Perfect Aquatics Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 10306026 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 AUGUST 2016 TO 31 AUGUST 2017

FOR

PERFECT AQUATICS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr P Wootton

Mr M Hussain

REGISTERED OFFICE:

114 Montrose Avenue

Luton

Beds

LU3 1HS

REGISTERED NUMBER:

10306026 (England and Wales)

ACCOUNTANTS:

Foxley Kingham

Chartered Accountants

Prospero House

46-48 Rothesay Road

Luton

Bedfordshire

LU1 1QZ

FIXED ASSETS

Intangible assets

4

32,316

Tangible assets

5

49,782

82,098

CURRENT ASSETS

Stocks

166,475

Debtors

6

190,703

Cash at bank and in hand

39,076

396,254

CREDITORS

Amounts falling due within one year

7

579,712

NET CURRENT LIABILITIES

(183,458

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(101,360

)

CAPITAL AND RESERVES

Called up share capital

8

100

Retained earnings

(101,460

)

SHAREHOLDERS' FUNDS

(101,360

)

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

The members have not required the company to obtain an audit of its financial statements for the period ended 31 August 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 7 December 2017 and were signed on its behalf by:

Mr M Hussain - Director

1.	STATUTORY INFORMATION

Perfect Aquatics Ltd 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 accounts have been prepared on a going concern basis which is considered to be appropriate, although the

company's ability to continue trading is reliant on the continued support of the directors.

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 2016, is being amortised evenly over its estimated useful life of three 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.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% 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 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 15 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

Additions

47,474

At 31 August 2017

47,474

AMORTISATION

Amortisation for period

15,158

At 31 August 2017

15,158

NET BOOK VALUE

At 31 August 2017

32,316

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

Additions

55,313

8,363

2,700

66,376

At 31 August 2017

55,313

8,363

2,700

66,376

DEPRECIATION

Charge for period

13,828

2,091

675

16,594

At 31 August 2017

13,828

2,091

675

16,594

NET BOOK VALUE

At 31 August 2017

41,485

6,272

2,025

49,782

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade debtors

616

Amounts owed by group undertakings

145,310

Other debtors

10,144

Prepayments and accrued income

34,633

190,703

The balance due by group undertakings are unsecured, interest free and repayable on demand.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade creditors

89,060

Taxation and social security

4,413

VAT

10,418

Other creditors

270,825

Directors' loan accounts

181,663

Accrued expenses

23,333

579,712

Included within other creditors are loans of £91,000 from a company in which Mr M Hussain has an interest. The

loans are interest free and repayable on demand.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

100

Ordinary shares

1

100

100 Ordinary shares shares of 1 each were allotted and fully paid for cash at par during the period.

9.	OFF-BALANCE SHEET ARRANGEMENTS

Perfect Aquatics Limited is acting as a guarantor against the secured creditor in Perfect Aquatics Property

Limited.

The creditors are secured over the assets of Perfect Aquatics Limited and Perfect Aquatics Property Limited.

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr M Hussain.