REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2016 |
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AQUESTA LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2016 |
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FOR |
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AQUESTA LIMITED |
AQUESTA LIMITED (REGISTERED NUMBER: 05862362) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2016 |
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Company Information | 1 |
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Chartered Accountants' Report | 2 |
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Income statement | 3 |
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Statement of Financial Position | 4 |
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Statement of Changes in Equity | 6 |
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Notes to the Financial Statements | 7 |
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Reconciliation of Equity | 12 |
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Reconciliation of Loss | 16 |
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AQUESTA LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2016 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
505 Pinner Road |
Harrow |
Middlesex |
HA2 6EH |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
AQUESTA LIMITED |
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The following reproduces the text of the report prepared for the directors and members in respect of the |
company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is |
only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and |
certain other primary statements and the Report of the Directors are not required to be filed with the Registrar |
of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Aquesta Limited for the year ended 31 March 2016 which comprise the Income statement, |
Statement of Financial Position, and the related notes from the company's accounting records and from information and |
explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook. |
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This report is made solely to the Board of Directors of Aquesta Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Aquesta Limited and state those matters that we have agreed to state to the Board of Directors of Aquesta Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Aquesta Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Aquesta Limited. You consider that Aquesta Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Aquesta Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Chartered Accountants |
505 Pinner Road |
Harrow |
Middlesex |
HA2 6EH |
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AQUESTA LIMITED (REGISTERED NUMBER: 05862362) |
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INCOME STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2016 |
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31/3/16 | 31/3/15 |
Notes | £ | £ |
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REVENUE |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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OPERATING LOSS | 4 | ( |
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Interest receivable and similar income |
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(17,117 | ) | (519,380 | ) |
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Amounts written off investments | (688,854 | ) | (76,278 | ) |
671,737 | (443,102 | ) |
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Interest payable and similar expenses |
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PROFIT/(LOSS) BEFORE TAXATION |
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( |
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Tax on profit/(loss) | 5 | ( |
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PROFIT/(LOSS) FOR THE FINANCIAL
YEAR |
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( |
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AQUESTA LIMITED (REGISTERED NUMBER: 05862362) |
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STATEMENT OF FINANCIAL POSITION |
31 MARCH 2016 |
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31/3/16 | 31/3/15 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 6 |
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CURRENT ASSETS |
Debtors: amounts falling due within one year | 7 |
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Debtors: amounts falling due after more than
one year |
7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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PROVISIONS FOR LIABILITIES | 11 | ( |
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NET ASSETS/(LIABILITIES) |
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CAPITAL AND RESERVES |
Called up share capital | 12 |
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Revaluation reserve | 13 |
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Retained earnings | 13 | ( |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
AQUESTA LIMITED (REGISTERED NUMBER: 05862362) |
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STATEMENT OF FINANCIAL POSITION - continued |
31 MARCH 2016 |
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The financial statements were approved by the Board of Directors on
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AQUESTA LIMITED (REGISTERED NUMBER: 05862362) |
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STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2016 |
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Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
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Balance at 1 April 2014 |
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( |
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Changes in equity |
Total comprehensive income | - | ( |
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Balance at 31 March 2015 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 March 2016 |
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AQUESTA LIMITED (REGISTERED NUMBER: 05862362) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2016 |
