Aquaspec Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 03068442 (England and Wales)

AQUASPEC LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

7

DIRECTOR:

Mr R M Bicket

SECRETARY:

Mrs K P Bicket

REGISTERED OFFICE:

24 Park Road South

Havant

Hampshire

PO9 1HB

REGISTERED NUMBER:

03068442 (England and Wales)

ACCOUNTANTS:

Rothman Pantall LLP

Chartered Accountants

24 Park Road South

Havant

Hampshire

PO9 1HB

FIXED ASSETS

Tangible assets

4

47,034

64,145

Investments

5

250

250

47,284

64,395

CURRENT ASSETS

Debtors

6

103,103

61,430

CREDITORS

Amounts falling due within one year

7

62,904

39,778

NET CURRENT ASSETS

40,199

21,652

TOTAL ASSETS LESS CURRENT LIABILITIES

87,483

86,047

CREDITORS

Amounts falling due after more than one year

8

(27,026

)

(42,596

)

PROVISIONS FOR LIABILITIES

(8,851

)

(3,166

)

NET ASSETS

51,606

40,285

CAPITAL AND RESERVES

Called up share capital

80,600

80,600

Retained earnings

(28,994

)

(40,315

)

SHAREHOLDERS' FUNDS

51,606

40,285

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 29 March 2018 and were signed by:

Mr R M Bicket - Director

1.	STATUTORY INFORMATION

Aquaspec 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.

The financial statements are presented in Sterling (£) and rounded to the nearest pound (£).

The financial statements relate to Aquaspec Limited as an individual entity.

Significant judgements and estimates

The preparation of financial statements requires the use of estimates and assumptions that affect reported

amounts of assets and liabilities at the date of the financial statements, and revenues and expenses during the

reporting period. These estimates and assumptions are based on management's best knowledge of the amount,

event or actions. Actual results may differ from those amounts.

Significant estimates

Depreciation policies are based on the expected useful lives and useful economic lives of the different

categories of assets. The director has used his experience and knowledge of the business to estimate these

influencing factors.

Turnover

Revenue represents the value of goods and services supplied, excluding value added tax. Trade sales are

recognised on delivery of the goods or services and retail sales recognised as made.

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

-

20% on cost

Equipment

-

33% on cost

Motor vehicles

-

25% on reducing balance

Financial instruments

Financial instruments are recognised in line with Sections 11 and 12 of FRS 102.

Basic financial instrument, such as bank and cash, loans, amounts due to/from group undertakings, trade

receivables and payables are initially recognised at transaction price, unless they constitute a financing

arrangement, when the transaction is measured at the present value of the future receipts/payments discounted

at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective

interest rate method.

Derivative financial instruments are held at fair value with any gains or losses being reported in the profit and

loss. Outstanding derivatives at the reporting date are included under the appropriate format heading depending

on the nature of the derivative.

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 and

depreciated over their estimated useful lives. The interest element of these obligations is charged to the profit

and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Investments in associates

Investments in associate undertakings are recognised at cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

Equipment

vehicles

Totals

£

£

£

£

COST

At 1 July 2016

20,679

3,250

82,480

106,409

Additions

-

958

-

958

Disposals

-

(3,250

)

-

(3,250

)

At 30 June 2017

20,679

958

82,480

104,117

DEPRECIATION

At 1 July 2016

18,525

3,119

20,620

42,264

Charge for year

2,154

319

15,465

17,938

Eliminated on disposal

-

(3,119

)

-

(3,119

)

At 30 June 2017

20,679

319

36,085

57,083

NET BOOK VALUE

At 30 June 2017

-

639

46,395

47,034

At 30 June 2016

2,154

131

61,860

64,145

5.	FIXED ASSET INVESTMENTS

Interest

in

associate

£

COST

At 1 July 2016

and 30 June 2017

250

NET BOOK VALUE

At 30 June 2017

250

At 30 June 2016

250

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

89,640

43,200

Other debtors

13,463

18,230

103,103

61,430

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

32,735

12,736

Hire purchase contracts

14,546

13,130

Trade creditors

8,209

1,890

Taxation and social security

5,209

10,522

Other creditors

2,205

1,500

62,904

39,778

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts

27,026

42,596

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Hire Purchase

41,572

55,726

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2017 and

30 June 2016:

2017

2016

£

£

Mr R M Bicket

Balance outstanding at start of year

3,730

1,480

Amounts advanced

21,253

4,458

Amounts repaid

(11,519

)

(2,208

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

13,464

3,730

No interest has been charged on the outstanding balance.

11.	RELATED PARTY DISCLOSURES

Maxgreen LED Limited

During the year, the company wrote off a loan balance of £13,750 due from an associated company which has

ceased trading. The Director deems it unlikely that the company will receive the outstanding balance.

12.	FIRST YEAR ADOPTION

The company has adopted FRS 102 Section 1A from 1 July 2016 for the year ended 30 June 2017. There are no

re-statements required under the new standard for earlier periods which were prepared under previous UK

GAAP.

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and

the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Aquaspec Limited for the year ended 30 June 2017 which comprise the Income Statement,

Balance Sheet and the related notes from the company's accounting records and from information and explanations you

have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Aquaspec Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Aquaspec Limited and state those matters that we have agreed to state to the director of Aquaspec Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Aquaspec Limited and its director for our work or for this report.

It is your duty to ensure that Aquaspec Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Aquaspec Limited. You consider that Aquaspec Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Aquaspec Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Rothman Pantall LLP

Chartered Accountants

24 Park Road South

Havant

Hampshire

PO9 1HB

29 March 2018