Aquatic Design Centre Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 02624117 (England and Wales)

Financial Statements

for the Year Ended 31 July 2017

for

AQUATIC DESIGN CENTRE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

Mr N J Lloyd

Mr J B S Woof

Registered office:

305 Regents Park Road

Finchley

London

N3 1DP

Registered number:

02624117 (England and Wales)

Accountants:

Haines Watts

Chartered Accountants

305 Regents Park Road

Finchley

London

N3 1DP

Fixed assets

Tangible assets

4

24,702

32,912

Current assets

Debtors

5

363,561

456,540

Cash at bank

12,615

48,643

376,176

505,183

Creditors

Amounts falling due within one year

6

359,673

333,013

Net current assets

16,503

172,170

Total assets less current liabilities

41,205

205,082

Capital and reserves

Called up share capital

8

100

100

Retained earnings

41,105

204,982

Shareholders' funds

41,205

205,082

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 24 April 2018 and were signed on its behalf by:

Mr N J Lloyd - Director

1.	Statutory information

Aquatic Design Centre 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Key source of estimation, uncertainty and judgement

The preparation of financial statements in conformity with generally accepted accounting practice requires

management to make estimates and judgement that affect the reported amounts of assets and liabilities as well

as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of

revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out

by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as

possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out

by management regularly. Whilst every attempt is made to ensure that the deferred tax is accurate as possible,

there remains a risk that the provisions do not match the actual tax liability when asset is disposed off.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is

carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are

as accurate as possible, there remains a risk that the provisions do not match the level of debts which

ultimately prove to be uncollectable.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

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

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a

party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial

recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the

effective interest rate method. A provision is established when there is objective evidence that the company will

not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank

and bank overdrafts which are integral part of the company’s cash management.

Financial liabilities and equity instruments issued by the company are classified in accordance with the

substance of the contractual arrangements entered into and the definitions of a financial liability and an equity

instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company

after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds

received, net of direct issue costs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

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.

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 reporting standard 102

The first date at which FRS 102 s1A was applied was 1 August 2015.

In accordance with FRS 102 s1A the company has:

- provided comparative information;

- applied the same accounting policies throughout all periods presented; and

- retrospectively applied FRS 102 s1A as required.

On transition, management have considered the effect of any changes in accounting treatment from UK GAAP

to FRS 102 s1A for this company and have concluded that there are no material changes that warrant

restatement of the comparative financial.

3.	Employees and directors

The average number of employees during the year was 51 (2016 - 55 ) .

4.	Tangible fixed assets

Fixtures

Short

Plant and

and

leasehold

machinery

fittings

Totals

£

£

£

£

Cost

At 1 August 2016

31,944

259,884

5,452

297,280

Additions

-

-

636

636

Disposals

-

-

(613

)

(613

)

At 31 July 2017

31,944

259,884

5,475

297,303

Depreciation

At 1 August 2016

31,944

229,272

3,152

264,368

Charge for year

-

7,653

580

8,233

At 31 July 2017

31,944

236,925

3,732

272,601

Net book value

At 31 July 2017

-

22,959

1,743

24,702

At 31 July 2016

-

30,612

2,300

32,912

5.

Debtors: amounts falling due within one year

2017

2016

£

£

Trade debtors

230,229

241,173

Other debtors

133,332

215,367

363,561

456,540

6.

Creditors: amounts falling due within one year

2017

2016

£

£

Bank loans and overdrafts

50,750

-

Trade creditors

127,758

132,285

Taxation and social security

107,345

136,417

Other creditors

73,820

64,311

359,673

333,013

Bank overdrafts and bank loans are secured by way of fixed and floating charge over the company's assets and

undertaking.

7.	Deferred tax

£

Balance at 1 August 2016

(1,282

)

Released during the year

(105

)

Balance at 31 July 2017

(1,387

)

8.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100

Ordinary

£1

100

100

9.	Related party disclosures

Included in Other debtors is an amount of £121,929 (2016 - £178,655) owed by a related company and an

amount of £399 (2016 - £399) owed by another related company.

Included in Irrecoverable loan written off is an amount of £287,849 (2016 - £Nil) being a related company

balance written off.

Included in Sales is an amount of £498,904 (2016 - £382,455) being wages recharged to related companies.

All the transactions were carried on an arms length basis.

All the companies are related by virtue of being under common control.

10.	First year of adoption

The company has adopted FRS 102 s1A for the year ended 31 July 2017, with the date of transition therefore

being 1 August 2015.

On transition, management have considered the effect of any changes in accounting treatment from UK GAAP

to FRS 102 s1A for this company and have concluded that there are no material changes that warrant

restatement of the comparative periods.

However the existence of a holiday pay accrual was considered but was immaterial. Also the classification of

related company loans due from related companies were reviewed and stated in the financial statements with

regards to debtors less than one year.