Aquamatic Products Limited - Accounts to registrar (filleted) - small 23.2.5
Aquamatic Products Limited - Accounts to registrar (filleted) - small 23.2.5
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Period |
| 1st December 2022 to 31st May 2023 |
| for |
| Aquamatic Products Limited |
| Aquamatic Products Limited (Registered number: 03124786) |
| Contents of the Financial Statements |
| for the Period 1st December 2022 to 31st May 2023 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Aquamatic Products Limited |
| Company Information |
| for the Period 1st December 2022 to 31st May 2023 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Certified Accountants |
| Sovereign House |
| 155 High Street |
| Aldershot |
| Hampshire |
| GU11 1TT |
| Aquamatic Products Limited (Registered number: 03124786) |
| Balance Sheet |
| 31st May 2023 |
| 2023 | 2022 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| Aquamatic Products Limited (Registered number: 03124786) |
| Balance Sheet - continued |
| 31st May 2023 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Aquamatic Products Limited (Registered number: 03124786) |
| Notes to the Financial Statements |
| for the Period 1st December 2022 to 31st May 2023 |
| 1. | STATUTORY INFORMATION |
| Aquamatic Products Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. |
| The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met for the company’s activities. |
| Tangible fixed assets |
| Tangible fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses. |
| On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in profit or loss, and included in other operating income. |
| Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over their estimated useful lives as follows: |
| Plant and equipment | - | 25% reducing balance |
| Office equipment | - | 25% reducing balance |
| Fixtures and fittings | - | 20% reducing balance |
| Motor vehicles | - | 25% reducing balance |
| Stocks |
| Stocks are measured at the lower of cost and selling price less cost to complete and sell. Cost is calculated on a first in, first out basis and includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. |
| Aquamatic Products Limited (Registered number: 03124786) |
| Notes to the Financial Statements - continued |
| for the Period 1st December 2022 to 31st May 2023 |
| 3. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the period 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 period 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| 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. |
| 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, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
| For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
| For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date. |
| Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| Aquamatic Products Limited (Registered number: 03124786) |
| Notes to the Financial Statements - continued |
| for the Period 1st December 2022 to 31st May 2023 |
| 3. | ACCOUNTING POLICIES - continued |
| Impairment of non-financial assets |
| At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property 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 of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its 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 or loss. |
| Stocks are also assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of stock or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss. |
| If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Motor | Office |
| machinery | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1st December 2022 |
| Disposals | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
| At 31st May 2023 |
| DEPRECIATION |
| At 1st December 2022 |
| Charge for period |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
| At 31st May 2023 |
| NET BOOK VALUE |
| At 31st May 2023 |
| At 30th November 2022 |
| Aquamatic Products Limited (Registered number: 03124786) |
| Notes to the Financial Statements - continued |
| for the Period 1st December 2022 to 31st May 2023 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |