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FINANCIAL STATEMENTS |
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FOR THE PERIOD 1 APRIL 2017 TO 31 DECEMBER 2017 |
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AQUESTA LIMITED |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE PERIOD 1 APRIL 2017 TO 31 DECEMBER 2017 |
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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 PERIOD 1 APRIL 2017 TO 31 DECEMBER 2017 |
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Company Information | 1 |
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Chartered Accountants' Report | 2 |
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Statement of Financial Position | 3 |
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Notes to the Financial Statements | 5 |
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AQUESTA LIMITED |
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COMPANY INFORMATION |
FOR THE PERIOD 1 APRIL 2017 TO 31 DECEMBER 2017 |
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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 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 period ended 31 December 2017 which comprise the Income Statement, |
Statement of Financial Position, Statement of Changes in Equity 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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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 ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Aquesta Limited 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 period. |
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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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STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2017 |
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31/12/17 | 31/3/17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
( |
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( |
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PROVISIONS FOR LIABILITIES | 9 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Revaluation reserve | 11 |
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Capital Contribution | 11 | - | 794,292 |
Retained earnings | 11 | ( |
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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 DECEMBER 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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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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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 APRIL 2017 TO 31 DECEMBER 2017 |
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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 as modified by the revaluation of certain assets. |
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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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Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the |
timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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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 |
AQUESTA LIMITED (REGISTERED NUMBER: 05862362) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2017 TO 31 DECEMBER 2017 |
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2. | ACCOUNTING POLICIES - continued |
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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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There is no holiday pay accruals for the current period (March 2017: NIL) |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was
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4. | PROPERTY, PLANT AND EQUIPMENT |
Freehold | Plant and | Computer |
property | machinery | equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 April 2017 |
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Additions |
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Revaluations |
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At 31 December 2017 |
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DEPRECIATION |
At 1 April 2017 |
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Charge for period |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 March 2017 |
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Cost or valuation at 31 December 2017 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 |
Valuation in 2017 | 1,500,000 | - | - | 1,500,000 |
Valuation in 2017 | 500,000 | - | - | 500,000 |
Cost | 4,346,394 | 463,218 | 8,079 | 4,817,691 |
8,569,650 | 463,218 | 8,079 | 9,040,947 |
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Freehold Property was valued on an open market basis. |
AQUESTA LIMITED (REGISTERED NUMBER: 05862362) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2017 TO 31 DECEMBER 2017 |
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5. | DEBTORS |
31/12/17 | 31/3/17 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Amounts owed by connected companies | 2,024,750 | 608,558 |
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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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/17 | 31/3/17 |
£ | £ |
Trade creditors |
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Amounts owed to connected companies | 889,532 | 155,000 |
Tax |
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Social security and other taxes |
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VAT | 26,976 | 50,077 |
Other creditors |
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Accrued expenses |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31/12/17 | 31/3/17 |
£ | £ |
Other loans - 1-2 years | 4,777,000 | 3,077,000 |
Other loans | 902,000 | 902,000 |
Amounts owed to connected companies |
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Directors' loan accounts | 2,138,984 | 1,722,693 |
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Amounts falling due in more than five years: |
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Repayable otherwise than by instalments |
Other loans | 902,000 | 902,000 |
AQUESTA LIMITED (REGISTERED NUMBER: 05862362) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2017 TO 31 DECEMBER 2017 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31/12/17 | 31/3/17 |
£ | £ |
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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9. | PROVISIONS FOR LIABILITIES |
31/12/17 | 31/3/17 |
£ | £ |
Deferred tax | 368,678 | 307,464 |
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Deferred tax |
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Balance at 1 April 2017 |
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Accelerated Capital Allowances | 957 |
Recoverable Trading Losses | 27,382 |
Revaluation Reserve | 32,875 |
Balance at 31 December 2017 |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/12/17 | 31/3/17 |
value: | £ | £ |
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Ordinary | 1 | 300 | 300 |
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11. | RESERVES |
Retained | Revaluation | Capital |
earnings | reserve | Contribution | Totals |
£ | £ | £ | £ |
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At 1 April 2017 | ( |
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2,152,287 |
Profit for the period |
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Cash share issue | - | - | (794,292 | ) | (794,292 | ) |
Freehold Land | - | 467,125 | - | 467,125 |
At 31 December 2017 | ( |
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- | 1,883,329 |
AQUESTA LIMITED (REGISTERED NUMBER: 05862362) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 APRIL 2017 TO 31 DECEMBER 2017 |
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12. | 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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December 2017 |
March
2017 |
£ | £ |
Debtors: |
Zero Investments Limited | 49,871 | 37,202 |
Realight Limited | 637 | 637 |
Newbury Park Hotels | 1,322,886 | Nil |
Newville Estate Limited | Nil | 36,427 |
Woodview Limited | 344,800 | 255,970 |
A-Z Services Limited | 10,240 | 240 |
Saxitech Limited | 182,312 | 172,312 |
Maxbase Limited | 114,003 | 142,972 |
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2,024,749 | 645,760 |
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Creditors: |
Equator Corporation Limited | 39,000 | Nil |
Newville Estate Ltd | 647,662 | Nil |
Danbury- Ravway Limited | 155,000 | 155,000 |
Chigwell Site | Nil | 14,275 |
Fortyhills Developments Limited | 47,870 | Nil |
889,532 | 169,275 |
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As at period ended 31 December 2017, £2,138,984 (March 2017 : £2,522,282) was owed to H S Atkar, a |
controlling director of the company. Fair value of the period being £Nil (March 2017: £1,722,693). |
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13. | 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. |