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Registration number: 12730099

Prepared for the registrar
Aqua Operations Limited
Annual Report and Financial Statements
for the Period from 1 August 2023 to 31 December 2024

Aqua Operations Limited

Contents

Company Information | 1
Balance Sheet | 2
Notes to the Financial Statements | 3 to 10

Aqua Operations Limited

Company Information

Directors | D Brosnan M Kearney

Company secretary | M Davin

Registered office | Windsor House Bayshill Road Cheltenham GL50 3AT

Bankers | Santander 2 Triton Square Regent's Place London United Kingdom NW1 3AN

Auditors | Hazlewoods LLP Windsor House Bayshill Road Cheltenham GL50 3AT

Aqua Operations Limited

(Registration number: 12730099)
Balance Sheet as at 31 December 2024

| Note | 31 December 2024 £ | Unaudited 31 July 2023 £
Fixed assets |  |  |
Tangible assets | 6 | 167,343 | 66,265
Current assets |  |  |
Debtors | 7 | 3,844,311 | 2,568,823
Cash at bank and in hand |  | 1,005,676 | 593,540
|  | 4,849,987 | 3,162,363
Creditors: Amounts falling due within one year | 8 | (2,909,639) | (2,038,025)
Net current assets |  | 1,940,348 | 1,124,338
Total assets less current liabilities |  | 2,107,691 | 1,190,603
Creditors: Amounts falling due after more than one year | 8 | (28,480) | (13,946)
Deferred tax liabilities |  | (5,052) | (13,300)
Net assets |  | 2,074,159 | 1,163,357
Capital and reserves |  |  |
Called up share capital |  | 120 | 102
Retained earnings |  | 2,074,039 | 1,163,255
Shareholders' funds |  | 2,074,159 | 1,163,357

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 April 2025 and signed on its behalf by:

D Brosnan
Director

M Kearney
Director

Aqua Operations Limited

Notes to the Financial Statements for the Period from 1 August 2023 to 31 December 2024

| 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:
Windsor House
Bayshill Road
Cheltenham
GL50 3AT
United Kingdom

| 2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Name of parent of group

These financial statements are consolidated in the financial statements of Glanua Group Ltd.

The financial statements of Glanua Group Ltd may be obtained from the company's registered office.

Disclosure of long or short period

The financial statements cover a period of 518 days. The accounting period has been lengthened to bring the year end in line with that of its ultimate parent undertaking, Glanua Group Ltd.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Aqua Operations Limited

Notes to the Financial Statements for the Period from 1 August 2023 to 31 December 2024

Changes in accounting policy

The following have been applied for the first time from 1 August 2023 and have had an effect on the financial statements:

Early Adoption of Amendments to FRS102

The company has chosen to early adopt the amendments to FRS 102 issued in September 2024.
The amendments to FRS 102 have revised the accounting for leases where the Company has opted to apply the practical expedient under paragraph 1.48 to all of its leases which has had the following impact;
Right of use assets as at 31 December 2024 - £69,888 (on transition as at 1 August 2023 - £56,710)
Lease Liabilities as at 31 December 2024 - £62,518 (on transition as at 1 August 2023 - £52,498)
Impact to profit and loss account for the period 1 August 2023 to 31 December 2024 - profit of £3,158 (on transition as at 1 August 2023 through the statement of changes in equity - profit of £4,212).
The amendments to FRS 102 have introduced changes to revenue recognition policies and fair value measurement requirements. The company has early adopted these amendments with them having no impact on the financial statements.

Reclassification of comparative amounts

The directors have reclassified the split between direct and administrative costs to be in line with the true nature of the expense. The net result for the Company is unchanged.

Judgements and estimation uncertainty

No significant judgements have been made by management in preparing these financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position 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
Furniture, fittings and equipment | 20 - 25% straight line
Motor vehicles | 25% straight line

Aqua Operations Limited

Notes to the Financial Statements for the Period from 1 August 2023 to 31 December 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

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 initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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 profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

Aqua Operations Limited

Notes to the Financial Statements for the Period from 1 August 2023 to 31 December 2024

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

| 3 | Staff numbers

The average number of persons employed by the company (including directors) during the period, was as follows:

| 1 August 2023 to 31 December 2024 No. | Unaudited Year ended 31 July 2023 No.
Average number of employees | 35 | 32

Aqua Operations Limited

Notes to the Financial Statements for the Period from 1 August 2023 to 31 December 2024

| 4 | Interest payable and similar expenses

| 2024 £ | 2023 £
Interest on bank overdrafts and borrowings | 9,175 | 8,790
Right-of-use lease interest expense | 5,342 | -
| 14,517 | 8,790

| 5 | Taxation

Tax charged/(credited) in the profit and loss account

| 1 August 2023 to 31 December 2024 £ | Unaudited Year ended 31 July 2023 £
Current taxation |  |
UK corporation tax | 229,629 | 202,655
UK corporation tax adjustment to prior periods | 3 | -
| 229,632 | 202,655
Deferred taxation |  |
Arising from origination and reversal of timing differences | (8,248) | (771)
Tax expense in the income statement | 221,384 | 201,884

