Aqualectrics Ltd Company Accounts

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COMPANY REGISTRATION NUMBER: 07175645

AQUALECTRICS LTD

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 March 2017

AQUALECTRICS LTD

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2017

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

AQUALECTRICS LTD

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	Mr M Leek
	Mrs L Leek

Company secretary	Mr M Leek

Registered office	76A High Street
	Measham
	Swadlincote
	Derbyshire
	DE12 7HZ

Accountants	Johnson Murkett & Hurst
	Chartered Accountants
	Rawdon House
	Rawdon Terrace
	Ashby de la Zouch
	Leicestershire
	LE65 2GN

AQUALECTRICS LTD

STATEMENT OF FINANCIAL POSITION

31 March 2017

	2017		2016
Note	£	£	£	£
CALLED UP SHARE CAPITAL NOT PAID		–		100

FIXED ASSETS

Tangible assets	5		38,697		10,733

CURRENT ASSETS

Stocks		1,637	–
Debtors	6	39,893	27,879
Cash at bank and in hand		34,573	19,994
		--------	--------
		76,103	47,873

CREDITORS: amounts falling due within one year	7	62,628		35,016
		--------		--------
NET CURRENT ASSETS			13,475		12,857
			--------		--------
TOTAL ASSETS LESS CURRENT LIABILITIES			52,172		23,690
			--------		--------
NET ASSETS			52,172		23,690
			--------		--------

CAPITAL AND RESERVES

Called up share capital	8	100	100
Profit and loss account		52,072	23,590
		--------	--------
MEMBERS FUNDS		52,172	23,690
		--------	--------

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 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.

For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

AQUALECTRICS LTD

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2017

These financial statements were approved by the board of directors and authorised for issue on 12 June 2017 , and are signed on behalf of the board by:

Mr M Leek	Mrs L Leek
Director	Director

Company registration number: 07175645

AQUALECTRICS LTD

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 76A High Street, Measham, Swadlincote, Derbyshire, DE12 7HZ.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income 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 pay or recover 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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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 and machinery	-	25% reducing balance
Fixtures and fittings	-	20% reducing balance
Motor vehicles	-	25% reducing balance
Equipment	-	25% reducing balance

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year, including the directors, amounted to 6 (2016: 5 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 April 2016	2,941	1,284	10,000	–	14,225
Additions	1,917	16,001	16,908	4,903	39,729
	-------	--------	--------	-------	--------
At 31 March 2017	4,858	17,285	26,908	4,903	53,954
	-------	--------	--------	-------	--------
Depreciation
At 1 April 2016	735	257	2,500	–	3,492
Charge for the year	1,031	3,406	6,102	1,226	11,765
	-------	--------	--------	-------	--------
At 31 March 2017	1,766	3,663	8,602	1,226	15,257
	-------	--------	--------	-------	--------
Carrying amount
At 31 March 2017	3,092	13,622	18,306	3,677	38,697
	-------	--------	--------	-------	--------
At 31 March 2016	2,206	1,027	7,500	–	10,733
	-------	--------	--------	-------	--------

6. Debtors

	2017	2016
	£	£
Trade debtors	37,939	27,879
Other debtors	1,954	–
	--------	--------
	39,893	27,879
	--------	--------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	25,489	7,368
Accruals and deferred income	1,600	250
Corporation tax	17,528	11,742
Social security and other taxes	16,707	10,492
Bank loans and overdrafts	1,304	5,164
	--------	--------
	62,628	35,016
	--------	--------

8. Called up share capital

Authorised share capital

	2017		2016
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

Issued, called up and fully paid

	2017		2016
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

9. Directors' advances, credits and guarantees

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

	2017
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr M Leek	–	454	454
	----	----	----

	2016
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr M Leek	–	–	–
	----	----	----