Aquatrac (UK) Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 02753302 (England and Wales)

AQUATRAC (UK) LIMITED

Unaudited Financial Statements

For The Year Ended 31st March 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J H G Witham

Miss A C Jackson

SECRETARY:

J H G Witham

REGISTERED OFFICE:

1 - 5 Nelson Street

Southend on Sea

Essex

SS1 1EG

REGISTERED NUMBER:

02753302 (England and Wales)

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

14,758

18,814

14,758

18,814

CURRENT ASSETS

Stocks

90,180

72,350

Debtors

6

53,045

41,641

Cash at bank and in hand

11,272

8,889

154,497

122,880

CREDITORS

Amounts falling due within one year

7

97,360

92,649

NET CURRENT ASSETS

57,137

30,231

TOTAL ASSETS LESS CURRENT LIABILITIES

71,895

49,045

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

71,795

48,945

SHAREHOLDERS' FUNDS

71,895

49,045

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 20th December 2017 and were signed on its behalf by:

J H G Witham - Director

1.	STATUTORY INFORMATION

Aquatrac (UK) Limited 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.

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. The financial statements have been prepared under the historical cost convention.

In the opinion of the directors, it remains appropriate to continue to adopt the going concern basis of accounting.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 1994, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Patents

Patents are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost on a

straight line basis over the estimated useful economic life (12 years).

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.

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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.

Hire purchase and 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1st April 2016

and 31st March 2017

5,000

37,000

42,000

AMORTISATION

At 1st April 2016

and 31st March 2017

5,000

37,000

42,000

NET BOOK VALUE

At 31st March 2017

-

-

-

At 31st March 2016

-

-

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st April 2016

and 31st March 2017

79,080

DEPRECIATION

At 1st April 2016

60,266

Charge for year

4,056

At 31st March 2017

64,322

NET BOOK VALUE

At 31st March 2017

14,758

At 31st March 2016

18,814

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

Plant and

machinery

etc

£

COST

At 1st April 2016

25,794

Transfer to ownership

(25,794

)

At 31st March 2017

-

DEPRECIATION

At 1st April 2016

12,330

Transfer to ownership

(12,330

)

At 31st March 2017

-

NET BOOK VALUE

At 31st March 2017

-

At 31st March 2016

13,464

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

38,390

35,641

Other debtors

14,655

6,000

53,045

41,641

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Hire purchase contracts

-

1,453

Trade creditors

52,344

53,162

Taxation and social security

18,956

11,974

Other creditors

26,060

26,060

97,360

92,649

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 31st March 2017, the balance on Mr J. Witham's directors current account was a credit balance of £841.

(2016 - credit balance of £841).

9.	ULTIMATE CONTROLLING PARTY

During the previous and current financial periods, the company's ultimate controlling party was sole

director/shareholder J. Witham.

10.	FIRST YEAR ADOPTION

This is the first year that Aquatrac (UK) Limited has prepared its results under FRS 102. The last financial

statements prepared under previous UK GAAP were for the year ended 31 March 2016. The date of transition to

FRS 102 was 1 April 2015.

No transition differences have been identified on transition from previous UK GAAP to FRS 102. As such, no

transition tables are presented showing the differences between the financial statements as presented under

previous GAAP and as presented under FRS 102.