Acorah Software Products - Accounts Production 16.2.850 false true 31 August 2023 1 September 2022 false 1 September 2023 31 August 2024 31 August 2024 06954492 Mr Andrew Latham Mr Richard Latham Mr James Aberley iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 06954492 2023-08-31 06954492 2024-08-31 06954492 2023-09-01 2024-08-31 06954492 frs-core:CurrentFinancialInstruments 2024-08-31 06954492 frs-core:Non-currentFinancialInstruments 2024-08-31 06954492 frs-core:BetweenOneFiveYears 2024-08-31 06954492 frs-core:FurnitureFittings 2024-08-31 06954492 frs-core:FurnitureFittings 2023-09-01 2024-08-31 06954492 frs-core:FurnitureFittings 2023-08-31 06954492 frs-core:PlantMachinery 2024-08-31 06954492 frs-core:PlantMachinery 2023-09-01 2024-08-31 06954492 frs-core:PlantMachinery 2023-08-31 06954492 frs-core:WithinOneYear 2024-08-31 06954492 frs-core:ShareCapital 2024-08-31 06954492 frs-core:RetainedEarningsAccumulatedLosses 2024-08-31 06954492 frs-bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 06954492 frs-bus:FilletedAccounts 2023-09-01 2024-08-31 06954492 frs-bus:SmallEntities 2023-09-01 2024-08-31 06954492 frs-bus:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 06954492 frs-bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 06954492 frs-bus:Director1 2023-09-01 2024-08-31 06954492 frs-bus:Director2 2023-09-01 2024-08-31 06954492 frs-bus:CompanySecretary1 2023-09-01 2024-08-31 06954492 1 2023-09-01 2024-08-31 06954492 frs-countries:EnglandWales 2023-09-01 2024-08-31 06954492 2022-08-31 06954492 2023-08-31 06954492 2022-09-01 2023-08-31 06954492 frs-core:CurrentFinancialInstruments 2023-08-31 06954492 frs-core:Non-currentFinancialInstruments 2023-08-31 06954492 frs-core:BetweenOneFiveYears 2023-08-31 06954492 frs-core:PlantMachinery 2022-09-01 2023-08-31 06954492 frs-core:WithinOneYear 2023-08-31 06954492 frs-core:ShareCapital 2023-08-31 06954492 frs-core:RetainedEarningsAccumulatedLosses 2023-08-31 06954492 1 2022-09-01 2023-08-31
Registered number: 06954492
iQuatics Limited
Unaudited Financial Statements
For The Year Ended 31 August 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 06954492
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 20,361 23,472
20,361 23,472
CURRENT ASSETS
Stocks 87,776 90,000
Debtors 5 6,697 21,070
Cash at bank and in hand 20,301 10,300
114,774 121,370
Creditors: Amounts Falling Due Within One Year 6 (67,592 ) (74,719 )
NET CURRENT ASSETS (LIABILITIES) 47,182 46,651
TOTAL ASSETS LESS CURRENT LIABILITIES 67,543 70,123
Creditors: Amounts Falling Due After More Than One Year 7 (11,219 ) (22,597 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (4,000 ) -
NET ASSETS 52,324 47,526
CAPITAL AND RESERVES
Called up share capital 100 100
Profit and Loss Account 52,224 47,426
SHAREHOLDERS' FUNDS 52,324 47,526
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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
Mr Andrew Latham
Director
23 April 2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
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Notes to the Financial Statements
1. General Information
iQuatics Limited is a private company, limited by shares and incorporated in England & Wales. The registered company number is 06954492 and the registered office address is Unit 8 - Price Street Industrial Park, Prince Street, Leek, Staffordshire, England, ST13 6DB.
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, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and is recognised at the point that the customer takes delivery of the goods.
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 and machinery 15% reducing balance basis
Fixtures and fittings 25% straight line
2.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. 
Assets acquired under hire purchase contracts are depreciated over their useful lives.
Assets acquired under finance leases are depreciated over the shorter of the lease term and 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 are valued at the lower of cost and estimated selling price less costs to complete and sell.
2.6. Financial Instruments
Debtors and creditors which are due within one year are recorded at transaction price, less any impairment. 
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2.7. Taxation
The taxation expense represents the sum of the tax currently payable and deferred tax. Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account 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 
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 asset reflects 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.
2.8. 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.
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3. Average Number of Employees
2024 2023
Average number of employees, including directors, during the year 3 3
3 3
4. Tangible Assets
Plant and machinery Fixtures and fittings Total
£ £ £
Cost
As at 1 September 2023 42,639 10,146 52,785
Additions 784 141 925
As at 31 August 2024 43,423 10,287 53,710
Depreciation
As at 1 September 2023 20,137 9,176 29,313
Provided during the period 3,393 643 4,036
As at 31 August 2024 23,530 9,819 33,349
Net Book Value
As at 31 August 2024 19,893 468 20,361
As at 1 September 2023 22,502 970 23,472
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Plant and machinery 6,682 7,861
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 3,159 10,781
Other debtors 3,538 10,289
6,697 21,070
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6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 1,784 1,784
Trade creditors 30,816 21,695
Bank loans and overdrafts 9,600 14,681
Other creditors 17,526 24,098
Taxation and social security 7,866 12,461
67,592 74,719
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 4,013 5,797
Bank loans 7,206 16,800
11,219 22,597
8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 1,784 1,784
Later than one year and not later than five years 4,013 5,797
5,797 7,581
5,797 7,581
9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 3,532 4,710
Later than one year and not later than five years - 3,532
3,532 8,242
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