REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
AQUESTA LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
AQUESTA LIMITED |
AQUESTA LIMITED (REGISTERED NUMBER: 05862362) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Statement of Financial Position | 3 |
Notes to the Financial Statements | 5 |
AQUESTA LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
505 Pinner Road |
Harrow |
Middlesex |
HA2 6EH |
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
AQUESTA LIMITED |
The following reproduces the text of the report prepared for the director 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 Director are not required to be filed with the Registrar of Companies. |
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 December 2022 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. |
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. |
This report is made solely to the director of Aquesta Limited 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 director of Aquesta Limited 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 director for our work or for this report. |
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. |
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. |
Chartered Accountants |
505 Pinner Road |
Harrow |
Middlesex |
HA2 6EH |
AQUESTA LIMITED (REGISTERED NUMBER: 05862362) |
STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Revaluation reserve | 11 |
Retained earnings | 11 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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) |
STATEMENT OF FINANCIAL POSITION - continued |
31 DECEMBER 2022 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
AQUESTA LIMITED (REGISTERED NUMBER: 05862362) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
1. | STATUTORY INFORMATION |
Aquesta Limited is a |
2. | ACCOUNTING POLICIES |
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. |
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. |
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. |
Current or deferred taxation assets and liabilities are not discounted. |
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. |
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. |
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. |
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. |
Tangible fixed assets |
Property,plant and equipment are stated at fair value which is cost or revaluation amount less accumulated depreciation and impairment losses |
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. |
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: |
Freehold building - 2% on the cost |
Plant and Machinery - 25% on reducing balance |
Computer Equipment - 33.33% on reducing balance |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
AQUESTA LIMITED (REGISTERED NUMBER: 05862362) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
4. | PROPERTY, PLANT AND EQUIPMENT |
Freehold | Plant and | Computer |
property | machinery | equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2022 |
and 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
Cost or valuation at 31 December 2022 is represented by: |
Freehold | Plant and | Computer |
property | machinery | equipment | Totals |
£ | £ | £ | £ |
Valuation in 2014 | 1,230,000 | 13,300 | - | 1,243,300 |
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 | 511,168 | 16,219 | 4,873,781 |
8,569,650 | 524,468 | 16,219 | 9,110,337 |
Freehold Property was valued on an open market basis by the director. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Amounts owed by connected companies | 1,998,007 | 2,074,311 |
Prepayments |
AQUESTA LIMITED (REGISTERED NUMBER: 05862362) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 29,025 | 9,218 |
Other creditors |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans |
Other loans - 2-5 years |
Directors' loan accounts | 2,558,705 | 2,871,164 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans | 4,850,000 | 4,850,000 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
Bank loans |
Other Loans 2-5 years | 300,000 | - |
The loan is secured by way of a debenture over the assets of Aquesta Limited, together with a personal guarantee from the director. The loan is fully repayable within 6 years from the first drawdown with interest charged at 3.71% above the Bank of England base rate. |
Other Loans 2-5 year is loan made by Mr Kulwant Gill to Aquesta Limited. The loan is repayable when demanded by the lender. Interest charged on the loan is 10% per annum payable when loan is repaid. |
9. | PROVISIONS FOR LIABILITIES |
2022 | 2021 |
£ | £ |
Deferred tax | 380,818 | 381,612 |
AQUESTA LIMITED (REGISTERED NUMBER: 05862362) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
9. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 January 2022 |
Credit to Income Statement during year | ( |
) |
Balance at 31 December 2022 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | 1 | 300 | 300 |
11. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 January 2022 | ( |
) | 1,541,319 |
Profit for the year |
At 31 December 2022 | ( |
) | 1,686,619 |
12. | RELATED PARTY DISCLOSURES |
At the Balance Sheet date, the following balances were outstanding in respect of companies where the directors have beneficial interest :- |
December 2021 | December 2020 |
£ | £ |
Debtors: |
Newbury Park Hotels | 1,141,529 | 1,141,529 |
Longprime Limited | 447,778 | 473,813 |
A-Z Services Limited | 408,700 | 408,700 |
Sequoia Living Wantage Limited | 2,000 |
48,269 |
1,998,007 | 2,074,311 |
As at period ended 31 December 2022, £2,558,705 (December 2021 : £2,871,164) was owed to H S Atkar, a controlling director of the company. |
AQUESTA LIMITED (REGISTERED NUMBER: 05862362) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
13. | ULTIMATE CONTROLLING PARTY |
The director, H S Atkar, is the ultimate controller of the company as he holds all of the issued share capital of the company. |