Aquateq Pools Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC428998

AQUATEQ POOLS LTD

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

250,158

176,873

CURRENT ASSETS

Stocks

20,000

20,000

Debtors

5

752,315

919,422

Cash at bank

193,884

171,234

966,199

1,110,656

CREDITORS

Amounts falling due within one year

6

771,923

542,702

NET CURRENT ASSETS

194,276

567,954

TOTAL ASSETS LESS CURRENT LIABILITIES

444,434

744,827

CREDITORS

Amounts falling due after more than one year

7

(382,859

)

(384,989

)

PROVISIONS FOR LIABILITIES

(30,375

)

(12,019

)

NET ASSETS

31,200

347,819

CAPITAL AND RESERVES

Called up share capital

10

10

Retained earnings

31,190

347,809

SHAREHOLDERS' FUNDS

31,200

347,819

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 December 2023 and were signed on its behalf by:

R McKinnon - Director

M J O'Rourke - Director

1.	STATUTORY INFORMATION

Aquateq Pools Ltd is a private company, limited by shares, registered in Scotland. The company's registered office address is 13 Tollpark Road, Cumbernauld, Glasgow, G68 0LW.

The presentation currency of the financial statements is Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There has been no material departures from that standard. The financial statements have been prepared under the historical cost convention.

Judgements

The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements.

The directors consider there are no such significant judgements.

Turnover

Turnover comprises the total invoice value of goods sold and services provided during the year, excluding value added tax. The company's policy is to recognise a sale when substantively all the risks and rewards in connection with the goods and services have been passed to the buyer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc - 33.3% on cost, 25% on reducing balance, 20% on reducing balance, written off over term of the lease

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Government grants

Government grants relating to revenue expenditure are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that become 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 shall be recognised in income in the period in which it becomes receivable.

Stocks

Stocks are stated at the lower of cost and estimated selling price. Estimated selling price is net of trade discounts less all further costs to completion and all costs to be incurred in marketing, selling and distribution.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to and from related parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Taxation

Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Hire purchase commitments

Assets held under hire purchase agreements are capitalised and depreciated in the same manner as other tangible fixed assets. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Operating lease commitments

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2022 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2022

305,634

Additions

139,867

Disposals

(14,168

)

At 31 March 2023

431,333

DEPRECIATION

At 1 April 2022

128,761

Charge for year

65,191

Eliminated on disposal

(12,777

)

At 31 March 2023

181,175

NET BOOK VALUE

At 31 March 2023

250,158

At 31 March 2022

176,873

Included in fixed assets above are assets financed under hire purchase with a net book value of £245,182 (2022: £169,734).

5.

DEBTORS

2023

2022

£

£

Amounts falling due within one year:

Trade debtors

402,121

470,059

Other debtors

44,763

45,300

446,884

515,359

Amounts falling due after more than one year:

Other debtors

305,431

404,063

Aggregate amounts

752,315

919,422

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

51,619

51,373

Hire purchase contracts

41,034

30,699

Trade creditors

544,192

325,002

Taxation and social security

111,411

105,920

Other creditors

23,667

29,708

771,923

542,702

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

185,630

237,214

Hire purchase contracts

197,229

147,775

382,859

384,989

8.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Hire purchase contracts

238,263

178,474

Bank loans

204,861

246,528

443,124

425,002

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

The bank term loan is secured with a floating charge over the company's assets.

9.	OTHER FINANCIAL COMMITMENTS

The company has future operating lease commitments of £NIL (2022: £8,514).

10.	RELATED PARTY DISCLOSURES