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COMPANY REGISTRATION NUMBER: 06109806
Aqualiner Limited
Unaudited Financial Statements
31 December 2018
Aqualiner Limited
Financial Statements
Year ended 31 December 2018
Contents
Page
Directors' report
1
Statement of comprehensive income
2
Statement of financial position
3
Statement of changes in equity
5
Notes to the financial statements
6
Aqualiner Limited
Directors' Report
Year ended 31 December 2018
The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2018 .
Directors
The directors who served the company during the year were as follows:
Mr J G Rogers-Coltman
Dr DB Downey
Mr GS Boyce
Mr RCH Adams
Mr H Zhang
(Appointed 16 April 2018)
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 22 March 2019 and signed on behalf of the board by:
Mr GS Boyce
Director
Aqualiner Limited
Statement of Comprehensive Income
Year ended 31 December 2018
2018
2017
Note
£
£
Turnover
633
728
Cost of sales
91,761
88,425
--------
--------
Gross loss
( 91,128)
( 87,697)
Administrative expenses
367,567
380,096
---------
---------
Operating loss
( 458,695)
( 467,793)
---------
---------
Loss before taxation
5
( 458,695)
( 467,793)
Tax on loss
( 49,816)
( 100,329)
---------
---------
Loss for the financial year and total comprehensive income
( 408,879)
( 367,464)
---------
---------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
Aqualiner Limited
Statement of Financial Position
31 December 2018
2018
2017
Note
£
£
£
Fixed assets
Tangible assets
6
2,690
2,471
Current assets
Debtors
7
64,879
73,896
Cash at bank and in hand
199,880
33,271
---------
---------
264,759
107,167
Creditors: amounts falling due within one year
8
104,652
162,282
---------
---------
Net current assets/(liabilities)
160,107
( 55,115)
---------
--------
Total assets less current liabilities
162,797
( 52,644)
Provisions
Taxation including deferred tax
( 669,615)
( 669,615)
---------
---------
Net assets
832,412
616,971
---------
---------
Capital and reserves
Called up share capital
2,004
1,796
Share premium account
5,436,716
4,812,604
Profit and loss account
( 4,606,308)
( 4,197,429)
------------
------------
Shareholders funds
832,412
616,971
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Aqualiner Limited
Statement of Financial Position (continued)
31 December 2018
These financial statements were approved by the board of directors and authorised for issue on 22 March 2019 , and are signed on behalf of the board by:
Mr GS Boyce
Director
Company registration number: 06109806
Aqualiner Limited
Statement of Changes in Equity
Year ended 31 December 2018
Called up share capital
Share premium account
Profit and loss account
Total
£
£
£
£
At 1 January 2017
1,727
4,534,673
( 3,829,965)
706,435
Loss for the year
( 367,464)
( 367,464)
-------
------------
------------
---------
Total comprehensive income for the year
( 367,464)
( 367,464)
Issue of shares
69
277,931
278,000
-------
------------
------------
---------
Total investments by and distributions to owners
69
277,931
278,000
At 31 December 2017
1,796
4,812,604
( 4,197,429)
616,971
Loss for the year
( 408,879)
( 408,879)
-------
------------
------------
---------
Total comprehensive income for the year
( 408,879)
( 408,879)
Issue of shares
208
624,112
624,320
----
---------
----
---------
Total investments by and distributions to owners
208
624,112
624,320
-------
------------
------------
---------
At 31 December 2018
2,004
5,436,716
( 4,606,308)
832,412
-------
------------
------------
---------
Aqualiner Limited
Notes to the Financial Statements
Year ended 31 December 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 13 Aerodrome Close, Bishop Meadow Road, Loughborough, Leicestershire, LE11 5RJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
15% straight line
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2017: 4 ).
5. Profit before taxation
Loss before taxation is stated after charging:
2018
2017
£
£
Depreciation of tangible assets
1,185
881
-------
----
6. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 January 2018
83,075
1,230
84,305
Additions
197
1,207
1,404
--------
-------
--------
At 31 December 2018
83,272
2,437
85,709
--------
-------
--------
Depreciation
At 1 January 2018
80,604
1,230
81,834
Charge for the year
783
402
1,185
--------
-------
--------
At 31 December 2018
81,387
1,632
83,019
--------
-------
--------
Carrying amount
At 31 December 2018
1,885
805
2,690
--------
-------
--------
At 31 December 2017
2,471
2,471
--------
-------
--------
7. Debtors
2018
2017
£
£
Trade debtors
1,993
1,993
Other debtors
62,886
71,903
--------
--------
64,879
73,896
--------
--------
8. Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
28,196
94,144
Social security and other taxes
7,209
Other creditors
69,247
68,138
---------
---------
104,652
162,282
---------
---------
9. Related party transactions
The company made a payment to Mr J G Rogers-Coltman of £7,400 in respect of a finders fee.