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No description of principal activity
2024-01-01
Sage Accounts Production Advanced 2024 - FRS102_2024
xbrli:pure
xbrli:shares
iso4217:GBP
02705739
2024-01-01
2024-12-31
02705739
2024-12-31
02705739
2023-12-31
02705739
2023-01-01
2023-12-31
02705739
2023-12-31
02705739
2022-12-31
02705739
core:MotorVehicles
2024-01-01
2024-12-31
02705739
core:PlantMachinery
2023-12-31
02705739
core:MotorVehicles
2023-12-31
02705739
core:PlantMachinery
2024-12-31
02705739
core:MotorVehicles
2024-12-31
02705739
core:PlantMachinery
2024-01-01
2024-12-31
02705739
core:WithinOneYear
2024-12-31
02705739
core:WithinOneYear
2023-12-31
02705739
core:ShareCapital
2024-12-31
02705739
core:ShareCapital
2023-12-31
02705739
core:SharePremium
2024-12-31
02705739
core:SharePremium
2023-12-31
02705739
core:RetainedEarningsAccumulatedLosses
2024-12-31
02705739
core:RetainedEarningsAccumulatedLosses
2023-12-31
02705739
core:BetweenOneFiveYears
2023-12-31
02705739
core:PlantMachinery
2023-12-31
02705739
core:MotorVehicles
2023-12-31
02705739
bus:Director1
2024-01-01
2024-12-31
02705739
bus:SmallEntities
2024-01-01
2024-12-31
02705739
bus:AuditExemptWithAccountantsReport
2024-01-01
2024-12-31
02705739
bus:SmallCompaniesRegimeForAccounts
2024-01-01
2024-12-31
02705739
bus:PrivateLimitedCompanyLtd
2024-01-01
2024-12-31
02705739
bus:FullAccounts
2024-01-01
2024-12-31
02705739
1
2024-01-01
2024-12-31
COMPANY REGISTRATION NUMBER:
02705739
International Aqua-Tech Limited |
|
Filleted Unaudited Financial Statements |
|
International Aqua-Tech Limited |
|
Year ended 31 December 2024
Statement of financial position |
1 |
|
|
Notes to the financial statements |
3 |
|
|
International Aqua-Tech Limited |
|
Statement of Financial Position |
|
31 December 2024
Fixed assets
Tangible assets |
5 |
|
77,647 |
|
61,431 |
|
|
|
|
|
|
Current assets
Stock |
218,315 |
|
234,682 |
|
Debtors |
6 |
961,597 |
|
187,833 |
|
Cash at bank and in hand |
334,356 |
|
942,382 |
|
|
------------- |
|
------------- |
|
|
1,514,268 |
|
1,364,897 |
|
|
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
787,241 |
|
586,153 |
|
|
------------- |
|
------------- |
|
Net current assets |
|
727,027 |
|
778,744 |
|
|
---------- |
|
---------- |
Total assets less current liabilities |
|
804,674 |
|
840,175 |
|
|
---------- |
|
---------- |
Net assets |
|
804,674 |
|
840,175 |
|
|
---------- |
|
---------- |
|
|
|
|
|
|
Capital and reserves
Called up share capital |
|
76,932 |
|
76,932 |
Share premium account |
|
1,081,708 |
|
1,081,708 |
Profit and loss account |
|
(
353,966) |
|
(
318,465) |
|
|
------------- |
|
------------- |
Shareholders funds |
|
804,674 |
|
840,175 |
|
|
------------- |
|
------------- |
|
|
|
|
|
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 31 December 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
.
International Aqua-Tech Limited |
|
Statement of Financial Position (continued) |
|
31 December 2024
These financial statements were approved by the
board of directors
and authorised for issue on
28 April 2025
, and are signed on behalf of the board by:
J D Whitford Director
Company registration number:
02705739
International Aqua-Tech Limited |
|
Notes to the Financial Statements |
|
Year ended 31 December 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 37, Gaerwen Industrial Estate, Gaerwen, Anglesey, LL60 6HR.
2.
Statement of compliance
These financial statements have been prepared in compliance with FRS102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
(a)
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern The UK economy has recently been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.
(c) Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: (i) Research and development expenditure Where research and development expenditure is capitalised in accordance with the accounting policy given below, initial capitalisation of costs is based on management's judgement that future income flows are expected to exceed the costs incurred. In determining the amounts to be capitalised management makes assumptions regarding the expected future cash generation of the assets and expected period of benefits.
