Aqua Ltd Filleted accounts for Companies House (small and micro)

Aqua Ltd Filleted accounts for Companies House (small and micro)

AQUA LTD - Company Information

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COMPANY REGISTRATION NUMBER: 07175645
AQUA LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2020
AQUA LTD
STATEMENT OF FINANCIAL POSITION
31 March 2020
2020
2019
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
36,077
36,427
CURRENT ASSETS
Stocks
24,500
23,995
Debtors
6
51,212
52,203
Cash at bank and in hand
61,166
63,026
---------
---------
136,878
139,224
CREDITORS: amounts falling due within one year
7
52,484
56,313
---------
---------
NET CURRENT ASSETS
84,394
82,911
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
120,471
119,338
PROVISIONS
6,855
6,921
---------
---------
NET ASSETS
113,616
112,417
---------
---------
CAPITAL AND RESERVES
Called up share capital
8
100
100
Profit and loss account
113,516
112,317
---------
---------
SHAREHOLDERS FUNDS
113,616
112,417
---------
---------
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 Section 1A of 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.
For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
AQUA LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2020
These financial statements were approved by the board of directors and authorised for issue on 14 September 2020 , and are signed on behalf of the board by:
Mr M Leek
Mrs L Leek
Director
Director
Company registration number: 07175645
AQUA LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 7, Westminster Industrial Estate, Measham, Swadlincote, Derbyshire, DE12 7DS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
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. 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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 and machinery
-
25% reducing balance
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2019: 7 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2019
6,533
24,478
27,835
12,320
71,166
Additions
3,277
–
10,450
2,578
16,305
Disposals
–
–
( 13,070)
–
( 13,070)
-------
--------
--------
--------
--------
At 31 March 2020
9,810
24,478
25,215
14,898
74,401
-------
--------
--------
--------
--------
Depreciation
At 1 April 2019
3,744
11,156
14,251
5,588
34,739
Charge for the year
1,517
2,665
3,637
2,327
10,146
Disposals
–
–
( 6,561)
–
( 6,561)
-------
--------
--------
--------
--------
At 31 March 2020
5,261
13,821
11,327
7,915
38,324
-------
--------
--------
--------
--------
Carrying amount
At 31 March 2020
4,549
10,657
13,888
6,983
36,077
-------
--------
--------
--------
--------
At 31 March 2019
2,789
13,322
13,584
6,732
36,427
-------
--------
--------
--------
--------
6. Debtors
2020
2019
£
£
Trade debtors
49,712
50,703
Other debtors
1,500
1,500
--------
--------
51,212
52,203
--------
--------
7. Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
12,990
10,623
Accruals and deferred income
1,600
1,904
Corporation tax
17,410
24,969
Social security and other taxes
18,699
16,458
Director loan accounts
414
6
Bank loans and overdrafts
1,124
2,075
Other creditors
247
278
--------
--------
52,484
56,313
--------
--------
8. Called up share capital
Authorised share capital
2020
2019
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
Issued, called up and fully paid
2020
2019
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----