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 2021

Aquarius of Howden Limited

Financial Statements

Year ended 30 September 2021

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Aquarius of Howden Limited

Statement of Financial Position

30 September 2021

	2021		2020
Note	£	£	£	£

Fixed assets

Intangible assets	6	9,750	13,000
Tangible assets	7	50,173	59,563
		--------	--------
		59,923	72,563

Current assets

Stocks		30,000	36,587
Debtors	8	64,502	22,100
Cash at bank and in hand		13,563	73,141
		----------	----------
		108,065	131,828

Creditors: amounts falling due within one year	9	87,638		104,793
		----------		----------
Net current assets			20,427		27,035
			--------		--------
Total assets less current liabilities			80,350		99,598

Creditors: amounts falling due after more than one year	10		70,214		87,799

Provisions

Taxation including deferred tax	9,474	11,317
	--------	--------
Net assets	662	482
	--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	562	382
	----	----
Shareholders funds	662	482
	----	----

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.

Aquarius of Howden Limited

Statement of Financial Position (continued)

30 September 2021

For the year ending 30 September 2021 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 31 July 2022 , 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 2021

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) Going concern

In March 2020 the UK was impacted by the outbreak of Covid-19. The Government imposed significant restrictions at that time in an effort to manage the spread of the virus which resulted in the company having to review and change its working practices to ensure compliance with these restrictions. More latterly, the UK economy has been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.

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.

(d) Current & deferred 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. 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.

(e) 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.

(f) 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.

(g) Tangible assets

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

(h) 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

(i) 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.

(j) Stocks

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

(k) 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.

(l) Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

(m) 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.

(n) 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 (2020: 8 ).

5. Tax on profit

Major components of tax expense

	2021	2020
	£	£

Current tax:

UK current tax expense	13,645	5,714

Deferred tax:

Origination and reversal of timing differences	( 1,843)	683
	--------	-------
Tax on profit	11,802	6,397
	--------	-------

6. Intangible assets

	Goodwill
	£
Cost
At 1 October 2020 and 30 September 2021	65,000
	--------
Amortisation
At 1 October 2020	52,000
Charge for the year	3,250
	--------
At 30 September 2021	55,250
	--------
Carrying amount
At 30 September 2021	9,750
	--------
At 30 September 2020	13,000
	--------

7. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 October 2020	14,410	102,755	89,423	7,334	213,922
Additions	2,929	308	–	4,572	7,809
	--------	----------	--------	--------	----------
At 30 September 2021	17,339	103,063	89,423	11,906	221,731
	--------	----------	--------	--------	----------
Depreciation
At 1 October 2020	9,235	89,969	48,004	7,151	154,359
Charge for the year	2,557	2,701	10,356	1,585	17,199
	--------	----------	--------	--------	----------
At 30 September 2021	11,792	92,670	58,360	8,736	171,558
	--------	----------	--------	--------	----------
Carrying amount
At 30 September 2021	5,547	10,393	31,063	3,170	50,173
	--------	----------	--------	--------	----------
At 30 September 2020	5,175	12,786	41,419	183	59,563
	--------	----------	--------	--------	----------

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 2021	25,490
	--------
At 30 September 2020	33,990
	--------

8. Debtors

	2021	2020
	£	£
Trade debtors	58,115	15,086
Other debtors	6,387	7,014
	--------	--------
	64,502	22,100
	--------	--------

Other debtors is VAT of £4,292 and Prepaid Insurance of £365

9. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	10,649	5,209
Trade creditors	49,648	78,818
Corporation tax	13,615	9,333
Social security and other taxes	4,657	4,955
Other creditors	9,069	6,478
	--------	----------
	87,638	104,793
	--------	----------

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

	2021	2020
	£	£
Other creditors - Bounce Back Loan	38,868	49,113
Other creditors	31,346	38,686
	--------	--------
	70,214	87,799
	--------	--------

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. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2021
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
D Luckraft	2,149	64,000	( 66,478)	( 329)
	-------	--------	--------	----

	2020
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
D Luckraft	( 146)	44,000	( 41,705)	2,149
	----	--------	--------	-------