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REGISTERED NUMBER: 10306026 (England and Wales)



















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

FOR

PERFECT AQUATICS LTD

PERFECT AQUATICS LTD (REGISTERED NUMBER: 10306026)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 AUGUST 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PERFECT AQUATICS LTD

COMPANY INFORMATION
for the Year Ended 31 AUGUST 2024







DIRECTORS: Mr P Wootton
Mr M Hussain





REGISTERED OFFICE: 260-270 Butterfield
Great Marlings
Luton
Bedfordshire
LU2 8DL





REGISTERED NUMBER: 10306026 (England and Wales)





ACCOUNTANTS: Foxley Kingham
Chartered Accountants
260 - 270 Butterfield
Great Marlings
Luton
Bedfordshire
LU2 8DL

PERFECT AQUATICS LTD (REGISTERED NUMBER: 10306026)

BALANCE SHEET
31 AUGUST 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 943,405 706,832

CURRENT ASSETS
Stocks 199,200 166,500
Debtors 5 165,802 16,876
Cash at bank and in hand 77,971 180,249
442,973 363,625
CREDITORS
Amounts falling due within one year 6 596,288 659,903
NET CURRENT LIABILITIES (153,315 ) (296,278 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

790,090

410,554

CREDITORS
Amounts falling due after more than one
year

7

(280,173

)

-

PROVISIONS FOR LIABILITIES 9 (89,653 ) (54,066 )
NET ASSETS 420,264 356,488

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 420,164 356,388
SHAREHOLDERS' FUNDS 420,264 356,488

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PERFECT AQUATICS LTD (REGISTERED NUMBER: 10306026)

BALANCE SHEET - continued
31 AUGUST 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 March 2025 and were signed on its behalf by:




Mr M Hussain - Director



Mr P Wootton - Director


PERFECT AQUATICS LTD (REGISTERED NUMBER: 10306026)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 AUGUST 2024

1. STATUTORY INFORMATION

Perfect Aquatics Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 20% on cost and 2% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Assets under construction has not been depreciated as it is not yet being completed.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

The gain or loss arising on disposal of an asset is determined at the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments are measured at amortised cost less impairment.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


PERFECT AQUATICS LTD (REGISTERED NUMBER: 10306026)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 AUGUST 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2023 - 23 ) .

4. TANGIBLE FIXED ASSETS
Assets Improvements
under to Plant and
construction property machinery
£    £    £   
COST
At 1 September 2023 110,061 387,964 353,913
Additions - 312,610 7,815
Reclassification (110,061 ) 110,061 -
At 31 August 2024 - 810,635 361,728
DEPRECIATION
At 1 September 2023 - 26,267 175,104
Charge for year - 35,937 35,953
At 31 August 2024 - 62,204 211,057
NET BOOK VALUE
At 31 August 2024 - 748,431 150,671
At 31 August 2023 110,061 361,697 178,809

PERFECT AQUATICS LTD (REGISTERED NUMBER: 10306026)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 AUGUST 2024

4. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 September 2023 64,986 67,931 4,072 988,927
Additions 1,811 - 515 322,751
Reclassification - - - -
At 31 August 2024 66,797 67,931 4,587 1,311,678
DEPRECIATION
At 1 September 2023 40,761 39,878 85 282,095
Charge for year 6,235 7,013 1,040 86,178
At 31 August 2024 46,996 46,891 1,125 368,273
NET BOOK VALUE
At 31 August 2024 19,801 21,040 3,462 943,405
At 31 August 2023 24,225 28,053 3,987 706,832

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 September 2023 56,888
Reclassification (56,888 )
At 31 August 2024 -
DEPRECIATION
At 1 September 2023 33,891
Transfer to ownership (33,891 )
At 31 August 2024 -
NET BOOK VALUE
At 31 August 2024 -
At 31 August 2023 22,997

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 2,549 2,249
Other debtors 131,988 -
Tax 12,273 -
Prepayments and accrued income 18,992 14,627
165,802 16,876

PERFECT AQUATICS LTD (REGISTERED NUMBER: 10306026)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 AUGUST 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 52,425 -
Hire purchase contracts - 37,840
Trade creditors 145,998 207,499
Amounts owed to group undertakings 75,055 177,497
Corporation tax - 12,273
Taxation and social security 5,134 (973 )
VAT 52,307 12,723
Other creditors 183,699 122,402
Directors' loan accounts 78,835 84,640
Accrued expenses 2,835 6,002
596,288 659,903

Included within other creditors are loans of £143,000 (2023: £91,000) from a company in which Mr M Hussain has an interest. The loans are interest free and repayable on demand.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 55,778 -
Bank loans - 2-5 years 66,424 -
Bank loans more than 5 years 157,971 -
280,173 -

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years 157,971 -

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 332,598 -
Hire purchase contracts - 37,840
332,598 37,840

The hire purchase contracts are secured against the assets they relate to.

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 89,653 54,066

PERFECT AQUATICS LTD (REGISTERED NUMBER: 10306026)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 AUGUST 2024

9. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 September 2023 54,066
Charge to Income Statement during year 35,587
Balance at 31 August 2024 89,653

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary shares £1 100 100

11. GUARANTEES

Perfect Aquatics Limited is acting as a guarantor against the secured creditor in Perfect Aquatics Property Limited.

The creditor is secured over the assets of Perfect Aquatics Limited and Perfect Aquatics Property Limited.

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr M Hussain by virtue of his majority shareholding in the parent company Perfect Aquatics Holdings Limited.