Company Registration No. 03750779 (England and Wales)
AQUARIUS MANUFACTURING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
31 December 2023
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
AQUARIUS MANUFACTURING LIMITED
COMPANY INFORMATION
Directors
Mr S I Whigham
Mrs L C Jeffries
Company number
03750779
Registered office
Premier Mill
Hartley Street
Great Harwood
Blackburn
Lancashire
England
BB6 7SR
Accountants
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
AQUARIUS MANUFACTURING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
AQUARIUS MANUFACTURING LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,802
6,826
Current assets
Stocks
12,308
15,591
Debtors
4
179,924
83,010
Cash at bank and in hand
6,495
16,977
198,727
115,578
Creditors: amounts falling due within one year
5
(119,687)
(83,710)
Net current assets
79,040
31,868
Total assets less current liabilities
84,842
38,694
Creditors: amounts falling due after more than one year
6
(196,008)
(202,128)
Net liabilities
(111,166)
(163,434)
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss reserves
(121,166)
(173,434)
Total equity
(111,166)
(163,434)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
AQUARIUS MANUFACTURING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 7 March 2024 and are signed on its behalf by:
Mr S I Whigham
Director
Company registration number 03750779 (England and Wales)
AQUARIUS MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Aquarius Manufacturing Limited is a private company limited by shares incorporated in England and Wales. The registered office is Premier Mill, Hartley Street, Great Harwood, Blackburn, Lancashire, England, BB6 7SR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
A director and other group companies have agreed to continue to support the company in order to meet its day to day working capital requirements. On this basis it is considered appropriate to prepare the financial statements on the going concern basis.true
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and equipment
15% on reducing balance
Fixtures and fittings
15% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
AQUARIUS MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Loans which are not at a market rate of interest from a director or person who is within a director’s group of close family members, and that group includes at least one shareholder, are measured at the transaction price.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
5
5
AQUARIUS MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
90,539
32,815
123,354
Depreciation and impairment
At 1 January 2023
85,192
31,336
116,528
Depreciation charged in the year
802
222
1,024
At 31 December 2023
85,994
31,558
117,552
Carrying amount
At 31 December 2023
4,545
1,257
5,802
At 31 December 2022
5,347
1,479
6,826
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
50,376
22,658
Amounts owed by group undertakings
51,075
45,764
Other debtors
78,473
14,588
179,924
83,010
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
5,989
5,889
Trade creditors
97,455
39,179
Taxation and social security
6,414
11,722
Other creditors
9,829
26,920
119,687
83,710
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
5,706
11,826
Other creditors
190,302
190,302
196,008
202,128
AQUARIUS MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
7
Financial commitments, guarantees and contingent liabilities
The company has guaranteed bank borrowings of its parent company. At the year end liabilities covered by the guarantees amounted to £147,548 (2022 - £161,266).
The company is party to a group guarantee relating to a bank facility of a company in which one of the directors had an interest. The rights under this guarantee have now been exercised. The guarantee amounts to £480,000 (2022 - £480,000). The parent company is negotiating with the bank to settle the guarantee and has made provision for this liability in their financial statements.
8
Related party transactions
2023
2022
Amounts due to related parties
£
£
A director
190,302
190,302