Company Registration No. 01664849 (England and Wales)
NEIL HARDY AQUATICA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
Sobell Rhodes LLP
The Kinetic Centre
Theobald Street
Elstree
Borehamwood
Hertfordshire
WD6 4PJ
NEIL HARDY AQUATICA LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
Detailed profit and loss account
NEIL HARDY AQUATICA LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,338,172
1,334,233
Current assets
Stocks
462,501
447,589
Debtors
4
2,092,163
2,022,767
Cash at bank and in hand
638,642
639,907
3,193,306
3,110,263
Creditors: amounts falling due within one year
5
(996,000)
(1,045,631)
Net current assets
2,197,306
2,064,632
Total assets less current liabilities
3,535,478
3,398,865
Provisions for liabilities
(295,816)
Net assets
3,239,662
3,398,865
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
3,239,562
3,398,765
Total equity
3,239,662
3,398,865
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 October 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 members have 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.
The financial statements were approved by the board of directors and authorised for issue on 23 October 2024 and are signed on its behalf by:
Mr N J Hardy
Director
Company registration number 01664849 (England and Wales)
NEIL HARDY AQUATICA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
1
Accounting policies
Company information
Neil Hardy Aquatica Limited is a private company limited by shares incorporated in England and Wales. The registered office is Evans Corner, Woodmansterne Lane, Carshalton, Surrey, United Kingdom, SM5 4DQ.
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 £1.
These 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.
1.2
Going concern
The directors have a reasonable expectation the company will continue to have adequate resources to fund its working capital for the foreseeable future. The directors have carried out a detailed assessment of the viability of the company following to uncertainty over the current economic conditions due to worldwide increasing rate of inflation and interest rates. true
As a result of their review, the directors have taken appropriate measures to enable them to have a reasonable expectation that the company will have sufficient working capital for a period of at least 12 months from the date these financial statements have been approved.
On the basis of the above, the directors are of the opinion that there is no material uncertainty relating to going concern and therefore it is appropriate to prepare these financial statements on a going concern basis.
1.3
Turnover
Turnover comprises the fair value of the consideration received or receivable for the wholesale sale ofornamental fish in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognizes 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
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
15% reducing balance
Plant and machinery
20% reducing balance
Computer equipment
33% straight line
Motor vehicles
25% reducing balance
Mobile home
5% straight line
NEIL HARDY AQUATICA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 3 -
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
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortized cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognized as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognized on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost for non-livestock stock is determined using the first-in, first-out (FIFO) method.
At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to (complete the growth of livestock, where relevant), and sell; the impairment loss is recognized immediately in profit or loss.
1.7
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
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.
1.9
Taxation
The tax expense for the period comprises current tax and credits received during the year arising from enhanced corporation tax relief arising on research and development activities related to previous years. Tax is recognized in profit or loss, except that a change attributable to an item of income or expense recognized as other comprehensive income is also recognized directly in other comprehensive income.
Current tax
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.
NEIL HARDY AQUATICA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
1.10
Defined pension contribution
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 recognized as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognized as a prepayment.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.12
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.13
Dividend distribution to the company’s shareholders is recognized as a liability in the financial statements in the reporting period in which the dividends are declared.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
36
35
NEIL HARDY AQUATICA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
3
Tangible fixed assets
Freehold land and buildings
Improvements to short leasehold land and buildings
Assets under construction
Plant and machinery
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 November 2022
640,412
718,107
520,909
1,275,909
219,026
3,374,363
Additions
2,209
24,168
107,192
22,395
155,964
Disposals
(15,834)
(15,834)
At 31 October 2023
640,412
720,316
545,077
1,367,267
241,421
3,514,493
Depreciation and impairment
At 1 November 2022
371,462
444,340
1,082,777
141,551
2,040,130
Depreciation charged in the year
40,342
41,479
42,795
24,969
149,585
Eliminated in respect of disposals
(13,394)
(13,394)
At 31 October 2023
411,804
485,819
1,112,178
166,520
2,176,321
Carrying amount
At 31 October 2023
228,608
234,497
545,077
255,089
74,901
1,338,172
At 31 October 2022
268,950
273,767
520,909
193,132
77,475
1,334,233
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
411,743
490,422
Other debtors
1,577,872
1,461,308
Prepayments and accrued income
102,548
71,037
2,092,163
2,022,767
5
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under finance leases
526
3,102
Trade creditors
231,429
312,415
Corporation tax
70,701
68,898
Other taxation and social security
126,459
101,917
Other creditors
472,438
477,281
Accruals and deferred income
94,447
82,018
996,000
1,045,631
NEIL HARDY AQUATICA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
7
Directors' transactions
At the balance sheet date, the amounts due to directors were £468,498 (2022 - £470,992)