REGISTERED NUMBER: 06734328 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

AQUAREAD LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mr A Boschet

REGISTERED OFFICE:

50 Seymour Street

London

W1H 7JG

REGISTERED NUMBER:

06734328 (England and Wales)

AUDITORS:

Orcom Civvals Audit Limited

Chartered Accountants and

Statutory Auditors

50 Seymour Street

London

W1H 7JG

FIXED ASSETS

Tangible assets

4

47,774

27,478

CURRENT ASSETS

Stocks

5

574,349

417,769

Debtors

6

160,432

204,031

Cash at bank and in hand

112,535

168,881

847,316

790,681

CREDITORS

Amounts falling due within one year

7

(282,479

)

(143,411

)

NET CURRENT ASSETS

564,837

647,270

TOTAL ASSETS LESS CURRENT LIABILITIES

612,611

674,748

CREDITORS

Amounts falling due after more than one year

8

(32,000

)

(36,000

)

PROVISIONS FOR LIABILITIES

(1,284

)

(5,221

)

NET ASSETS

579,327

633,527

CAPITAL AND RESERVES

Called up share capital

10

1,000

1,000

Retained earnings

11

578,327

632,527

SHAREHOLDERS' FUNDS

579,327

633,527

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 director and authorised for issue on 10 October 2025 and were signed by:

Mr A Boschet - Director

1.	STATUTORY INFORMATION

Aquaread Limited 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.

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:

-the Company has transferred the significant risks and rewards of ownership to the buyer;

-the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

-the amount of revenue can be measured reliably;

-it is probable that the Company will receive the consideration due under the transaction; and

-the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Improvement to property - 20%

Fixtures and fittings - 20%

Plant and machinery - 20%

Computer equipment - 20%

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.

Stocks

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Pension costs and other post-retirement benefits

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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

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 ordinary shares.

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 balance sheet date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 January 2024

102,024

44,794

12,312

Additions

-

-

104

At 31 December 2024

102,024

44,794

12,416

DEPRECIATION

At 1 January 2024

85,246

43,071

11,510

Charge for year

16,778

957

526

At 31 December 2024

102,024

44,028

12,036

NET BOOK VALUE

At 31 December 2024

-

766

380

At 31 December 2023

16,778

1,723

802

Software

Computer

Development

equipment

Totals

£

£

£

COST

At 1 January 2024

-

40,214

199,344

Additions

61,525

420

62,049

At 31 December 2024

61,525

40,634

261,393

DEPRECIATION

At 1 January 2024

-

32,039

171,866

Charge for year

20,508

2,984

41,753

At 31 December 2024

20,508

35,023

213,619

NET BOOK VALUE

At 31 December 2024

41,017

5,611

47,774

At 31 December 2023

-

8,175

27,478

5.

STOCKS

2024

2023

£

£

Stocks

529,186

371,366

Work-in-progress

3,393

3,718

Finished goods

41,770

42,685

574,349

417,769

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

116,507

82,207

Tax on S455

-

94,250

VAT

27,349

18,817

Prepayments

16,576

8,757

160,432

204,031

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Other loans (see note 9)

4,000

14,000

Trade creditors

144,321

89,586

Tax

11,019

10,679

Social security and other taxes

14,282

14,636

Other creditors

12,226

3,921

Accrued expenses

96,631

10,589

282,479

143,411

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Other loans (see note 9)

32,000

36,000

9.

LOANS

An analysis of the maturity of loans is given below:

2024

2023

£

£

Amounts falling due within one year or on demand:

Other loans

4,000

14,000

Amounts falling due between one and two years:

Other loans - 1-2 years

32,000

36,000

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

1,000

Ordinary

£1

1,000

1,000

11.

RESERVES

Retained

earnings

£

At 1 January 2024

632,527

Deficit for the year

(54,200

)

At 31 December 2024

578,327

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Philip Jones (Senior Statutory Auditor)

for and on behalf of Orcom Civvals Audit Limited

13.	RELATED PARTY DISCLOSURES

The Company has taken advantage of the exemption available under FRS 102 from the disclosures relating to transactions with other group companies.

14.	ULTIMATE CONTROLLING PARTY

The immediate parent and ultimate controlling party is NKE Group SAS, a company registered in France.

15.	OPERATING LEASE COMMITMENTS

Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

Lease liabilities are due as follows:

2024

£

Within 1 year

67,340

Between 2 years and 5 years

112,233

179,573