Aquesta Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05862362 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

AQUESTA LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTOR:

H S Atkar

REGISTERED OFFICE:

505 Pinner Road

Harrow

Middlesex

HA2 6EH

REGISTERED NUMBER:

05862362 (England and Wales)

ACCOUNTANTS:

STGCA LLP t/a Sterling

Chartered Accountants

505 Pinner Road

Harrow

Middlesex

HA2 6EH

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 2021 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 loss 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.

STGCA LLP t/a Sterling

Chartered Accountants

505 Pinner Road

Harrow

Middlesex

HA2 6EH

12 September 2022

FIXED ASSETS

Property, plant and equipment

4

8,210,114

8,291,569

CURRENT ASSETS

Debtors

5

2,089,235

1,919,289

Cash at bank and in hand

85,462

778

2,174,697

1,920,067

CREDITORS

Amounts falling due within one year

6

740,416

545,694

NET CURRENT ASSETS

1,434,281

1,374,373

TOTAL ASSETS LESS CURRENT LIABILITIES

9,644,395

9,665,942

CREDITORS

Amounts falling due after more than one year

7

(7,721,164

)

(7,736,405

)

PROVISIONS FOR LIABILITIES

9

(381,612

)

(380,560

)

NET ASSETS

1,541,619

1,548,977

CAPITAL AND RESERVES

Called up share capital

10

300

300

Revaluation reserve

11

3,582,697

3,582,697

Retained earnings

11

(2,041,378

)

(2,034,020

)

SHAREHOLDERS' FUNDS

1,541,619

1,548,977

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 12 September 2022 and were signed by:

H S Atkar - Director

1.	STATUTORY INFORMATION

Aquesta Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Government grants

Grants provided by the government for the purpose of giving immediate financial support in respect of Covid-19 are recognised in the accounting period in which they are received, under accrual method.

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 5 (2020 - 4 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Freehold

Plant and

Computer

property

machinery

equipment

Totals

£

£

£

£

COST OR VALUATION

At 1 January 2021

8,569,650

511,168

16,219

9,097,037

Additions

-

13,300

-

13,300

At 31 December 2021

8,569,650

524,468

16,219

9,110,337

DEPRECIATION

At 1 January 2021

381,734

411,901

11,833

805,468

Charge for year

65,166

28,141

1,448

94,755

At 31 December 2021

446,900

440,042

13,281

900,223

NET BOOK VALUE

At 31 December 2021

8,122,750

84,426

2,938

8,210,114

At 31 December 2020

8,187,916

99,267

4,386

8,291,569

Cost or valuation at 31 December 2021 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.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/21

31/12/20

£

£

Amounts owed by connected companies

2,074,311

1,907,968

Prepayments

14,924

11,321

2,089,235

1,919,289

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/21

31/12/20

£

£

Trade creditors

139,460

66,254

Tax

4

4

Social security and other taxes

6,824

5,752

VAT

9,218

14,901

Other creditors

427,708

413,183

Accrued expenses

157,202

45,600

740,416

545,694

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/12/21

31/12/20

£

£

Bank loans

4,850,000

4,850,000

Directors' loan accounts

2,871,164

2,886,405

7,721,164

7,736,405

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:

31/12/21

31/12/20

£

£

Bank loans

4,850,000

4,850,000

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.

9.	PROVISIONS FOR LIABILITIES

31/12/21

31/12/20

£

£

Deferred tax

381,612

380,560

Deferred tax

£

Balance at 1 January 2021

380,560

Provided during year

1,052

Balance at 31 December 2021

381,612

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/12/21

31/12/20

value:

£

£

300

Ordinary

1

300

300

11.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 January 2021

(2,034,020

)

3,582,697

1,548,677

Deficit for the year

(7,358

)

(7,358

)

At 31 December 2021

(2,041,378

)

3,582,697

1,541,319

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

473,813

478,118

A-Z Services Limited

408,700

253,804

Sequoia Living Wantage Limited

2,000

Silantro Limited

48,269

34,517

2,074,311

1,907,968

As at period ended 31 December 2021, £2,871,164 (December 2020 : £2,886,406) was owed to H S Atkar, a controlling director of the company.

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.