Aquateq Pools Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC428998

AQUATEQ POOLS LTD

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

99,971

39,456

CURRENT ASSETS

Stocks

30,000

50,000

Debtors

5

336,367

454,389

Cash at bank

47,351

54,458

413,718

558,847

CREDITORS

Amounts falling due within one year

6

283,063

338,204

NET CURRENT ASSETS

130,655

220,643

TOTAL ASSETS LESS CURRENT LIABILITIES

230,626

260,099

CREDITORS

Amounts falling due after more than one year

7

(60,814

)

(15,585

)

PROVISIONS FOR LIABILITIES

(17,716

)

(6,259

)

NET ASSETS

152,096

238,255

CAPITAL AND RESERVES

Called up share capital

10

10

Retained earnings

152,086

238,245

SHAREHOLDERS' FUNDS

152,096

238,255

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 14 September 2018 and were signed on its behalf by:

R McKinnon - Director

1.	STATUTORY INFORMATION

Aquateq Pools Limited is a private company, limited by shares, registered in Scotland. The company's registered

office address is Unit R7,100 Borron Street, Port Dundas, Glasgow G4 9XG.

The presentation currency of the financial statements is 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. There has been no material departures from that standard. The financial

statements have been prepared under the historical cost convention.

Turnover

Turnover comprises the invoiced sale of goods and services during the year, excluding value added tax. The

company's policy is to recognise a sale when substantively all the risks and rewards in connection with the goods

and services have been passed to the buyer.

Tangible fixed assets

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

Plant and machinery etc

-

33.3% on cost, 25% on reducing balance, 20% on reducing balance and written off over the term of the lease

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Stocks

Stocks are stated at the lower of cost and estimated selling price. Estimated selling price is net of trade discounts

less all further costs to completion and all costs to be incurred in marketing, selling and distribution.

In the case of raw materials, cost means purchase price including transport and handling costs, less trade

discounts, calculated on a first in first out basis. Replacement cost would not be materially different.

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal levels of

activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the

valuation of work in progress.

Financial instruments

The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic

financial instruments are initially recognised at transaction value and subsequently measured at their settlement

value.

Taxation

Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is

calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the

treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in

respect of all timing differences that have originated but not reversed at the balance sheet date. However,

deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that

there will be suitable taxable profits from which the future reversal of the underlying timing differences can be

deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in

the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted

at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is

presented either in profit or loss, other comprehensive income or statement of changes in equity depending on

the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Hire purchase commitments

Assets held under hire purchase agreements are capitalised and depreciated in the same manner as other tangible

fixed assets. The capital element of the future payments is treated as a liability and the interest is charged to the

profit and loss account on a straight line basis.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held

separately from those of the company. The annual contributions payable are charged to the profit and loss

account.

Operating lease commitments

Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2017 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2017

79,677

Additions

74,273

At 31 March 2018

153,950

DEPRECIATION

At 1 April 2017

40,221

Charge for year

13,758

At 31 March 2018

53,979

NET BOOK VALUE

At 31 March 2018

99,971

At 31 March 2017

39,456

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

297,179

444,473

Other debtors

39,188

9,916

336,367

454,389

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

3,985

4,743

Hire purchase contracts

15,222

5,401

Trade creditors

126,438

156,889

Taxation and social security

106,134

134,870

Other creditors

31,284

36,301

283,063

338,204

The bank loan is secured by a personal guarantee from each of the directors and the hire purchase contracts with

a net book value of £84,118 (2017: £15,602) which are secured over the assets to which they relate.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

-

4,334

Hire purchase contracts

60,814

11,251

60,814

15,585

The bank loan is secured by a personal guarantee from each of the directors and the hire purchase contracts are

secured over the assets to which they relate.

8.	PENSION COMMITMENTS

At the balance sheet date, the company had outstanding pension contributions totalling £200 (2017: £Nil).

9.	OTHER FINANCIAL COMMITMENTS

The company has future operating lease commitments of £27,788 (2017 : £42,503).

10.	RELATED PARTY DISCLOSURES