420

6. Debtors: amounts falling due within one year
2023 2022
£    £   
Amounts owed by group undertakings 13,233 19,570
Other debtors 151,783 140,561
165,016 160,131

7. Creditors: amounts falling due within one year
2023 2022
£    £   
Trade creditors 3,909 100
Amounts owed to group undertakings 559,173 473,244
Other creditors 15,146 7,500
578,228 480,844

8. Disclosure under Section 444(5B) of the Companies Act 2006

The Auditors' Report was unqualified.

Stuart McMartin, BSc. FCA (Senior Statutory Auditor)
for and on behalf of Frame Kennedy Ltd

Aqua Pharma Technical Ltd (Registered number: SC401988)

Notes to the Financial Statements - continued
for the year ended 31st December 2023


9. 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.

10. Consolidated financial statements

Aqua Pharma Group AS is the parent of the smallest group for which consolidated financial statements of the company are prepared. Copies of the Aqua Pharma Group AS financial statements may be requested from their registered office at Hovemovegen 1, 2624, Lillehammer, Norway.