( ii) Operating lease commitments The company as a lesee has entered into commercial property leases and also obtains use of property, plant and equipment. The classification of such leases as operating or finance lease require the Company to determine, based on an evaluation of the terms and conditions of the arrangements, whether it retains or acquires the significant risks and rewards of ownership of these assets and accordingly whether the lease requires an asset and liability to be recognised in the statement of financial position
. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: (i) Property, plant and equipment The company's accounting policy for property, plant and equipment assets is set out below. Estimated useful lives of plant and equipment are based on management's judgement and historical experience with similar assets. (ii) Revenue - stage of completion Turnover for each contract is determined by calculating the stage of completion at the year end. The stage of completion is calculated by estimating further costs to complete the projects. Where the outcome of the long term contracts cannot be assessed with reasonable certainty before they are complete no profit is reflected in the profit and loss account in respect of these contracts.
(d) Revenue recognition Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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. Long term contracts are assessed on a contract by contract basis and are reflected in the profit and loss account by recording turnover and related costs as contract activity progresses. Where the outcome of long term contracts cannot be assessed with reasonable certainty before they are completed no profit is reflected in the profit and loss account in respect of these contracts. Where the outcome of a long term contract can be assessed with reasonable certainty before it is completed, attributable profit is calculated on a prudent basis and included in the profit and loss account for the period under review. Amounts recoverable on contracts represents the amount by which recorded turnover after provision for future losses is in excess of payments on account. Such amounts are included within debtors. Where the payments received exceed amounts recoverable, the balance is shown as payments received on account within creditors, or as a deduction from the cost of work undertaken where a right of set off exists. Foreseeable losses on contracts are provided as soon as they are recognised. Attributable turnover for each contract for its stage of completion at the year end is determined by calculating the revenue required to cover further costs to complete the projects. This method ensures that revenues, costs and profits / losses are recognised in the correct accounting period.
(e) Current and deferred taxation 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 be paid or recovered 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.
(f) Operating leases Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
(g) Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(h) 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 other equipment |
- |
15% Reducing Balance / 3 Years Straight Line |
|
Motor vehicles |
- |
25% reducing balance |
|
|
|
|
(i) 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.
(j)
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.
(k)
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
(l)
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
(m)
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date. Transactions
in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at operating profit.
4.
Particulars of employees
The average number of persons employed by the company during the year amounted to
14
(2023:
14
).
5.
Tangible assets
|
Plant and machinery |
Motor vehicles |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 January 2024 |
126,076 |
96,673 |
222,749 |
Additions |
33,172 |
– |
33,172 |
|
---------- |
-------- |
---------- |
At 31 December 2024 |
159,248 |
96,673 |
255,921 |
|
---------- |
-------- |
---------- |
Depreciation |
|
|
|
At 1 January 2024 |
78,131 |
83,187 |
161,318 |
Charge for the year |
13,585 |
3,371 |
16,956 |
|
---------- |
-------- |
---------- |
At 31 December 2024 |
91,716 |
86,558 |
178,274 |
|
---------- |
-------- |
---------- |
Carrying amount |
|
|
|
At 31 December 2024 |
67,532 |
10,115 |
77,647 |
|
---------- |
-------- |
---------- |
At 31 December 2023 |
47,945 |
13,486 |
61,431 |
|
---------- |
-------- |
---------- |
|
|
|
|
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
439,412 |
92,523 |
Other debtors |
522,185 |
95,310 |
|
---------- |
---------- |
|
961,597 |
187,833 |
|
---------- |
---------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Trade creditors |
76,205 |
52,461 |
Social security and other taxes |
79,294 |
49,725 |
Contract payments on account |
337,799 |
208,617 |
Other creditors |
293,943 |
275,350 |
|
---------- |
---------- |
|
787,241 |
586,153 |
|
---------- |
---------- |
|
|
|
8.
Commitments under operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2024 |
2023 |
|
£ |
£ |
|
Not later than 1 year |
36,375 |
48,500 |
|
Later than 1 year and not later than 5 years |
– |
36,375 |
|
|
-------- |
-------- |
|
|
36,375 |
84,875 |
|
|
-------- |
-------- |
|
|
|
|
9.
Controlling party
The company is a subsidiary of
Selonda Aquaculture S.A.
which has an interest in 89% of the company's issued share capital. Selonda Aquaculture S.A. is a company incorporated in Greece whose registered office address is Kifissias Avenue 56 & Deflon Street 2, 151 25 Maroussi, Greece.
The ultimate controlling party is Avramar Seafood SL
a company incorporated in Spain whose registered office address is Manuel Sanchis Guarner 3, Vall D'Uixo, Castellon,12600, Spain
.