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Registered number: 06980822
Aqua Sport International Ltd
Unaudited Financial Statements
For The Year Ended 31 August 2024
Linggard and Thomas
Kew An Lergh
Stret Mygthern Arrthur
Nansledan
TR8 4UX
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06980822
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 65,873 77,679
65,873 77,679
CURRENT ASSETS
Stocks 5 172,409 229,723
Debtors 6 54,013 62,182
Cash at bank and in hand 903 2,456
227,325 294,361
Creditors: Amounts Falling Due Within One Year 7 (134,426 ) (188,611 )
NET CURRENT ASSETS (LIABILITIES) 92,899 105,750
TOTAL ASSETS LESS CURRENT LIABILITIES 158,772 183,429
Creditors: Amounts Falling Due After More Than One Year 8 (46,465 ) (38,443 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (11,710 ) (14,119 )
NET ASSETS 100,597 130,867
CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Profit and Loss Account 99,597 129,867
SHAREHOLDERS' FUNDS 100,597 130,867
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For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Caroline Wood
Director
16/04/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Aqua Sport International Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 06980822 . The registered office is Linggard and Thomas Ltd, Kew An Lergh, Stret Myghtern Arthur, Nansledan, Cornwall, TR8 4UX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% reducing balance
Motor Vehicles 20% reducing balance
Fixtures & Fittings 20% reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Financial Instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and nonputtable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial
instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 September 2023 17,565 82,890 8,043 108,498
Additions - - 4,661 4,661
As at 31 August 2024 17,565 82,890 12,704 113,159
Depreciation
As at 1 September 2023 10,296 16,578 3,945 30,819
Provided during the period 1,454 13,262 1,751 16,467
As at 31 August 2024 11,750 29,840 5,696 47,286
Net Book Value
As at 31 August 2024 5,815 53,050 7,008 65,873
As at 1 September 2023 7,269 66,312 4,098 77,679
5. Stocks
2024 2023
£ £
Finished goods 172,409 229,723
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 50,378 58,959
Other debtors 3,635 3,223
54,013 62,182
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 30,386
Trade creditors 7,988 12,638
Bank loans and overdrafts 36,377 44,133
Other creditors 62,579 66,257
Taxation and social security 27,482 35,197
134,426 188,611
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 46,465 38,443
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year - 30,386
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
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