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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 JULY 2018 |
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AQUILA PROPERTY INVESTMENTS (UK) LTD |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 JULY 2018 |
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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 YEAR ENDED 31 JULY 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 | 3 |
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AQUILA PROPERTY INVESTMENTS (UK) LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JULY 2018 |
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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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STATEMENT OF FINANCIAL POSITION |
31 JULY 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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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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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his responsibilities for: |
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ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
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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. |
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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 on
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AQUILA PROPERTY INVESTMENTS (UK) LTD (REGISTERED NUMBER: 08066847) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2018 |
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1. | STATUTORY INFORMATION |
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Aquila Property Investments (UK) Ltd is a limited company, limited by shares, registered in England and Wales. |
The company's registered number is 08066847 and registered office address is c/o Michael Filiou plc, Salisbury |
House, 81 High Street, Potters Bar, Hertfordshire EN6 5AS. |
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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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The financial statements are presented in Sterling (£) which is the functional currency of the company. |
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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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Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates |
and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other |
sources. The estimates and associated assumptions are based on historical experience and other factors that are |
considered to be relevant. Actual results may differ from these estimates. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates |
are recognised in the period in which the estimates is revised where the revision affects only that period or in the |
period of the revision and future periods where the revision affects both current and future periods. |
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There were no judgements and estimates that had significant effect on the amounts recognised in the financial |
statements. |
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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. |
AQUILA PROPERTY INVESTMENTS (UK) LTD (REGISTERED NUMBER: 08066847) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2018 |
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3. | ACCOUNTING POLICIES - continued |
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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 assets, which include trade and other receivables and cash and bank balances, are initially |
measured at transaction price including transaction costs and are subsequently carried at amortised cost using the |
effective interest method unless the arrangement constitute a financing transaction, where the transaction is |
measured at the present value of the future receipts discounted at a market rate of interest. |
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Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of |
impairment at each reporting end date. |
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Financial assets are impaired where there is objective evidence that, as a result of one or more events that |
occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If |
an asset id impaired, the impairment loss is the difference between the carrying amount and the present value of |
the estimated cash flows discounted at the asset's original effective rate. The impairment loss is recognised in |
profit or loss. |
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If there is a decrease in impairment loss arising from the event occurring after the impairment was recognised, |
the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the |
carrying amount would have been, had the impairment not previously been recognised. The impairment reversal |
is recognised in profit or loss. |
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Financial assets are derecognised only when the contractual rights to cash flow from the asset expire or are |
settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership |
to another entity, of if some significant risks and rewards of ownership are retained but control of the asset has |
transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
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Financial liabilities and equity instruments are classified according to the substance of the contractual |
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of |
the company after deducting all of its liabilities. |
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Basic financial liabilities, including trade and other payables and bank loans, are initially recognised at |
transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is |
measured at the present value of the future receipts discounted at a market rate of interest. |
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Debt instruments are subsequently carried at amortised costs, using the effective interest rate method. |
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Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of |
business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or |
less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction |
price and subsequently measured at amortised cost using the effective interest method. |
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Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or |
cancelled. |
AQUILA PROPERTY INVESTMENTS (UK) LTD (REGISTERED NUMBER: 08066847) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2018 |
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4. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 August 2017 |
and 31 July 2018 |
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NET BOOK VALUE |
At 31 July 2018 |
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At 31 July 2017 |
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The company's investments at the Statement of Financial Position date in the share capital of companies include |
the following: |
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Subsidiaries |
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Registered office: c/o Michael Filiou Plc, 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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2018 |
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£ | £ |
Aggregate capital and reserves |
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Profit for the year |
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Registered office: c/o Michael Filiou Plc, 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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2018 |
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£ | £ |
Aggregate capital and reserves |
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Profit for the year/period |
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Associated company |
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Registered office: c/o Michael Filiou Plc, 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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2018 |
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£ | £ |
Aggregate capital and reserves |
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Profit for the year/period |
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AQUILA PROPERTY INVESTMENTS (UK) LTD (REGISTERED NUMBER: 08066847) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2018 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Amounts owed by group undertakings |
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Amounts owed by associates |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Other creditors |
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Directors' loan accounts | 531 | 531 |
Accrued expenses |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
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 YEAR ENDED 31 JULY 2018 |
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8. | RELATED PARTY DISCLOSURES |
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Loan from director |
At the reporting date the director, Mr A Theodorou, was owed £531 (2017: £531) by the company. This is an |
unsecured interest-free loan which is repayable on demand. |
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Cedar Holdings Limited |
Cedar Holdings Limited the parent undertaking of the company is incorporated in Guernsey. |
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At the reporting date, Cedar Holdings Limited was owed £693,781 (2017: £693,781) by the company. This is an |
unsecured interest-free loan which is repayable on demand. |
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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 directors. |
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At the reporting date, Fulham Properties Limited owed £1,307,477 (2017: £1,318,229) to the company. This is |
an unsecured interest-free loan which is repayable on demand. |
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QIS Property Investments Limited |
QIS Property Investments Limited is a subsidiary company incorporated in England and Wales in which Mr A |
Theodorou and Mr A Khademi are directors. |
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At the reporting date, QIS Property Investments Limited owed £1,040,896 (2017: £1,040,896) to the company. |
This is an unsecured interest-free loan which is repayable on demand. |
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S&W Property Ltd |
S&W Property Ltd is an associate company incorporated in England and Wales in which Mr A Theodorou and |
Mr A Wahid are directors. |
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At the reporting date, S&W Property Ltd owed £686,327 (2017: £686,327) to the company. This is an unsecured |
interest-free loan which is repayable on demand. |
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Ms M S Naderi |
Ms M Naderi is the ultimate controlling party in the group. |
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At the reporting date, Ms M Naderi was owed £1,000 (2017: £Nil) by the company as shown under other |
creditors. This is an unsecured interest-free loan which is repayable on demand. |
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Alim Properties Ltd |
Alim Properties Ltd is a company incorporated in England and Wales in which Mr A Wahid is a director, owns |
the other 50% of the issued ordinary share capital in S&W Property Ltd. |
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At the reporting date, Alim Properties Ltd was owed £4,407 (2017: £4,407) by the company as shown under |
other creditors. This is an unsecured interest-free loan which is repayable on demand. |
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9. | ULTIMATE CONTROLLING PARTY |
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Ms Maria Sotiri Naderi is considered by the director to be the ultimate controlling party by virtue of her |
controlling interest of 100% of the issued ordinary share capital in Cedar Holdings Limted, a company |
incorporated in Gurnsey. |
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Cedar Holdings Limited is a parent company of Aquila Property Investments (UK) Ltd by virtue of its |
controlling interest of 100% of the issued ordinary share capital in the company. |