Perfect Aquatics Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10306026 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

FOR

PERFECT AQUATICS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr P Wootton

Mr M Hussain

REGISTERED OFFICE:

Windsor House

9-15 Adelaide Street

Luton

LU1 5BJ

REGISTERED NUMBER:

10306026 (England and Wales)

ACCOUNTANTS:

Foxley Kingham

Chartered Accountants

260 - 270 Butterfield

Great Marlings

Luton

Bedfordshire

LU2 8DL

FIXED ASSETS

Intangible assets

4

1,000

2,000

Tangible assets

5

404,686

382,748

405,686

384,748

CURRENT ASSETS

Stocks

216,249

217,000

Debtors

6

26,098

22,706

Cash at bank and in hand

489,273

259,548

731,620

499,254

CREDITORS

Amounts falling due within one year

7

796,542

789,900

NET CURRENT LIABILITIES

(64,922

)

(290,646

)

TOTAL ASSETS LESS CURRENT LIABILITIES

340,764

94,102

CREDITORS

Amounts falling due after more than one year

8

(99,538

)

-

PROVISIONS FOR LIABILITIES

(43,789

)

(47,753

)

NET ASSETS

197,437

46,349

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

197,337

46,249

SHAREHOLDERS' FUNDS

197,437

46,349

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Board of Directors and authorised for issue on 22 December 2020 and were signed on its behalf by:

Mr M Hussain - Director

Mr P Wootton - Director

1.	STATUTORY INFORMATION

Perfect Aquatics Ltd 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.

During the Covid-19 pandemic the company remained largely unaffected with the company continuing to trade throughout the nationwide lockdown from 23rd March 2020.

The company assisted the cashflow of the business with government support packages available such as furlough scheme, bounce back loan and grants.

Based on these aspects the accounts have continued to have been prepared on a going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of three years and 20% on cost.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

10% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

The gain or loss arising on disposal of an asset is determined at the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit or loss.

Government grants

Government grants in relation to tangible fixed assets are shown on the profit or loss as other income over the useful lives of the related assets, whereas those in relation to expenditure are shown as other income when the expenditure is charged to profit and loss.

Stocks

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

Financial instruments

Basic financial instruments are measured at amortised cost less impairment.

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.

Leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2019 - 16 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2019

and 31 August 2020

38,979

AMORTISATION

At 1 September 2019

36,979

Amortisation for year

1,000

At 31 August 2020

37,979

NET BOOK VALUE

At 31 August 2020

1,000

At 31 August 2019

2,000

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 September 2019

355,750

56,895

14,295

2,700

429,640

Additions

4,493

-

-

56,888

61,381

Disposals

(5,417

)

-

-

-

(5,417

)

At 31 August 2020

354,826

56,895

14,295

59,588

485,604

DEPRECIATION

At 1 September 2019

5,987

32,464

6,880

1,561

46,892

Charge for year

23,409

6,108

1,854

2,655

34,026

At 31 August 2020

29,396

38,572

8,734

4,216

80,918

NET BOOK VALUE

At 31 August 2020

325,430

18,323

5,561

55,372

404,686

At 31 August 2019

349,763

24,431

7,415

1,139

382,748

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

Additions

56,888

At 31 August 2020

56,888

DEPRECIATION

Charge for year

2,370

At 31 August 2020

2,370

NET BOOK VALUE

At 31 August 2020

54,518

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

360

111

Amounts owed by group undertakings

749

-

Other debtors

12,985

892

Prepayments and accrued income

12,004

21,703

26,098

22,706

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

1,667

-

Hire purchase contracts

4,592

-

Trade creditors

84,560

202,740

Amounts owed to group undertakings

129,607

63,724

Corporation tax

39,685

-

Taxation and social security

5,064

4,225

VAT

72,235

24,567

Other creditors

161,414

192,846

Directors' loan accounts

286,375

287,824

Accrued expenses

11,343

13,974

796,542

789,900

Included within other creditors are loans of £91,000 (2019: £91,000) from a company in which Mr M Hussain has an interest. The loans are interest free and repayable on demand.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

10,000

-

Bank loans - 2-5 years

30,000

-

Bank loans more than 5 years

8,334

-

Hire purchase contracts

51,204

-

99,538

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

8,334

-

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

100

Ordinary shares

£1

100

100

10.	GUARANTEES

Perfect Aquatics Limited is acting as a guarantor against the secured creditor in Perfect Aquatics Property Limited.

The creditors are secured over the assets of Perfect Aquatics Limited and Perfect Aquatics Property Limited.

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr M Hussain by virtue of his majority shareholding in the parent company Perfect Aquatics Holdings Limited.