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1. | STATUTORY INFORMATION |
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Aquesta Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provision os Section 1A" Small Entities"of |
Financial Reporting Standard 102" The Financial Reporting Standard applicable in the UK and Republic of |
Ireland" and the Companies Act 2006, The financial statements have been prepared under the historical cost |
convention. The presentation currency is £ sterling. |
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These financial statements for the year ended 31st March 2016 are the first financial statements that comply with |
FRS102 Section 1A small entities. The date of transition is 1st April 2015. |
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Turnover |
Turnover represents fees receivable from hire of banqueting centre and conference hall,excluding value added |
tax. Revenue from the services is recognised at the time of service is rendered. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Changes in accounting policies |
The transition to FRS 102 Section 1A small entities has resulted in a small number of changes in the accounting |
policies to those used previously. |
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The nature of these changes and their impact on the opening equity and profit for the comparative period are |
explained in notes and below. |
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Tangible fixed assets |
Property,plant and equipment are stated at fair value which is cost or revaluation amount less accumulated |
depreciation and impairment losses |
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Freehold property includes land and building which are carried at their revalued amounts, being fair value at the |
date of valuation less subsequent depreciation and impairment losses. Revaluations are performed by |
professional qualified valuers with sufficient regularity. Revaluation reserve is disclosed net of deferred tax. |
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Depreciation is provided an all property,plant and equipment, at rates calculated to write off the cost, less |
estimated residual value, of each assets on a systematic basis over its expected useful life as follows: |
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Freehold building - 2% on the cost |
Plant and Machinery - 25% on reducing balance |
Computer Equipment - 33.33% on reducing balance |
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Holiday pay accruals |
Prior to adoption of FRS102, the company did not have any policy of accruing cost for holiday pay. |
Subsequently, the company has started recognising costs for accumulated compensated absences (holiday pay |
accruals). |
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For the year ended 31 March 2016, an accrual of £nil at the date of transition and an accrual of £nil at the date of |
comparative has been made to reflect the impact till that date. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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AQUESTA LIMITED (REGISTERED NUMBER: 05862362) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2016 |
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4. | OPERATING LOSS |
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The operating loss is stated after charging: |
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31/3/16 | 31/3/15 |
£ | £ |
Depreciation - owned assets |
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5. | TAXATION |
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Analysis of the tax credit |
The tax credit on the profit for the year was as follows: |
31/3/16 | 31/3/15 |
£ | £ |
Deferred tax | ( |
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Tax on profit/(loss) | ( |
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6. | PROPERTY, PLANT AND EQUIPMENT |
Freehold | Plant and | Computer |
property | machinery | equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 April 2015 |
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Additions |
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Revaluations |
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At 31 March 2016 |
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DEPRECIATION |
At 1 April 2015 |
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Charge for year |
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At 31 March 2016 |
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NET BOOK VALUE |
At 31 March 2016 |
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At 31 March 2015 |
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Cost or valuation at 31 March 2016 is represented by: |
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Freehold | Plant and | Computer |
property | machinery | equipment | Totals |
£ | £ | £ | £ |
Valuation in 2014 | 1,230,000 | - | - | 1,230,000 |
Valuation in 2016 | 993,256 | - | - | 993,256 |
Cost | 4,276,744 | 451,836 | 1,849 | 4,730,429 |
6,500,000 | 451,836 | 1,849 | 6,953,685 |
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Freehold Property was valued on an open market basis by Davis Coffer Lyons. |
AQUESTA LIMITED (REGISTERED NUMBER: 05862362) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2016 |
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7. | DEBTORS |
31/3/16 | 31/3/15 |
£ | £ |
Amounts falling due within one year: |
Amounts owed by connected companies | 185,574 | 60,062 |
Other debtors |
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VAT |
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Deferred tax asset |
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Prepayments |
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Amounts falling due after more than one year: |
Amounts owed by connected companies |
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Aggregate amounts |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/16 | 31/3/15 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to connected companies | 120,197 | 17,354 |
Social security and other taxes |
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VAT | 5,493 | - |
