Company Registration No. 03666048 (England and Wales)
AQUASOURCE INTERNATIONAL LIMITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2014
AQUASOURCE INTERNATIONAL LIMITED
COMPANY INFORMATION
Directors
Mr O Spurling
Mr A Spurling
Company number
03666048
Registered office
30 Percy Street
London
W1T 2DB
Auditors
Welbeck Associates
30 Percy Street
London
W1T 2DB
AQUASOURCE INTERNATIONAL LIMITED
CONTENTS
Page
Directors' report
1
Independent auditors' report
2 - 3
Profit and loss account
4
Balance sheet
5
Notes to the financial statements
6 - 8
AQUASOURCE INTERNATIONAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2014
- 1 -
The directors present their report and financial statements for the year ended 31 December 2014.
Directors
The following directors have held office since 1 January 2014:
Mr O Spurling
Mr A Spurling
Auditors
In accordance with the company's articles, a resolution proposing that Welbeck Associates be reappointed as auditors of the company will be put at a General Meeting.
Statement of directors' responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditors
So far as the directors are aware, there is no relevant audit information of which the company's auditors are unaware. Additionally, the directors have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company's auditors are aware of that information.
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
On behalf of the board
Mr O Spurling
Director
4 September 2015
AQUASOURCE INTERNATIONAL LIMITED
INDEPENDENT AUDITORS' REPORT
TO THE MEMBERS OF AQUASOURCE INTERNATIONAL LIMITED
- 2 -
We have audited the financial statements of AquaSource International Limited for the year ended 31 December 2014 set out on pages 4 to 8. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the company’s members', as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members' those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members' as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditors
As explained more fully in the Directors' Responsibilities Statement set out on pages 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Annual Report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
Opinion on financial statements
In our opinion the financial statements: give a true and fair view of the state of the company's affairs as at 31 December 2014 and of its loss for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. In our opinion the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
-
give a true and fair view of the state of the company's affairs as at 31 December 2014 and of its loss for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
AQUASOURCE INTERNATIONAL LIMITED
INDEPENDENT AUDITORS' REPORT (CONTINUED)
TO THE MEMBERS OF AQUASOURCE INTERNATIONAL LIMITED
- 3 -
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of directors' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
-
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from preparing a strategic report.
Jonathan Bradley-Hoare (Senior Statutory Auditor)
for and on behalf of Welbeck Associates
24 September 2015
Chartered Accountants
Statutory Auditor
30 Percy Street
London
W1T 2DB
AQUASOURCE INTERNATIONAL LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2014
- 4 -
2014
2013
Notes
£
£
Turnover
3
-
92,203
Cost of sales
-
(31,903)
Gross (loss)/profit
-
60,300
Administrative expenses
(19,300)
(93,569)
Loss on ordinary activities before taxation
2
(19,300)
(33,269)
Tax on loss on ordinary activities
4
-
-
Loss for the year
8
(19,300)
(33,269)
The profit and loss account has been prepared on the basis that all operations are discontinued operations.
There are no recognised gains and losses other than those passing through the profit and loss account.
AQUASOURCE INTERNATIONAL LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2014
31 December 2014
- 5 -
2014
2013
Notes
£
£
£
£
Current assets
Debtors
5
54,993
54,993
Cash at bank and in hand
5,601
2,368
60,594
57,361
Creditors: amounts falling due within one year
6
(467,533)
(467,533)
Total assets less current liabilities
(406,939)
(410,172)
Capital and reserves
Called up share capital
7
110,533
88,000
Profit and loss account
8
(517,472)
(498,172)
Shareholders' funds
9
(406,939)
(410,172)
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board and authorised for issue on 4 September 2015
Mr O Spurling
Director
Company Registration No. 03666048
AQUASOURCE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2014
- 6 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention.
The company ceased trading in October 2013 and accordingly these accounts are not presented under the going concern basis.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Computer equipment
15% on cost
Fixtures & fittings
15% on cost
1.5
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.6
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. All differences are taken to profit and loss account.
2
Operating loss
2014
2013
£
£
Operating loss is stated after charging:
Auditors' remuneration (including expenses and benefits in kind)
2,800
2,800
and after crediting:
Profit on foreign exchange transactions
-
(2,346)
3
Turnover
The total turnover of the company for the year has been derived from its principal activity mainly from its branch in Greece.
AQUASOURCE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2014
- 7 -
4
Taxation
2014
2013
£
£
Total current tax
-
-
Factors affecting the tax charge for the year
Loss on ordinary activities before taxation
(19,300)
(33,269)
Loss on ordinary activities before taxation multiplied by standard rate of UK corporation tax of 0% (2013 - 20.00%)
-
(6,654)
Effects of:
Unutilised tax losses
-
6,654
Current tax charge for the year
-
5
Debtors
2014
2013
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,163
1,163
Other debtors
53,830
53,830
54,993
54,993
6
Creditors: amounts falling due within one year
2014
2013
£
£
Trade creditors
1,264
1,264
Amounts owed to group undertakings and undertakings in which the company has a participating interest
454,995
454,995
Taxation and social security
3,978
3,978
Other creditors
7,296
7,296
467,533
467,533
7
Share capital
2014
2013
£
£
Allotted, called up and fully paid
110,533 Ordinary shares of £1 each
110,533
88,000
AQUASOURCE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2014
- 8 -
8
Statement of movements on profit and loss account
Profit
and loss
account
£
Balance at 1 January 2014
(498,172)
Loss for the year
(19,300)
Balance at 31 December 2014
(517,472)
9
Reconciliation of movements in Shareholders' funds
2014
2013
£
£
Loss for the financial year
(19,300)
(33,269)
Proceeds from issue of shares
22,533
38,000
Net addition to shareholders' funds
3,233
4,731
Opening Shareholders' funds
(410,172)
(414,903)
Closing Shareholders' funds
(406,939)
(410,172)
10
Control
The ultimate parent company is AquaSource Algae Group plc, a company registered in the Republic of Ireland. AquaSource Algae Group plc prepares group accounts and copies can be obtained from 30 Percy Street, London W1T 2DB.
11
Related party relationships and transactions
The company has taken advantage of the exemption available in accordance with FRS 8 'Related party disclosures' not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions.
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