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Registrar

Registration number: 02718596

Aquanet International Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Aquanet International Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Aquanet International Limited

Company Information

Directors

C Bonnett

B J Farley

L Emptage

Registered office

Unit 8 The Galloway Centre
Express Way Hambridge Lane
Newbury
Berkshire
RG14 5TL

Bankers

Natwest Bank PLC
Lee House
Baird Road
Enfield
Middlesex
EN1 1FD

Accountants

Lambert Chapman LLP
Chartered accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Aquanet International Limited

(Registration number: 02718596)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,356

2,681

Current assets

 

Stocks

5

191,121

233,284

Debtors

6

173,489

318,393

Cash at bank and in hand

 

394,546

215,760

 

759,156

767,437

Creditors: Amounts falling due within one year

7

(36,460)

(33,816)

Net current assets

 

722,696

733,621

Total assets less current liabilities

 

725,052

736,302

Creditors: Amounts falling due after more than one year

7

(16,698)

(22,494)

Net assets

 

708,354

713,808

Capital and reserves

 

Called up share capital

8

124,190

127,090

Capital redemption reserve

172,847

169,947

Retained earnings

411,317

416,771

Shareholders' funds

 

708,354

713,808

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 January 2025 and signed on its behalf by:
 

C Bonnett
Director

 

Aquanet International Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is: Unit 8 The Galloway Centre, Express Way Hambridge Lane, Newbury, Berkshire, RG14 5TL.

These financial statements were authorised for issue by the Board on 27 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Revenue recognition

Turnover represents amounts receivable for goods and services net of VAT.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

Current Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

 

Aquanet International Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% Straight line basis

Office equipment

25% Straight line basis

Fixtures and fittings

10% Straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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 and sell; the impairment loss is recognised immediately in profit or loss.

Defined contribution pension obligation

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 recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 7).

 

Aquanet International Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Office equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2023

10,426

6,097

16,523

Disposals

(6,048)

(2,784)

(8,832)

At 30 June 2024

4,378

3,313

7,691

Depreciation

At 1 July 2023

7,745

6,097

13,842

Charge for the year

325

-

325

Eliminated on disposal

(6,048)

(2,784)

(8,832)

At 30 June 2024

2,022

3,313

5,335

Carrying amount

At 30 June 2024

2,356

-

2,356

At 30 June 2023

2,681

-

2,681

5

Stock and work in progress

2024
£

2023
£

Stock & Work in progress

191,121

233,284

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

158,267

303,833

Directors loan

10

65

-

Prepayments

 

2,349

1,028

Other debtors

 

12,808

13,532

 

173,489

318,393

 

Aquanet International Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

29,078

22,966

Social security and other taxes

 

824

3,544

Outstanding defined contribution pension costs

 

1,273

-

Other payables

 

1,940

4,863

Accruals

 

2,490

2,375

Corporation tax

855

-

Directors loan

 

-

68

 

36,460

33,816

Due after one year

 

Other non-current financial liabilities

 

16,698

22,494

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Share of £1 each

124,190

124,190

127,090

127,090

       

During the year 2,900 shares originally costing £2,900 were brought back by the company for a price of £7,500 at a premium of £4,600.

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

3,960

2,275

Later than one year and not later than five years

4,290

2,275

8,250

4,550

The amount of non-cancellable operating lease payments towards an asset not in the balance sheet recognised as an expense during the year was £1,834 (2023 - £3,234).

 

Aquanet International Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

10

Related party transactions

Transactions with directors

2024

At 1 July 2023
£

Advances to director
£

Repayments by director
£

At 30 June 2024
£

-

377

(312)

65