Aquarius of Howden Limited Filleted accounts for Companies House (small and micro)

AQUARIUS OF HOWDEN LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05171920

Aquarius of Howden Limited

Filleted Unaudited Financial Statements

Year ended

30 September 2019

Aquarius of Howden Limited

Financial Statements

Year ended 30 September 2019

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Aquarius of Howden Limited

Statement of Financial Position

30 September 2019

	2019		2018
Note	£	£	£	£

Fixed assets

Intangible assets	6	16,250	19,500
Tangible assets	7	55,645	28,460
		--------	--------
		71,895	47,960

Current assets

Stocks		32,500	27,318
Debtors	8	26,288	12,118
Cash at bank and in hand		21,442	225
		--------	--------
		80,230	39,661

Creditors: amounts falling due within one year	9	102,473		72,092
		----------		--------
Net current liabilities			22,243		32,431
			--------		--------
Total assets less current liabilities			49,652		15,529

Creditors: amounts falling due after more than one year	10		30,472		14,235

Provisions

Taxation including deferred tax	10,634	–
	--------	--------
Net assets	8,546	1,294
	--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	8,446	1,194
	-------	-------
Shareholders funds	8,546	1,294
	-------	-------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

Aquarius of Howden Limited

Statement of Financial Position (continued)

30 September 2019

For the year ending 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 6 March 2020 , and are signed on behalf of the board by:

D Luckraft
Director

Company registration number: 05171920

Aquarius of Howden Limited

Notes to the Financial Statements

Year ended 30 September 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 23 Bridgegate, Howden, Goole, East Yorkshire, DN14 7AA.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

(b) Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax. Revenue from customers is recognised when the work has commenced.

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. Deferred tax is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred is accounted for in respect of all material timing differences to the extent that it is considered that a net liability may crystallise.

(d) Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

(e) Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

(f) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

(g) Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Machinery	-	33% reducing balance
Fixture & Fittings	-	20% reducing balance
Motor vehicles	-	25% reducing balance
Equipment	-	33% reducing balance

(h) Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

(i) Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.

(j) Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

(k) Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

(l) Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 8 (2018: 7 ).

5. Tax on profit

Major components of tax expense

	2019	2018
	£	£

Current tax:

UK current tax expense	3,619	3,293
Adjustments in respect of prior periods	–	( 1)
	-------	-------
Total current tax	3,619	3,292
	-------	-------

Deferred tax:

Origination and reversal of timing differences	10,634	–
	--------	-------
Tax on profit	14,253	3,292
	--------	-------

6. Intangible assets

	Goodwill
	£
Cost
At 1 October 2018 and 30 September 2019	65,000
	--------
Amortisation
At 1 October 2018	45,500
Charge for the year	3,250
	--------
At 30 September 2019	48,750
	--------
Carrying amount
At 30 September 2019	16,250
	--------
At 30 September 2018	19,500
	--------

7. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 October 2018	8,323	97,270	52,610	7,334	165,537
Additions	2,417	5,485	37,353	–	45,255
Disposals	–	–	( 20,470)	–	( 20,470)
	--------	----------	--------	-------	----------
At 30 September 2019	10,740	102,755	69,493	7,334	190,322
	--------	----------	--------	-------	----------
Depreciation
At 1 October 2018	6,534	81,165	42,457	6,921	137,077
Charge for the year	113	5,607	11,765	138	17,623
Disposals	–	–	( 20,023)	–	( 20,023)
	--------	----------	--------	-------	----------
At 30 September 2019	6,647	86,772	34,199	7,059	134,677
	--------	----------	--------	-------	----------
Carrying amount
At 30 September 2019	4,093	15,983	35,294	275	55,645
	--------	----------	--------	-------	----------
At 30 September 2018	1,789	16,105	10,153	413	28,460
	--------	----------	--------	-------	----------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Motor vehicles
	£
At 30 September 2019	25,390
	--------
At 30 September 2018	–
	--------

8. Debtors

	2019	2018
	£	£
Trade debtors	26,288	12,118
	--------	--------

9. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	9,741	31,293
Trade creditors	57,547	21,773
Corporation tax	3,619	3,293
Social security and other taxes	25,626	12,611
Other creditors	2,558	1,847
Directors loan accounts	146	1,275
Other creditors	3,236	–
	----------	--------
	102,473	72,092
	----------	--------

The bank borrowings are secured by a fixed and floating charge over the company assets. Other creditors is Hire Purchase. The hire purchase liabilities are secured on the associated asset.

10. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Bank loans and overdrafts	4,693	14,235
Other creditors	25,779	–
	--------	--------
	30,472	14,235
	--------	--------

The bank borrowings are secured by a fixed and floating charge over the company assets. Other creditors is Hire Purchase. The hire purchase liabilities are secured on the associated asset.

11. Related party transactions

During the year, there was a change of directors. The directors all had loan accounts with the company during their time in office during the year. The total balance owing to the serving director at 30 September 2019 was £ 146 (2018 - not applicable), and to the previous directors as 30 September 2019 £nil (2018 £1,274).