10 false false false false false false false false false false true false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2024 - FRS102_2024 1,300 1,300 1,300 xbrli:pure xbrli:shares iso4217:GBP 09441491 2023-03-01 2024-02-29 09441491 2024-02-29 09441491 2023-02-28 09441491 2022-03-01 2023-02-28 09441491 2023-02-28 09441491 2022-02-28 09441491 core:PlantMachinery 2023-03-01 2024-02-29 09441491 core:FurnitureFittings 2023-03-01 2024-02-29 09441491 core:MotorVehicles 2023-03-01 2024-02-29 09441491 bus:Director1 2023-03-01 2024-02-29 09441491 core:PlantMachinery 2023-02-28 09441491 core:FurnitureFittings 2023-02-28 09441491 core:MotorVehicles 2023-02-28 09441491 core:PlantMachinery 2024-02-29 09441491 core:FurnitureFittings 2024-02-29 09441491 core:MotorVehicles 2024-02-29 09441491 core:WithinOneYear 2024-02-29 09441491 core:WithinOneYear 2023-02-28 09441491 core:AfterOneYear 2024-02-29 09441491 core:AfterOneYear 2023-02-28 09441491 core:ShareCapital 2024-02-29 09441491 core:ShareCapital 2023-02-28 09441491 core:RetainedEarningsAccumulatedLosses 2024-02-29 09441491 core:RetainedEarningsAccumulatedLosses 2023-02-28 09441491 core:BetweenOneFiveYears 2024-02-29 09441491 core:BetweenOneFiveYears 2023-02-28 09441491 core:MoreThanFiveYears 2023-02-28 09441491 core:CostValuation core:Non-currentFinancialInstruments 2024-02-29 09441491 core:Non-currentFinancialInstruments 2024-02-29 09441491 core:Non-currentFinancialInstruments 2023-02-28 09441491 core:FurnitureFittings 2023-02-28 09441491 core:MotorVehicles 2023-02-28 09441491 bus:SmallEntities 2023-03-01 2024-02-29 09441491 bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 09441491 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 09441491 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 09441491 bus:FullAccounts 2023-03-01 2024-02-29 09441491 core:ComputerEquipment 2023-03-01 2024-02-29 09441491 core:ComputerEquipment 2023-02-28 09441491 core:ComputerEquipment 2024-02-29
COMPANY REGISTRATION NUMBER: 09441491
Aquaflo Ltd
Filleted Unaudited Financial Statements
29 February 2024
Aquaflo Ltd
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
59,949
91,473
Investments
6
1,300
1,300
--------
--------
61,249
92,773
Current assets
Stocks
1,369,158
1,349,283
Debtors
7
774,526
710,508
Cash at bank and in hand
2,703,799
2,123,323
------------
------------
4,847,483
4,183,114
Creditors: amounts falling due within one year
8
709,954
855,602
------------
------------
Net current assets
4,137,529
3,327,512
------------
------------
Total assets less current liabilities
4,198,778
3,420,285
Creditors: amounts falling due after more than one year
9
76,423
89,833
Provisions - deferred tax
14,987
17,380
------------
------------
Net assets
4,107,368
3,313,072
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
4,107,268
3,312,972
------------
------------
Shareholders funds
4,107,368
3,313,072
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Aquaflo Ltd
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 28 October 2024 , and are signed on behalf of the board by:
Mr K Patel
Director
Company registration number: 09441491
Aquaflo Ltd
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit A2 Livingstone Court, 55 Peel Road, Harrow, HA3 7QT, Middlesex.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
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.
Foreign currency transactions
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 the profit and loss account.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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% straight line
Fixtures and fittings
-
25% straight line
Motor vehicles
-
25% straight line
Equipment
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 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 stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2023: 10 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 March 2023
4,750
102,253
121,640
14,325
242,968
Additions
1,543
1,543
-------
---------
---------
--------
---------
At 29 February 2024
4,750
102,253
121,640
15,868
244,511
-------
---------
---------
--------
---------
Depreciation
At 1 March 2023
4,750
94,006
42,674
10,065
151,495
Charge for the year
4,123
26,322
2,622
33,067
-------
---------
---------
--------
---------
At 29 February 2024
4,750
98,129
68,996
12,687
184,562
-------
---------
---------
--------
---------
Carrying amount
At 29 February 2024
4,124
52,644
3,181
59,949
-------
---------
---------
--------
---------
At 28 February 2023
8,247
78,966
4,260
91,473
-------
---------
---------
--------
---------
6. Investments
Unquoted shares
£
Cost
At 1 March 2023 and 29 February 2024
1,300
-------
Impairment
At 1 March 2023 and 29 February 2024
-------
Carrying amount
At 29 February 2024
1,300
-------
At 28 February 2023
1,300
-------
7. Debtors
2024
2023
£
£
Trade debtors
337,095
271,690
Other debtors
437,431
438,818
---------
---------
774,526
710,508
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
272,467
407,048
Corporation tax
267,026
216,067
Social security and other taxes
89,635
74,073
Other creditors
13,974
34,692
Other creditors
66,852
123,722
---------
---------
709,954
855,602
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
76,423
89,833
--------
--------
10. Deferred tax
The deferred tax included in the statement of financial position is in respect of excess of taxation allowances over depreciation on fixed assets.
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
58,092
58,092
Later than 1 year and not later than 5 years
170,601
223,287
Later than 5 years
1,802
---------
---------
228,693
283,181
---------
---------
12. Related party transactions
The company paid £60,600 in rent and rates to a company in which Mr K Patel is also a director and shareholder. The Company has loaned £400,000 to Aquapro Ltd in which the directors are also directors and shareholders. The loan is interest free, unsecured and subordinated to the claims of all other creditors.