Other creditors |
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Directors' current accounts | - | 1,994,117 |
Accrued expenses |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31/3/16 | 31/3/15 |
£ | £ |
Other loans - 1-2 years | 3,000,000 | 2,899,000 |
Other loans | 937,000 | 725,000 |
Amounts owed to connected companies |
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Directors' loan accounts | 1,071,355 | - |
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Amounts falling due in more than five years: |
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Repayable otherwise than by instalments |
Other loans | 937,000 | 725,000 |
AQUESTA LIMITED (REGISTERED NUMBER: 05862362) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2016 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31/3/16 | 31/3/15 |
£ | £ |
Other loans - 1 -2 years |
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The loan is secured by way of a debenture over the assets of Aquesta Limited, together with a personal guarantee |
from the director. |
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11. | PROVISIONS FOR LIABILITIES |
31/3/16 |
£ |
Deferred tax | 147,123 |
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Deferred |
tax |
£ |
Balance at 1 April 2015 | ( |
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Decelerated Capital Allowances | (3,863 | ) |
Recoverable Trading Losses | (38,874 | ) |
Revaluation Reserve | 198,651 |
Balance at 31 March 2016 |
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12. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/3/16 | 31/3/15 |
value: | £ | £ |
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Ordinary | 1 | 300 | 300 |
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13. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
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At 1 April 2015 | ( |
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(387,064 | ) |
Profit for the year |
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Freehold Land | - | 794,605 | 794,605 |
At 31 March 2016 | ( |
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861,176 |
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AQUESTA LIMITED (REGISTERED NUMBER: 05862362) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2016 |
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14. | RELATED PARTY DISCLOSURES |
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At the Balance Sheet date, the following balances were outstanding in respect of companies where the directors |
have beneficial interest :- |
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2016 | 2015 |
£ | £ |
Debtors: |
Equator Corporation Limited | 46,444 | 42,221 |
Loughton Care Centre Limited | Nil | 60,062 |
Zero Investments Limited | 33,820 | 30,390 |
Eastbourne | 165,394 | 621 |
Lambourne Limited | 18,534 | Nil |
Newville Estate Limited | 6,540 | Nil |
Woodview Limited | 160,500 | Nil |
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431,232 | 133,294 |
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Creditors: |
Hastings Court Limited | 363,283 | 215,517 |
Loughton Care centre Limited | 121,532 | Nil |
Danbury- Ravway Limited | 79,000 | Nil |
Chigwell Site | 41,197 | Nil |
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605,012 | 215,517 |
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As at year ended 31 March 2016, £1,725,487 (2015 : £nil) was owed to H S Aktar, a controlling director of the |
company. Fair value of the year ended balance being £1,071,355. |
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15. | ULTIMATE CONTROLLING PARTY |
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The director, H S Aktar, is the ultimate controller of the company as he holds all of the issued share capital of the |
company. |
AQUESTA LIMITED (REGISTERED NUMBER: 05862362) |
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RECONCILIATION OF EQUITY |
1 APRIL 2014 |
(DATE OF TRANSITION TO FRS 102) |
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Effect of |
UK | transition |
GAAP | to FRS 102 | FRS 102 |
Notes | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 3,807,541 |
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3,807,541 |
CURRENT ASSETS |
Debtors | 147,774 |
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147,774 |
Cash in hand | 85,506 |
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85,506 |
233,280 |
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233,280 |
CREDITORS |
Amounts falling due within one year | (571,547 | ) |
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(571,547 | ) |
NET CURRENT LIABILITIES | (338,267 | ) |
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(338,267 | ) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
3,469,274 |
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3,469,274 |
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CREDITORS |
Amounts falling due after more than one
year |
(2,966,170 |
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(2,966,170 |
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PROVISIONS FOR LIABILITIES | - | ( |
) | (181,196 | ) |
NET ASSETS | 503,104 | ( |
) | 321,908 |
CAPITAL AND RESERVES |
Called up share capital | 300 |
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300 |
Revaluation reserve | 1,230,000 | ( |
) | 984,000 |
Retained earnings | (727,196 | ) |
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(662,392 | ) |
SHAREHOLDERS' FUNDS | 503,104 | ( |
) | 321,908 |
AQUESTA LIMITED (REGISTERED NUMBER: 05862362) |
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RECONCILIATION OF EQUITY - continued |
31 MARCH 2015 |
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Effect of |
UK | transition |
GAAP | to FRS 102 | FRS 102 |
Notes | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 5,682,775 |
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5,682,775 |
CURRENT ASSETS |
Debtors | 355,677 | ( |
) | 319,893 |
Cash in hand | 400 |
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400 |
356,077 | ( |
) | 320,293 |
CREDITORS |
Amounts falling due within one year | (2,886,685 | ) |
