Perfect Aquatics Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 10306026 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2022

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:

260-270 Butterfield

Great Marlings

Luton

Bedfordshire

LU2 8DL

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

-

-

Tangible assets

5

642,733

623,034

642,733

623,034

CURRENT ASSETS

Stocks

189,500

250,000

Debtors

6

15,254

364

Cash at bank and in hand

142,064

343,796

346,818

594,160

CREDITORS

Amounts falling due within one year

7

553,749

724,038

NET CURRENT LIABILITIES

(206,931

)

(129,878

)

TOTAL ASSETS LESS CURRENT LIABILITIES

435,802

493,156

CREDITORS

Amounts falling due after more than one year

8

(37,839

)

(159,056

)

PROVISIONS FOR LIABILITIES

10

(47,123

)

(48,707

)

NET ASSETS

350,840

285,393

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

350,740

285,293

SHAREHOLDERS' FUNDS

350,840

285,393

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2022 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 24 April 2023 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.

Turnover

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

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

-

2% 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.

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 21 (2021 - 20 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2021

38,979

Disposals

(38,979

)

At 31 August 2022

-

AMORTISATION

At 1 September 2021

38,979

Eliminated on disposal

(38,979

)

At 31 August 2022

-

NET BOOK VALUE

At 31 August 2022

-

At 31 August 2021

-

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 September 2021

342,714

310,707

62,557

58,942

774,920

Additions

45,250

30,486

2,429

8,989

87,154

At 31 August 2022

387,964

341,193

64,986

67,931

862,074

DEPRECIATION

At 1 September 2021

10,748

100,889

22,190

18,059

151,886

Charge for year

7,759

36,731

10,497

12,468

67,455

At 31 August 2022

18,507

137,620

32,687

30,527

219,341

NET BOOK VALUE

At 31 August 2022

369,457

203,573

32,299

37,404

642,733

At 31 August 2021

331,966

209,818

40,367

40,883

623,034

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

Motor

vehicles

£

COST

At 1 September 2021

and 31 August 2022

56,888

DEPRECIATION

At 1 September 2021

16,005

Charge for year

10,220

At 31 August 2022

26,225

NET BOOK VALUE

At 31 August 2022

30,663

At 31 August 2021

40,883

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

387

364

Prepayments and accrued income

14,867

-

15,254

364

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

-

134,365

Hire purchase contracts

7,289

6,378

Trade creditors

53,624

77,580

Amounts owed to group undertakings

183,236

160,006

Corporation tax

-

19,682

Taxation and social security

(992

)

(4,697

)

VAT

45,956

30,274

Other creditors

95,924

113,594

Directors' loan accounts

159,670

181,834

Accrued expenses

9,042

5,022

553,749

724,038

Included within other creditors are loans of £91,000 (2021: £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

2022

2021

£

£

Bank loans

-

74,927

Bank loans - 2-5 years

-

40,707

Hire purchase contracts

37,839

43,422

37,839

159,056

9.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

-

249,999

Hire purchase contracts

45,128

49,800

45,128

299,799

The hire purchase contracts are secured against the assets they relate to.

10.	PROVISIONS FOR LIABILITIES

2022

2021

£

£

Deferred tax

47,123

48,707

Deferred

tax

£

Balance at 1 September 2021

48,707

Credit to Income Statement during year

(1,584

)

Balance at 31 August 2022

47,123

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

100

Ordinary shares

£1

100

100

12.	GUARANTEES

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

The creditor is secured over the assets of Perfect Aquatics Limited and Perfect Aquatics Property Limited.

13.	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.