Aqovia UK Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Aqovia UK Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06846037 . The registered office is 91 Wimpole Street, London, W1G 0EF.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Going Concern Disclosure

The company’s financial statements have been prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the company’s needs. In assessing going concern, the directors have a reasonable expectation that the company will continue as a going concern and is able to meet all of its obligations as they fall due for a minimum of 12 months from the date of approval of these financial statements.

2.3. Turnover

Turnover is recognised to the extent there is probable 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.

Turnover from a contract to provide services is recognised in the period in which the services are provided.

2.4. Research and Development

Expenditure on research activities is recognised within profit or loss as an expense is incurred.

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at historical cost less accumulated depreciation and any 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 to profit or loss over the estimated useful economic lives as follows -

Fixtures & Fittings	25% on a reducing balance basis
Computer Equipment	4 years on a straight line basis

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.

Repairs and maintenance costs are charged to profit or loss during the period in which they are incurred.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined, which is the higher of its fair value less costs to sell and its value in use. Any impairment loss is recognised immediately as an expense within the profit or loss.

2.6. Leasing and Hire Purchase Contracts

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

Leases in which the company assumes substantially all the risks and rewards of ownership of the leased asset are classified as finance leases. All other leases are classified as operating leases.

Payments (excluding costs for services and insurance) made under operating leases are recognised in the profit and loss account on a straight-line basis over the term of the lease unless the payments to the lessor are structured to increase in line with expected general inflation; in which case the payments related to the structured increases are recognised as incurred. Lease incentives received are recognised in profit and loss over the term of the lease an an integral part of the total lease expenses.

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Aqovia UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.7. Financial Instruments

Trade and other debtors / creditors

Trade and other debtors are recognised initially at transaction prices less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

Investments

Investments in equity instruments are measured initially at fair value, which is normally the transaction price. Transaction costs are excluded if the investments are subsequently measured at fair value through profit or loss. Subsequent to initial recognition investments that can be measured reliably are measured at fair value with changes recognised through profit or loss.

Impairment of financial assets

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 within profit or loss.

For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset’s carrying amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

2.8. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.9. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.10. Pensions

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 in 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 in the periods during which services are rendered by employees.

2.11. Preparation of consolidated financial statements

The company is exempt under Section 399 of the Companies Act from the requirement to prepare consolidated financial statements by virtue of the fact it is subject to the small companies regime. These financial statements contain information the company as an individual undertaking and not about this group.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Report Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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Aqovia UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

3. Average Number of Employees

Average number of employees during the year was as follows: 58 (2023: 30)

4. Tangible Assets

	Fixtures & Fittings	Computer Equipment	Total
	£	£	£
Cost
As at 1 January 2024	80,871	110,158	191,029
Additions	-	48,026	48,026

As at 31 December 2024	80,871	158,184	239,055

Depreciation
As at 1 January 2024	77,459	37,952	115,411
Provided during the period	853	30,145	30,998

As at 31 December 2024	78,312	68,097	146,409

Net Book Value
As at 31 December 2024	2,559	90,087	92,646

As at 1 January 2024	3,412	72,206	75,618

5. Investments

	Other
	£
Cost or Valuation
As at 1 January 2024	406,545
Additions	918,722

As at 31 December 2024	1,325,267

Provision
As at 1 January 2024	-
Impairment losses	306,655

As at 31 December 2024	306,655

Net Book Value
As at 31 December 2024	1,018,612

As at 1 January 2024	406,545

6. Debtors

	2024	2023 as restated
	£	£
Due within one year
Trade debtors	3,313,259	708,866
Prepayments and accrued income	25,376	22,378
Other debtors	594,620	19,461
Corporation tax recoverable assets	314,011	-
Directors' loan accounts	79,000	79,000
Amounts owed by group undertakings	3,853,799	2,743,067

	8,180,065	3,572,772

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Aqovia UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

7. Creditors: Amounts Falling Due Within One Year

	2024	2023 as restated
	£	£
Trade creditors	287,044	228,507
Bank loans and overdrafts	-	9,932
Corporation tax	980,163	339,396
Other taxes and social security	140,856	107,192
VAT	454,523	310,617
Other creditors	16,068	899
Accruals and deferred income	32,845	55,285

	1,911,499	1,051,828

Included within other creditors are outstanding pension contributions of £13,116 (2023: £257)

8. Creditors: Amounts Falling Due After More Than One Year

	2024	2023 as restated
	£	£
Bank loans	-	24,093

The bank loan outstanding as at 31 December 2023 was cleared in full during the accounting period ending 31 December 2024.

9. Share Capital

	2024	2023 as restated
	£	£
Allotted, Called up and fully paid	1	1

10. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2024	2023 as restated
	£	£
Not later than one year	-	406

	-	406

11. Related Party Transactions

During the year the company made loans to a director of £NIL (2023: £79,000). As at 31 December 2024 Aqovia UK Limited was owed £79,000 (2023: £79,000) by the directors. All balances attract a nil rate of interest and are repayable upon demand.

The company is a subsidiary of Aqovia Group Limited, a company registered in the Isle Of Man and whose registered office is 36 Hope Street, Douglas, Isle Of Man, IM1 1AR.

No consolidated financial statements are drawn up for any group of which the company is a member.

12. Ultimate Controlling Party

Aqovia UK Limited is a wholly owned subsidiary of Aqovia Group Limited. The ultimate controlling party is Mr. M. Malik, by virtue of 100% ownership of the share capital of Aqovia Group Limited.

13. Prior Year Restatement

In the year ending 31 December 2023, some employee costs were incorrectly categorised. In the accounts for the year ending 31 December 2024, the prior year figures have been restated to correctly categorise directors remuneration, salaries, subcontractor costs, employers NI and pension costs.

As part of this re-categorisation it was identified there was an error totalling £971 which related to employee costs recharged from a related company.

The impact of this adjustment was that the 2023 profit decreased by £971 and the net assets decreased by the same amount.

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		2024		2023 as restated
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		92,646		75,618
Investments	5		1,018,612		406,545

			1,111,258		482,163
CURRENT ASSETS
Debtors	6	8,180,065		3,572,772
Cash at bank and in hand		1,959,562		2,924,194

		10,139,627		6,496,966
Creditors: Amounts Falling Due Within One Year	7	(1,911,499 )		(1,051,828 )

NET CURRENT ASSETS (LIABILITIES)			8,228,128		5,445,138

TOTAL ASSETS LESS CURRENT LIABILITIES			9,339,386		5,927,301

Creditors: Amounts Falling Due After More Than One Year	8		-		(24,093 )

NET ASSETS			9,339,386		5,903,208

CAPITAL AND RESERVES
Called up share capital	9		1		1
Profit and Loss Account			9,339,385		5,903,207

SHAREHOLDERS' FUNDS			9,339,386		5,903,208