| REGISTERED NUMBER: |
| Aqipa United Kingdom Limited |
| Audited Financial Statements for the Year Ended 31 March 2025 |
| REGISTERED NUMBER: |
| Aqipa United Kingdom Limited |
| Audited Financial Statements for the Year Ended 31 March 2025 |
| Aqipa United Kingdom Limited (Registered number: 11694242) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2025 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Aqipa United Kingdom Limited |
| Company Information |
| for the Year Ended 31 March 2025 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| Statutory Auditor |
| Chartered Accountants |
| Unit 1 The Cam Centre |
| Wilbury Way |
| Hitchin |
| Hertfordshire |
| SG4 0TW |
| Aqipa United Kingdom Limited (Registered number: 11694242) |
| Balance Sheet |
| 31 March 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Aqipa United Kingdom Limited (Registered number: 11694242) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2025 |
| 1. | GENERAL INFORMATION |
| The company is a private company limited by share capital, incorporated in England and Wales . |
| The address of its registered office is: |
| Concept House, |
| Home park Road |
| Kings Langley |
| United Kingdom |
| WD4 8UD |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements are for the single entity, the company is a wholly owned subsidiary for which consolidated accounts are prepared by the parent company. Refer to the control note for more information. |
| The financial statements are prepared in sterling, which is the functional currency of the entity. Amounts are rounded to nearest £1. |
| Going concern |
| The company has net current liabilities of £838,335 (2024: £677,537) and negative retained earnings of £838,088 (2024: £676,865). The company sources its entire stock from the group which is headed up by Aqipa Holding GmbH, in turn the company is also reliant on the working capital support that it receives from the group. |
| The continued support of the group is key in determining the going concern of this company. Aqipa Holdings GmbH have pledged its intention to provide funding support without restriction for a period of at least 12 months from the approval of these financial statements and that inter company balances will not be recalled until such time that the Company has the resources to pay these without impacting on its ability to settle its external debts as they fall due. It is on this basis that the Directors have prepared the accounts on a going concern basis. |
| Judgements |
| 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. |
| Revenue recognition |
| Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax and returns. Rebates and discounts are shown separate as a cost of sale. |
| The company recognises revenue when: |
| The amount of revenue can be reliably measured; |
| it is probable that future economic benefits will flow to the entity; |
| and specific criteria have been met for each of the company's activities. |
| Other income included within turnover, consists of two elements |
| - group income for resources used and expenses incurred |
| - sales commission |
| Other income is accounted for in the period to which the expense/resource and income relates and is deferred and accrued where necessary. |
| Aqipa United Kingdom Limited (Registered number: 11694242) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. |
| The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. |
| Depreciation |
| Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows: |
| Asset Class | Depreciation method and rate |
| Computer equipment | 33% straight line |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Stocks comprises finished goods only. |
| Taxation and deferred taxation |
| The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss. |
| 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 group operates and generates taxable income. |
| Deferred tax liabilities are generally recognised for all timing differences and 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. |
| The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are classified separately within the accounts. |
| Foreign currencies |
| Transactions in currencies other that pounds sterling are recorded at the rate of exchange prevailing at the date of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the income statement for the period. |
| Leases |
| Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the profit or loss on a straight-line basis over the period of the lease. |
| Defined contribution pension obligation |
| A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. |
| Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment. |
| Aqipa United Kingdom Limited (Registered number: 11694242) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Trade debtors |
| Trade debtors are amounts due from customers for goods and services performed in the ordinary course of business. |
| Trade debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. The provision is written off to the profit and loss account in the relevant period. |
| Trade debtors are subject to a invoice finance agreement with Bibby Commercial Finance Limited. See security note for further details. |
| Other debtors are held at cost and reviewed for impairment regularly. Any doubts of recovery are fully provided for in the profit and loss account in the relevant period. |
| Trade creditors |
| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. |
| Trade creditors are recognised at the transaction price. |
| Share capital |
| Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Computer |
| equipment |
| £ |
| COST |
| At 1 April 2024 |
| and 31 March 2025 |
| DEPRECIATION |
| At 1 April 2024 |
| Charge for year |
| At 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade debtors |
| Owed by group undertakings | 859,644 | 1,270,605 |
| VAT |
| Prepayments |
| Aqipa United Kingdom Limited (Registered number: 11694242) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
| A deferred tax asset exists of £207,206 largely arising from taxable losses carried forward of £828,823. The extent that this will be utilised in the next financial year is unknown and therefore no asset has been included within these financial statements. |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade creditors |
| Social security and other taxes |
| VAT | 108,403 | - |
| Other creditors |
| pension contributions unpaid | 2,660 | 1,860 |
| Owed to group undertakings | 1,982,481 | 2,003,875 |
| Accrued expenses |
| Deferred income |
| The invoice financing is subject to security provided by the company and the Directors. The details are disclosed in the secured debts note and related party note. |
| 7. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2025 | 2024 |
| £ | £ |
| Within one year |
| The business premises lease was taken over by a fellow subsidiary company during 2024. |
| 8. | SECURED DEBTS |
| There is a fixed and floating charge held over the assets of the company in favour of Bibby Financial Services Ltd, including a negative pledge, dated 20 March 2025, in respect of the invoice finance agreement in place. |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2025 | 2024 |
| value: | £ | £ |
| Ordinary shares | 1 | 1 | 1 |
| 10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| As the income statement and directors report has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with S444(5B) of the Companies Act 2006. |
| The audit report prepared is in connection with the audit of the full annual accounts, including income statement and Directors' report which have not been filed. |
| The Auditors' Report was unqualified. |
| We draw attention to Note 2 within these financial statements (headed 'Going Concern'), which details the supply of goods and working capital support from the group required in relation to the assessment of going concern. |
| Our opinion is not modified in this respect. |
| Emma Fraser FCA (Senior Statutory Auditor) (signed 22/07/2025) |
| for and on behalf of Bracey's Accountants (Audit) Limited |
| Aqipa United Kingdom Limited (Registered number: 11694242) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2025 |
| 11. | OTHER FINANCIAL COMMITMENTS |
| The company is subject to a minimum charge from its warehouse facilities. The monthly minimum charge is £1,500 per month and has a 90 day cancellation notice period. |
| 12. | RELATED PARTY TRANSACTIONS |
| The company entered into transactions with group companies during the year. The transactions were all undertaken at market rate and therefore do not require separate disclosure under FRS102 section 1a. |
| At the period end the following amounts were owed to (creditors) and from (debtors) fellow group companies |
| There is no interest charged on balances that arise through normal trading conditions. Interest is charged on loan balances owed to Aqipa GmbH (AT) at Euribor 12 month rates. The amounts are subject to the continued support of the group as detailed in note 2. |
| Directors transactions |
| In respect of the invoice finance agreement with Bibby Financial Services Ltd The Director, C Trapl has provided a personal guarantee of £100,000 and K Muckley has provided a warranty. |
| 13. | PARENT AND ULTIMATE PARENT UNDERTAKING |
| The company's immediate parent is Aqipa GmbH, AT, incorporated in Austria. |
| The ultimate parent company and ultimate controlling party is Aqipa Holding GmbH. This is the smallest group in which the results of the company are consolidated. The financial statements can be obtained from Aqipa Moslbischi 78, Kundl, Tirol, Austria 6250. |