REGISTERED NUMBER:
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ABRIDGED UNAUDITED FINANCIAL STATEMENTS |
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FOR THE PERIOD 1 AUGUST 2018 TO 30 JULY 2019 |
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AQUILA PROPERTY INVESTMENTS (UK) LTD |
REGISTERED NUMBER:
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ABRIDGED UNAUDITED FINANCIAL STATEMENTS |
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FOR THE PERIOD 1 AUGUST 2018 TO 30 JULY 2019 |
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FOR |
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AQUILA PROPERTY INVESTMENTS (UK) LTD |
AQUILA PROPERTY INVESTMENTS (UK) LTD (REGISTERED NUMBER: 08066847) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 AUGUST 2018 TO 30 JULY 2019 |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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AQUILA PROPERTY INVESTMENTS (UK) LTD |
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COMPANY INFORMATION |
FOR THE PERIOD 1 AUGUST 2018 TO 30 JULY 2019 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
www.michaelfiliou.com |
Salisbury House |
81 High Street |
Potters Bar |
Hertfordshire |
EN6 5AS |
AQUILA PROPERTY INVESTMENTS (UK) LTD (REGISTERED NUMBER: 08066847) |
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ABRIDGED BALANCE SHEET |
30 JULY 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 5 |
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CURRENT ASSETS |
Debtors |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 6 |
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Other reserves |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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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. |
AQUILA PROPERTY INVESTMENTS (UK) LTD (REGISTERED NUMBER: 08066847) |
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ABRIDGED BALANCE SHEET - continued |
30 JULY 2019 |
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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 director and authorised for issue on
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AQUILA PROPERTY INVESTMENTS (UK) LTD (REGISTERED NUMBER: 08066847) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 AUGUST 2018 TO 30 JULY 2019 |
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1. | STATUTORY INFORMATION |
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Aquila Property Investments (UK) Ltd is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
The director has expressed his intention to provide sufficient funds to the company as and when needed to enable it to continue operating and also to meet its liabilities as they fall due. |
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At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing the financial statements. |
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Preparation of consolidated financial statements |
The financial statements contain information about Aquila Property Investments (UK) Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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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 balance sheet date. |
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AQUILA PROPERTY INVESTMENTS (UK) LTD (REGISTERED NUMBER: 08066847) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 AUGUST 2018 TO 30 JULY 2019 |
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3. | ACCOUNTING POLICIES - continued |
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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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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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the reporting date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties. |
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Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was NIL (2018 - NIL). |
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5. | FIXED ASSET INVESTMENTS |
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Information on investments other than loans is as follows: |
Totals |
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COST |
At 1 August 2018 | 1,520 |
Additions | 1,283 |
Disposals | (120 | ) |
At 30 July 2019 | 2,683 |
NET BOOK VALUE |
At 30 July 2019 | 2,683 |
At 31 July 2018 | 1,520 |
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The company's investments at the Balance Sheet date in the share capital of companies include the following: |
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AQUILA PROPERTY INVESTMENTS (UK) LTD (REGISTERED NUMBER: 08066847) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 AUGUST 2018 TO 30 JULY 2019 |
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5. | FIXED ASSET INVESTMENTS - continued |
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Registered office: Salisbury House, 81 High Street, Potters Bar, Hertfordshire EN6 5AS |
Nature of business:
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Class of shares: | holding |
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On 17 May 2019, the company received 686 new ordinary shares of £1 each in Fulham Properties Limited in exchange for its 70 (70%) ordinary shares of £1 each in QIS Property Investments Limited, |
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On 18 May 2019, the company received 597 new ordinary shares of £1 each in Fulham Properties Limited in exchange for its 50 (50%) ordinary shares of £1 each in S&W Property Ltd. |
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Both of these transactions were done following tax clearance being obtained from HMRC. |
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At the balance sheet date, the company held 2,683 (64.28%) ordinary shares of £1 each in Fulham Properties Limited. |
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6. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary | £1 | 2,369,334 | 2,369,334 |
AQUILA PROPERTY INVESTMENTS (UK) LTD (REGISTERED NUMBER: 08066847) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 AUGUST 2018 TO 30 JULY 2019 |
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7. | RELATED PARTY DISCLOSURES |
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Cedar Holdings Limited |
Cedar Holdings Limited is the immediate parent company and is incorporated in Guernsey. |
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At the balance sheet date, Cedar Holdings Limited was owed £634,330 (2018 - £693,781) by the company. This is an unsecured interest-free loan which is repayable on demand. The company has also an interest-bearing loan of £56,519 to be repaid in 2020. |
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Fulham Properties Limited |
Fulham Properties Limited is a subsidiary company incorporated in England and Wales in which Mr A Theodorou and Mr A Wahid are also directors of. Aquila Property Investments (UK) Ltd owns 64.28% of the issued ordinary share capital in Fulham Properties Limited. |
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At the reporting date, Fulham Properties Limited was owed £20,000 (2018 - £1,307,477 owed to) by the company. This is an unsecured interest-free loan which is repayable on demand. |
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Alim Properties Ltd |
Alim Properties Ltd, a company incorporated in England and Wales in which Mr A Wahid is a director, owns 28.68% of the issued ordinary share capital in Fulham Properties Limited. |
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At the reporting date, Alim Properties Ltd was owed £4,407 (2018 - £4,407) by the company which is included under other creditors. This is an unsecured interest-free loan which is repayable on demand. |
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8. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is
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She is considered by the directors to be the ultimate controlling party by virtue of her indirect interest in 100% of the issued share capital of the company. |
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She holds 100% of the issued share capital of the ultimate parent company, Cedar Holdings Limited, a company incorporated in Guernsey. Cedar Holdings Limited holds 100% of the issued share capital of Aquila Property Investments (UK) Ltd. |