AQUAPAK HYDROPOLYMERS LTD

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  Material uncertainty over going concern

  The continuation of the Group as a going concern basis depends on the Group having access to sufficient resources to continue in business throughout the going concern period. The support of its shareholders and the Directors' belief in the ability of the Group to raise additional finance from existing shareholders, have led it to continue to invest in the core products using an outsourced manufacturing model. It is clear, however, that the Group will need to conclude a fundraising within the next twelve months as positive cash-flow generation will not be achieved during the going concern period.

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  Going-concern uncertainty disclosed

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  Negative shareholders' funds

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers

Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Margin ratios are hidden where reported turnover is too small relative to profit to yield a meaningful figure — typical of holding companies whose income is mostly subsidiary dividends rather than trading revenue. Sector-distribution context coming next.

1. AQUAPAK HYDROPOLYMERS LTD 2016-10-17 → present
2. STRAVENCON CORPORATE FINANCE LIMITED 2011-01-10 → 2016-10-17

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

Ernst & Young LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The continuation of the Group as a going concern basis depends on the Group having access to sufficient resources to continue in business throughout the going concern period. The support of its shareholders and the Directors' belief in the ability of the Group to raise additional finance from existing shareholders, have led it to continue to invest in the core products using an outsourced manufacturing model. It is clear, however, that the Group will need to conclude a fundraising within the next twelve months as positive cash-flow generation will not be achieved during the going concern period.”

Group structure

1. AQUAPAK HYDROPOLYMERS LTD · parent
   1. Aquapak Polymers Limited 100% · UK · Manufacturing
   2. Aquapak IP Holdings Limited 100% · UK · Intermediate holding company
   3. Aquapak IP Limited 100% · UK · IP holding company

Significant events

• “On 19 March 2025 the IP Loan settlement was completed with the IP Loan settled for £1.15m resulting in a credit to the Group statement of comprehensive income in 2025 after legal costs of £56.7m.”
• “On 21st July 2025 the Company issued loan notes totaling £6,683,837 which included the previously committed amounts of £3,791,867 plus accrued interest of £106,506 referred to above along with £2,785,464 of loan note subscriptions from existing and new shareholders.”
• “On 8th August 2025 the loan notes were converted into 3,620,530,128 shares, bringing the total issued share capital to 3,838,775,715 shares.”
• “Between 30 September 2025 and 21 November 2025, further Loan note commitments of £675,000 were received via a "back-stop facility" provided by three of the Company's directors. These loan notes were converted to 364,587,687 shares on 18 December 2025 bringing the total issued share capital to 4,203,363,402 shares.”
• “At the start of 2025 headcount was 48 permanent staff. During 2025 and 2026 the Group restructured the business ultimately reducing that headcount to 5 permanent staff at the end of May 2026 with a move to an outsourced manufacturing model.”
• “This included a financial re-organisation, with the Trading Company - Aquapak Polymers Limited - being restructured to release it from the financially unsustainable lease on its manufacturing site in Birmingham. KR8 Advisory Limited were appointed as Administrators for Aquapak Polymers Limited on 2 June 2026.”
• “On 4 June 2026, a new trading company, A1TCO Limited, was incorporated. A1TCO Limited is a wholly owned subsidiary of the Company. On 20 July 2026, A1TCO Limited entered into a Sale and Purchase Agreement to acquire the business and assets from the Administrator. As part of this transaction, certain plant and machinery was acquired for £70,000.”
• “On 11 August 2026, two of the directors committed to a convertible loan facility which will provide the Group with funding totaling £477k. These funds have been received at the date of approval of these financial statements. In addition, as part of the convertible loan facility, one director has provided a back-stop facility of £139k which will be available for drawdown by 31st December 2026 should the Group be unsuccessful in raising equity from the existing shareholder base.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

14

last 12 months

Capital events

3

last 24 months

Officers appointed

1

last 12 months

Officers resigned

1

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.