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Registered number: 04606775
AQUILA REAL ESTATE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2019
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AQUILA REAL ESTATE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JULY 2019
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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AQUILA REAL ESTATE LIMITED
REGISTERED NUMBER: 04606775
BALANCE SHEET
AS AT 30 JULY 2019
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Creditors: amounts falling due within one year
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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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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 March 2020.
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A D Chambers
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The notes on pages 3 to 8 form part of these financial statements.
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AQUILA REAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2019
Aquila Real Estate Limited is a company incorporated in England and Wales. The registered office is 6a High Street, Chelmsford, England, CM1 1BE.
The principal activity of the company continues to be that of property development and investing.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
After reviewing the most recent projections and having carefully considered the ongoing challenges facing retail and the retail property sector, particularly in light of the continuing spread of Covid-19, the Directors have a reasonable expectation that the Group will be able to work closely with its tenants and loan providers during the forthcoming periods so that the Group will have adequate resources to continue in operational existence for the foreseeable future. It is for this reason the directors continue to adopt the going concern basis of accounting in preparing these financial statements.
Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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AQUILA REAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2019
2.Accounting policies (continued)
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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AQUILA REAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2019
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
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The average monthly number of employees, including directors, during the year was 4 (2018 - 3).
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Investments in subsidiary companies
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AQUILA REAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2019
4.Fixed asset investments (continued)
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On 10 August 2018, the Company acquired 20% of the ordinary share capital of Aquila 1516 Limited for a consideration, inclusive of costs, of £858,296.
On 29 July 2019, the Company received a distribution in specie of a loan note with a value of £4,400,791 from its subsidiary, Aquila 1516 Limited. On the same date, the loan note was assigned to another subsidiary, ABSL Holdings Limited, in exchange for the issue by that company of one ordinary share of £1 at a premium of £4,400,790.
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The following were subsidiary undertakings of the Company:
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Property development and investing
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Property development and investing
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Property development and investing
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Aquila Open Space Limited**
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Property development and investing
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*This company is a subsidiary of ABSL Holdings Limited.
**This company is a subsidiary of ABSL1 Limited.
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Due after more than one year
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Amounts owed by group undertakings
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Called up share capital not paid
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AQUILA REAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2019
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Creditors: Amounts falling due within one year
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Creditors: Amounts falling due after more than one year
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Analysis of the maturity of loans is given below:
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Amounts falling due 2-5 years
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Profit & loss account
The profit and loss account of £4,400,791 represents undistributable reserves.
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AQUILA REAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2019
Aquila Finance Limited (“the borrower”) is a borrower under a facility agreement. Under the agreement, ABSL1 Limited, Aquila Open Space Limited, Eagle 456 Limited, Aquila EHS Limited, Aquila Chelmsford Limited, Aquila BTE1 Limited, Aquila BTE 2 Limited, Aquila 1516 Limited, Aquila Real Estate Limited, Aquila House Property Limited, Aquila Developments Limited, Aquila Estates Limited, ABSL Holdings Limited and Aquila MB2 Limited, (“the guarantors”) are jointly and severally liable for the loan. The loan is secured on the shares and assets owned by the borrower and guarantors. A D Chambers, D Freedman and D Chambers are directors of the borrower and guarantors.
At the balance sheet date the company was a wholly owned subsidiary of Aquila MB2 Limited. The ultimate parent company was Aquila House Holdings Limited which is controlled by A D Chambers.
The auditors' report on the financial statements for the year ended 30 July 2019 was unqualified.
The audit report was signed on 25 March 2020 by Christopher Taylor (Senior Statutory Auditor) on behalf of Adler Shine LLP.
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