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(2,567,315 | ) |
NET CURRENT LIABILITIES | (2,530,608 | ) |
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(2,247,022 | ) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
3,152,167 |
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3,435,753 |
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CREDITORS |
Amounts falling due after more than one
year |
(3,624,000 |
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( |
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(3,822,517 |
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NET LIABILITIES | (471,833 | ) |
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(386,764 | ) |
CAPITAL AND RESERVES |
Called up share capital | 300 |
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300 |
Revaluation reserve | 1,230,000 | ( |
) | 984,000 |
Retained earnings | (1,702,133 | ) |
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(1,371,064 | ) |
SHAREHOLDERS' FUNDS | (471,833 | ) |
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(386,764 | ) |
AQUESTA LIMITED (REGISTERED NUMBER: 05862362) |
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RECONCILIATION OF EQUITY - continued |
31 MARCH 2015 |
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Notes to the reconciliation of equity |
The company has adopted FRS102 for the year ended 31 March 2016 and has restated the prior year comparative |
figures. |
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Changes for FRS102 adoption: |
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1) Amounts owed by group undertakings are required to be represented at fair value and they be arrived by discounting |
at 10%. The changes in fair value are recognised in profit or loss (see note 4 below). |
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31/03/2016 | 31/03/2015 | 01/04/2014 |
£ | £ | £ |
Amounts falling due within one year: |
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Amounts owed by group undertakings | 185,574 | 60,062 | - |
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Amounts falling due after more than one year: |
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Amounts owed by group undertakings | 245,658 | 73,587 | - |
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--------------- | ------------- | ----------- |
431,232 | 133,649 | - |
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2) Amounts owed to group undertakings are required to be represented at fair value and they be arrived by discounting at |
10%. The changes in fair value are recognised in profit or loss (see note 4 below). |
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31/03/2016 |
31/03/2015 |
01/04/2014 |
£ | £ | £ |
Amounts falling due within one year: |
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Amounts owed to group undertakings | 120,197 | 17,354 | - |
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Amounts falling due after more than one year: |
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Amounts owed to group undertakings | 484,815 | 198,517 | - |
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--------------- | -------------- | ------------- |
605,012 | 215,871 | - |
======== | ======= | ====== |
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3) Directors' loan balances are required to be represented at fair value and they be arrived by discounting at 10%. The |
changes in fair value are recognised in profit or loss (see note 4 below). |
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31/03/2016 | 31/03/2015 | 01/04/2014 |
£ | £ | £ |
Amounts falling due within one year: |
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Amounts due to the directors' | - | 1,994,117 | - |
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Amounts falling due after more than one year: |
- |
Amounts due to the directors' | 1,071,355 | - |
AQUESTA LIMITED (REGISTERED NUMBER: 05862362) |
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RECONCILIATION OF EQUITY - continued |
31 MARCH 2015 |
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------------------ | ----------------- | ------------- |
1,071,355 | 1,994,117 | - |
========= | ========= | ====== |
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4) Unrealised gains and losses have transferred out of retained earnings. |
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The following unrealised gains & loses have been included within the retained earnings: |
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31/03/2016 | 31/03/2015 | 01/04/2014 |
£ | £ | £ |
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Amounts Owed to/by group undertakings | 111,000 | 76,278 | - |
Director's Loan accounts | 654,132 | - | - |
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---------------- | ------------ | ------------ |
765,132 | 76,278 | - |
======== | ====== | ====== |
AQUESTA LIMITED (REGISTERED NUMBER: 05862362) |
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RECONCILIATION OF LOSS |
FOR THE YEAR ENDED 31 MARCH 2015 |
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Effect of |
UK | transition |
GAAP | to FRS 102 | FRS 102 |
£ | £ | £ |
REVENUE | 86,977 |
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86,977 |
Cost of sales | (19,119 | ) |
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(19,119 | ) |
GROSS PROFIT | 67,858 |
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67,858 |
Administrative expenses | (589,291 | ) |
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(589,291 | ) |
OPERATING LOSS | (521,433 | ) |
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(521,433 | ) |
Interest receivable and similar income | 2,053 |
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2,053 |
Amounts written off investments | - |
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76,278 |
Interest payable and similar expenses | (455,557 | ) |
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(455,557 | ) |
LOSS BEFORE TAXATION | (974,937 | ) |
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(898,659 | ) |
Tax on loss | - |
|
254,791 |
LOSS FOR THE FINANCIAL YEAR | (974,937 | ) |
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(643,868 | ) |