AQUALIFE_SERVICES_LIMITED - Accounts


Company Registration No. SC200596 (Scotland)
AQUALIFE SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
AQUALIFE SERVICES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
AQUALIFE SERVICES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Intangible assets
3
435,579
310,265
Tangible assets
4
93,724
125,096
Investments
5
6,830
7,208
536,133
442,569
Current assets
Debtors
6
575,537
441,481
Cash at bank and in hand
225,394
401,772
800,931
843,253
Creditors: amounts falling due within one year
7
(893,913)
(802,548)
Net current (liabilities)/assets
(92,982)
40,705
Total assets less current liabilities
443,151
483,274
Creditors: amounts falling due after more than one year
8
(295,819)
(236,173)
Net assets
147,332
247,101
Capital and reserves
Called up share capital
60,005
60,005
Revaluation reserve
6,111
6,111
Profit and loss reserves
81,216
180,985
Total equity
147,332
247,101

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

AQUALIFE SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2019
31 December 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 December 2020 and are signed on its behalf by:
G D JEFFREY
G D Jeffrey
Director
Company Registration No. SC200596
AQUALIFE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 3 -
1
Accounting policies
Company information

Aqualife Services Limited is a private company limited by shares incorporated in Scotland. The registered office is Quartermile Two, 2 Liston Square, Edinburgh, EH3 9GL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

1.2
Going concern

The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

In arriving at this conclusion, the directors have given due consideration to the impact of the worldwide Covid-19 pandemic on future operations and the ability of the company to continue to operate as a going concern. The directors recognise that the situation remains highly fluid and as a result making accurate forecasts on the likely implications is difficult but the directors do recognise that trading over the coming months could be adversely affected.

Despite this, the directors remain confident that the company can continue to operate as a going concern. This assessment is based on the understanding that the company will continue to trade over the coming months, albeit at a potentially reduced level from what was initially anticipated. This, along with government support measures that are available and the cash at bank will allow the company to continue to meet its obligations as they fall due and operate as a going concern.

As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Goodwill
AQUALIFE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 4 -

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of comprehensive income over its useful economic life.

 

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
straight line over lease term
Plant and equipment
2 - 3 years straight line
Fixtures and fittings
2 - 4 years straight line
Computers
2 - 3 years straight line
Motor vehicles
3 - 10 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

AQUALIFE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 5 -
1.9
Taxation

The tax expense represents the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.

AQUALIFE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2019
2018
Number
Number
Total
60
58
3
Intangible fixed assets
Goodwill
Development costs
Total
£
£
£
Cost
At 1 January 2019
126,000
222,065
348,065
Additions
-
137,914
137,914
At 31 December 2019
126,000
359,979
485,979
Amortisation and impairment
At 1 January 2019
37,800
-
37,800
Amortisation charged for the year
12,600
-
12,600
At 31 December 2019
50,400
-
50,400
Carrying amount
At 31 December 2019
75,600
359,979
435,579
At 31 December 2018
88,200
222,065
310,265
AQUALIFE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 7 -
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2019
13,438
182,048
35,527
65,814
175,793
472,620
Additions
5,562
-
6,827
-
-
12,389
Disposals
-
-
-
-
(54,211)
(54,211)
Exchange adjustments
-
-
-
-
(15,636)
(15,636)
At 31 December 2019
19,000
182,048
42,354
65,814
105,946
415,162
Depreciation and impairment
At 1 January 2019
1,502
95,174
29,524
63,647
157,677
347,524
Depreciation charged in the year
4,107
21,005
4,013
700
6,477
36,302
Eliminated in respect of disposals
-
-
-
-
(54,211)
(54,211)
Exchange adjustments
-
-
-
-
(8,177)
(8,177)
At 31 December 2019
5,609
116,179
33,537
64,347
101,766
321,438
Carrying amount
At 31 December 2019
13,391
65,869
8,817
1,467
4,180
93,724
At 31 December 2018
11,936
86,874
6,003
2,167
18,116
125,096
AQUALIFE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 8 -
5
Fixed asset investments
2019
2018
£
£
Investments
6,830
7,208
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2019
7,208
Valuation changes
(378)
At 31 December 2019
6,830
Carrying amount
At 31 December 2019
6,830
At 31 December 2018
7,208
Name
Country of incorporation
Class of shares
Holding
Aqualife Services AS
Norway
Ordinary
100%
Ardroughan Europe
Portugal
Ordinary
100%
6
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
193,206
196,600
Corporation tax recoverable
49,122
-
Amounts owed by group undertakings
298,191
221,226
Other debtors
11,433
11,107
Prepayments and accrued income
23,585
12,548
575,537
441,481
AQUALIFE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 9 -
7
Creditors: amounts falling due within one year
2019
2018
£
£
Obligations under finance leases
23,871
30,331
Trade creditors
85,275
78,105
Amounts owed to related parties
50,343
-
Corporation tax
-
12,401
Other taxation and social security
171,774
224,889
Other creditors
436,852
315,164
Accruals and deferred income
125,798
141,658
893,913
802,548
8
Creditors: amounts falling due after more than one year
2019
2018
£
£
Obligations under finance leases
90,008
60,622
Other creditors
205,811
175,551
295,819
236,173
9
Related party transactions

The company has taken advantage of the exemption within FRS 102, section 33 (Related Partytrue Disclosure) which allows exemption from disclosure or related party transactions with other group companies.

 

During the current year, the directors made £20,000 of advances to the company, resulting in a balance at the year end of £66,000 due by the company (2018 - £46,000).

 

There are no set repayment terms, nor is interest charged on the loan.

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