Deferred tax

Deferred tax assets and liabilities

31 December 2024 | Liability £
Fixed asset timing difference | 5,052
| 5,052

Unaudited 31 July 2023 | Liability £
Fixed asset timing difference | 13,300
| 13,300

Aqua Operations Limited

Notes to the Financial Statements for the Period from 1 August 2023 to 31 December 2024

| 6 | Tangible assets

| Furniture, fittings and equipment £ | Motor vehicles £ | Right of use assets £ | Total £
Cost
At 1 August 2023 | 97,733 | 33,897 | - | 131,630
On transition to early adoption of amendments to FRS102 | - | - | 79,275 | 79,275
Additions | 70,000 | - | 74,102 | 144,102
At 31 December 2024 | 167,733 | 33,897 | 153,377 | 355,007
Depreciation
At 1 August 2023 | 56,522 | 8,843 | - | 65,365
On transition to early adoption of amendments to FRS102 | - | - | 22,565 | 22,565
Charge for the year | 27,775 | 11,035 | 60,924 | 99,734
At 31 December 2024 | 84,297 | 19,878 | 83,489 | 187,664
Carrying amount
At 31 December 2024 | 83,436 | 14,019 | 69,888 | 167,343
At 31 July 2023 | 41,211 | 25,054 | - | 66,265

The amendments to FRS 102 have revised the accounting for leases. The company has early adopted these amendments, leading to the recognition of right of use assets with a net book value of £56,710 on transition as at 1 August 2023 and subsequently £69,888 as at 31 December 2024. Right of use assets relate entirely to motor vehicles which the company leases for use in its operations. See note 2 for more details.

| 7 | Debtors

| 31 December 2024 £ | Unaudited 31 July 2023 £
Trade debtors | 2,497,249 | 2,243,554
Amounts due from group undertakings | 650,210 | -
Prepayments | 430,895 | 320,679
Other debtors | 265,957 | 4,590
| 3,844,311 | 2,568,823

Aqua Operations Limited

Notes to the Financial Statements for the Period from 1 August 2023 to 31 December 2024

| 8 | Creditors

| Note | 31 December 2024 £ | Unaudited 31 July 2023 £
Due within one year |  |  |
Loans and borrowings | 9 | 34,038 | 90,000
Trade creditors |  | 1,628,154 | 604,464
Amounts due to group undertakings |  | 63,964 | -
Taxation and social security |  | 367,328 | 591,394
Accruals and deferred income |  | 800,062 | 727,136
Other creditors |  | 16,093 | 25,031
|  | 2,909,639 | 2,038,025

| Note | 31 December 2024 £ | Unaudited 31 July 2023 £
Due after one year |  |  |
Loans and borrowings | 9 | 28,480 | 13,946

| 9 | Loans and borrowings

Current loans and borrowings

| 31 December 2024 £ | Unaudited 31 July 2023 £
Lease liabilities | 34,038 | -
Directors loan account | - | 90,000
| 34,038 | 90,000

Non-current loans and borrowings

| 31 December 2024 £ | Unaudited 31 July 2023 £
Lease liabilities | 28,480 | 13,946

The amendments to FRS 102 have revised the accounting for leases. The company has early adopted these amendments, leading to the recognition of lease liabilities with a carrying value of £52,498 on transition as at 1 August 2023 and subsequently £62,518 as at 31 December 2024. Interest of £5,342 has been recognised for the period 1 August 2023 to 31 December 2024 using an interest rate of 5% with a cash outflow for the same period of £69,424. A lease liability of £34,038 is due within one year and £28,480 is due in 1-5 years with £3,503 of future finance charges. See note 2 for more details.

Aqua Operations Limited

Notes to the Financial Statements for the Period from 1 August 2023 to 31 December 2024

| 10 | Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

| 31 December 2024 £ | Unaudited 31 July 2023 £
Not later than one year | - | 32,627
Later than one year and not later than five years | - | 52,605
| - | 85,232

The amendments to FRS 102 have revised the accounting for leases. The company has early adopted these amendments, leading to there being £nil operating leases as at 31 December 2024 with these instead being included in the lease liabilities note. See note 2 for more details.

| 11 | Parent and ultimate parent undertaking

The company's immediate parent is Glanua Industrial UK Limited, incorporated in England and Wales.
The ultimate parent is Glanua Group Ltd, incorporated in Ireland.

| 12 | Audit report

The Independent Auditor's Report was unqualified. The corresponding figures for the year ended 31 July 2023 shown in the financial statements are derived from the financial statements prepared for that period that were not audited. The name of the Senior Statutory Auditor who signed the audit report on 27 May 2025 was Martin Howard, who signed for and on behalf of Hazlewoods LLP.