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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2018 |
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AQUESTA LIMITED |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2018 |
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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 DECEMBER 2018 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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AQUESTA LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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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 |
AQUESTA LIMITED (REGISTERED NUMBER: 05862362) |
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STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2018 |
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31/12/18 | 31/12/17 |
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 |
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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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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 2018 |
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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 YEAR ENDED 31 DECEMBER 2018 |
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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 year 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 year 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 YEAR ENDED 31 DECEMBER 2018 |
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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 (December 2017: NIL) |
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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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4. | PROPERTY, PLANT AND EQUIPMENT |
Freehold | Plant and | Computer |
property | machinery | equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2018 |
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Additions |
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At 31 December 2018 |
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DEPRECIATION |
At 1 January 2018 |
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Charge for year |
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At 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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Cost or valuation at 31 December 2018 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 | 471,276 | 12,304 | 4,829,974 |
8,569,650 | 471,276 | 12,304 | 9,053,230 |
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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 YEAR ENDED 31 DECEMBER 2018 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/18 | 31/12/17 |
£ | £ |
Trade debtors |
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Amounts owed by connected companies | 2,298,421 | 2,024,750 |
Prepayments |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/18 | 31/12/17 |
£ | £ |
Trade creditors |
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Amounts owed to connected companies | 1,240,625 | 889,532 |
Tax |
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Social security and other taxes |
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VAT | 32,710 | 26,976 |
Other creditors |
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Accrued expenses |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31/12/18 | 31/12/17 |
£ | £ |
Other loans - 1-2 years | 4,777,000 | 4,777,000 |
Other loans | 860,000 | 902,000 |
Directors' loan accounts | 1,308,431 | 2,138,984 |
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Amounts falling due in more than five years: |
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Repayable otherwise than by instalments |
Other loans | 860,000 | 902,000 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31/12/18 | 31/12/17 |
£ | £ |
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. |
AQUESTA LIMITED (REGISTERED NUMBER: 05862362) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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9. | PROVISIONS FOR LIABILITIES |
31/12/18 | 31/12/17 |
£ | £ |
Deferred tax | 375,742 | 368,678 |
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Deferred tax |
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Balance at 1 January 2018 |
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Accelerated Capital Allowances | 1,027 |
Recoverable Trading Losses | 6,037 |
Revaluation Reserve |
Balance at 31 December 2018 |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/12/18 | 31/12/17 |
value: | £ | £ |
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Ordinary | 1 | 300 | 300 |
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11. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
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At 1 January 2018 | ( |
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1,883,329 |
Deficit for the year | ( |
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At 31 December 2018 | ( |
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1,852,081 |
AQUESTA LIMITED (REGISTERED NUMBER: 05862362) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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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 2018 | December 2017 |
£ | £ |
Debtors: |
Zero Investments Limited | 50,338 | 49,871 |
Realight Limited | Nil | 637 |
Newbury Park Hotels | 1,054,029 | 1,322,886 |
Woodview Limited | 619,063 | 344,800 |
A-Z Services Limited | 201,081 | 10,240 |
Saxitech Limited | 182,312 | 182,312 |
Maxbase Limited | 191,598 | 114,003 |
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2,299,058 | 2,024,749 |
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Creditors: |
Equator Corporation Limited | Nil | 39,000 |
Newville Estate Ltd | 622,662 | 647,662 |
Danbury- Ravway Limited | 155,000 | 155,000 |
Fortyhills Developments Limited | 21,046 | 47,870 |
Howitt Holdings Limited | 441,917 | Nil |
1,279,625 | 889,532 |
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As at period ended 31 December 2018, £1,308,431 (December 2018 : £2,138,984) was owed to H S Atkar, a |
controlling director of the company. |
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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. |