| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| FOR |
| AQUAFUEL RESEARCH LIMITED |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| FOR |
| AQUAFUEL RESEARCH LIMITED |
| AQUAFUEL RESEARCH LIMITED (REGISTERED NUMBER: 04140658) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| AQUAFUEL RESEARCH LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Unit 2.02 High Weald House |
| Glovers End |
| Bexhill |
| East Sussex |
| TN39 5ES |
| AQUAFUEL RESEARCH LIMITED (REGISTERED NUMBER: 04140658) |
| BALANCE SHEET |
| 30 SEPTEMBER 2024 |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year | 8 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 11 |
| Share premium |
| Capital redemption reserve |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The director acknowledges his 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. |
| AQUAFUEL RESEARCH LIMITED (REGISTERED NUMBER: 04140658) |
| BALANCE SHEET - continued |
| 30 SEPTEMBER 2024 |
| The financial statements were approved by the director and authorised for issue on |
| AQUAFUEL RESEARCH LIMITED (REGISTERED NUMBER: 04140658) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Aquafuel Research Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| BASIS OF PREPARING THE FINANCIAL STATEMENTS |
| EXEMPTION FROM PREPARING CONSOLIDATED FINANCIAL STATEMENTS |
| The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts. |
| GOING CONCERN |
| The company's statement of financial position shows a net deficit shareholders' fund position. The director has confirmed that he will continue to give financial support to the company until such time as its position improves.The director considers that it is appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result if the financial support were withdrawn. |
| REVENUE |
| Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
| Sale of goods |
| Revenue from the sale of goods is recognised when all of the following conditions are satisfied: |
| a) the Company has transferred the significant risks and rewards of ownership to the buyer; |
| b) the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; |
| c) the amount of revenue can be measured reliably; |
| d) it is probable that the Company will receive the consideration due under the transaction; and |
| e) the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
| Rendering of services |
| Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
| a) the amount of revenue can be measured reliably; |
| b) it is probable that the Company will receive the consideration due under the contract; |
| c) the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
| d) the costs incurred and the costs to complete the contract can be measured reliably. |
| AQUAFUEL RESEARCH LIMITED (REGISTERED NUMBER: 04140658) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| TANGIBLE FIXED ASSETS |
| Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. |
| Depreciation is provided on the following basis: |
| Short term leasehold | - | Straight line over lease term |
| Plant and machinery | - | Straight line over 2 to 10 years |
| Motor vehicles | - | Straight line over 3 years |
| Fixtures and fittings | - | Straight line over 2 to 5 years |
| Office equipment | - | Straight line over 2 to 5 years |
| The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. |
| INVESTMENTS IN SUBSIDIARIES |
| Investments in subsidiaries are measured at cost less accumulated impairment. |
| STOCKS |
| Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. |
| At each reporting date, stocks are assessed for impairment. If stock is 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. |
| TAXATION |
| Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. |
| 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 income. |
| R & D tax credits are only recognised after they have been received by the company. |
| FOREIGN CURRENCY TRANSLATION |
| Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. |
| At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. |
| Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. |
| AQUAFUEL RESEARCH LIMITED (REGISTERED NUMBER: 04140658) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| OPERATING LEASES: THE COMPANY AS LESSEE |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term. |
| Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. |
| FINANCE COSTS |
| Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. |
| BORROWING COSTS |
| All borrowing costs are recognised in profit or loss in the period in which they are incurred. |
| PENSION |
| Defined contribution pension plan |
| The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. |
| The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds. |
| DEBTORS |
| Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
| CASH AND CASH EQUIVALENTS |
| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
| CREDITORS |
| Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
| AQUAFUEL RESEARCH LIMITED (REGISTERED NUMBER: 04140658) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| FINANCIAL INSTRUMENTS |
| The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
| Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income. |
| For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
| For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date. |
| Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| Judgments in applying accounting policies and key sources of estimation uncertainty |
| In preparing the financial statements, the directors have had to make the following judgements: |
| Determine whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset. Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets are assessed annually and may vary depending on a number of factors, such as technological innovation, product life cycles and maintenance programmes. Residual value assessment consider issues such as future market conditions, the remaining life of the assets and projected disposal values. |
| At each reporting date, debtors are assessed for impairment. The assessment considers a variety of factors such as past experience of debtor recoverability, the ageing of debtor balances, specific information on individual trade debtors and any legal, regulatory or contractual provisions that can limit the realisable value of the debtors. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| AQUAFUEL RESEARCH LIMITED (REGISTERED NUMBER: 04140658) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 4. | TANGIBLE FIXED ASSETS |
| Fixture, |
| fittings |
| Short | Plant and | & office | Motor |
| leasehold | machinery | equipment | vehicles | Totals |
| £ | £ | £ | £ | £ |
| Cost |
| At 1 October 2023 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 30 September 2024 |
| Depreciation |
| At 1 October 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 30 September 2024 |
| Net book value |
| At 30 September 2024 |
| At 30 September 2023 |
| 5. | FIXED ASSET INVESTMENTS |
| Investments |
| in |
| subsidiary |
| companies |
| £ |
| Cost |
| At 1 October 2023 |
| and 30 September 2024 |
| Net book value |
| At 30 September 2024 |
| At 30 September 2023 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments and accrued income |
| AQUAFUEL RESEARCH LIMITED (REGISTERED NUMBER: 04140658) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Bank loans and overdrafts (see note 9) |
| Other loans (see note 9) |
| Hire purchase contracts (see note 10) |
| Trade creditors |
| Amounts owed to group undertakings |
| Social security and other taxes |
| VAT | 14,104 | 13,061 |
| Other creditors |
| Accruals and deferred income |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Bank loans (see note 9) |
| Hire purchase contracts (see note 10) |
| 9. | LOANS |
| An analysis of the maturity of loans is given below: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| Other loans |
| Amounts falling due between one and two years: |
| Bank loans - 1-2 years |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| AQUAFUEL RESEARCH LIMITED (REGISTERED NUMBER: 04140658) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 10. | LEASING AGREEMENTS |
| Minimum lease payments under hire purchase fall due as follows: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| 11. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 30.9.24 | 30.9.23 |
| value: | £ | £ |
| Ordinary | £1 | 59,501 | 59,501 |
| 12. | PENSION COMMITMENTS |
| The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £10,801 (2023 - £9,401). At the balance sheet date £NIL (2023 - £1,637) of contributions were outstanding. |
| 13. | RELATED PARTY DISCLOSURES |
| At the balance sheet date, the company owed an interest free amount of £17,019 (2023 - £39,765) to the director P G Day. |