Hydroventuri Limited Filleted accounts for Companies House (small and micro)

HYDROVENTURI LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03901212

Hydroventuri Limited

Filleted Unaudited Abridged Financial Statements

30 September 2020

Hydroventuri Limited

Abridged Financial Statements

Year ended 30 September 2020

Contents	Page

Abridged statement of financial position	1

Notes to the abridged financial statements	3

Hydroventuri Limited

Abridged Statement of Financial Position

30 September 2020

	2020		2019
Note	£	£	£

Fixed assets

Intangible assets	4		1,916	3,152

Current assets

Cash at bank and in hand	899		5,381

Creditors: amounts falling due within one year
Amounts owed to group undertakings	13,265		8,500
Accruals and deferred income	1,596		3,841
	--------		--------
	14,861		12,341
	--------		--------
Net current liabilities		13,962	6,960
		--------	-------
Total assets less current liabilities		( 12,046)	( 3,808)
		--------	-------
Net liabilities		( 12,046)	( 3,808)
		--------	-------

Capital and reserves

Called up share capital	6	4,567,219	4,567,219
Share premium account		1,105,206	1,105,206
Profit and loss account		( 5,684,471)	( 5,676,233)
		------------	------------
Shareholders deficit		( 12,046)	( 3,808)
		------------	------------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.

For the year ending 30 September 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 September 2020 in accordance with Section 444(2A) of the Companies Act 2006.

Hydroventuri Limited

Abridged Statement of Financial Position (continued)

30 September 2020

These abridged financial statements were approved by the board of directors and authorised for issue on 30 June 2021 , and are signed on behalf of the board by:

Mr H.S. West
Director

Company registration number: 03901212

Hydroventuri Limited

Notes to the Abridged Financial Statements

Year ended 30 September 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 24 Bridge Street, Newport, NP20 4SF.

2. Statement of compliance

These abridged 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 accounts have been prepared on the going concern basis. The directors have reviewed the financial position of the company including projections for future trading and obtained suitable assurances from the lenders.

Intangible assets

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Patents	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Research and development

Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.

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 equipment	-	20% 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.

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. Compound instruments Compound instruments comprise both a liability and an equity component. At date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar debt instrument. The liability component is accounted for as a financial liability. The residual is the difference between the net proceeds of issue and the liability component (at time of issue). The residual is the equity component, which is accounted for as an equity instrument. The interest expense on the liability component is calculated applying the effective interest rate for the liability component of the instrument. The difference between this amount and any repayments is added to the carrying amount of the liability in the balance sheet.

4. Intangible assets

	£
Cost
At 1 October 2019 and 30 September 2020	29,919
	--------
Amortisation
At 1 October 2019	26,767
Charge for the year	1,236
	--------
At 30 September 2020	28,003
	--------
Carrying amount
At 30 September 2020	1,916
	--------
At 30 September 2019	3,152
	--------

5. Tangible assets

	£
Cost
At 1 October 2019 and 30 September 2020	48,722
	--------
Depreciation
At 1 October 2019 and 30 September 2020	48,722
	--------
Carrying amount
At 30 September 2020	–
	--------
At 30 September 2019	–
	--------

6. Called up share capital

Authorised share capital

	2020		2019
	No.	£	No.	£
Ordinary shares of £ 0.01 each	21,433,447	214,334	21,433,447	214,334
A Ordinary shares of £ 0.01 each	600,000,000	6,000,000	600,000,000	6,000,000
	--------------	------------	--------------	------------
	621,433,447	6,214,334	621,433,447	6,214,334
	--------------	------------	--------------	------------

Issued, called up and fully paid

	2020		2019
	No.	£	No.	£
Ordinary shares of £ 0.01 each	21,433,447	214,334	21,433,447	214,334
A Ordinary shares of £ 0.01 each	435,288,416	4,352,884	435,288,416	4,352,884
	--------------	------------	--------------	------------
	456,721,863	4,567,219	456,721,863	4,567,219
	--------------	------------	--------------	------------

The 'A' ordinary and ordinary shares constitute a separate class of shares but rank pari passu unless expressly stated otherwise in the articles of association.

7. Related party transactions

The company was under the control of Mr H.S. West throughout the period. There were no other transactions with related parties such as are required to be disclosed under the Financial Reporting Standard for Smaller Entities.

8. Controlling party

The company is a 99.7% owned subsidiary undertaking of EQ Limited, a company incorporated in England and Wales.