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Registered number: 04606775
AQUILA REAL ESTATE LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 JULY 2023
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AQUILA REAL ESTATE LIMITED
REGISTERED NUMBER: 04606775
BALANCE SHEET
AS AT 30 JULY 2023
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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 by:
The notes on pages 2 to 6 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 2023
Aquila Real Estate Limited is a private company limited by shares and registered in England and Wales. Its registered office address is 6a High Street, Chelmsford, CM1 1BE.
The financial statements are presented in Sterling (£), rounded to the nearest £1.
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:
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Exemption from preparing consolidated financial statements
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The company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
In making the company’s going concern assessment, the directors have considered a number of
factors in relation to it and the Group of which it is a member, including financial performance,
continued access to borrowing facilities and the ability to continue to operate the group’s secured
debt structure within its financial covenants.
The company and a number of its fellow subsidiary undertakings are parties to a loan agreement with
Aviva that is due for repayment on 20 October 2024. The directors are in discussions with Aviva and
they anticipate that the loan will either be extended on new terms or refinanced with another loan
provider. Although this represents a material uncertainty, the directors are confident of a successful
outcome and have prepared cash flow projections on this assumption using interest rates in line with
current market rates. The projections indicate the Group will have sufficient liquidity for at least the
next 12 months and it is for this reason the directors have adopted the going concern basis of
accounting in the preparation of the financial statements.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss 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.
Investments in subsidiaries are measured at cost less accumulated impairment.
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AQUILA REAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2023
2.Accounting policies (continued)
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.
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.
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 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 in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Investments in non-derivative instruments that are equity to the issuer are measured:
∙at fair value with changes recognised in the statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably;
∙at cost less impairment for all other investments.
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
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The average monthly number of employees, including directors, during the year was 2 (2022 - 2).
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AQUILA REAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2023
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Investments in subsidiary companies
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Due after more than one year
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Amounts owed by group undertakings
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Amounts owed by group undertakings
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Creditors: Amounts falling due after more than one year
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AQUILA REAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2023
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Allotted, called up and fully paid
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100 (2022 - 100) Ordinary shares of £1.00 each
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Profit and loss account
The profit and loss account totalling £4,400,791 (2022 - £4,400,791) is entirely non-distributable.
Aquila Finance Limited (the borrower) is a borrower under a facility agreement. Under the agreements, ABSL1 Limited, Aquila Open Space Limited, Eagle 456 Limited, Aquila EHS Limited, Aquila Chemsford Limited, Aquila BTE1 Limited, Aquila BTE2 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 and D Chambers are directors of the borrower and guarantors.
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Related party transactions
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The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.
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The immediate parent undertaking is Aquila MB2 Limited.
The ultimate parent and the parent undertaking of the smallest group of undertakings for which group financial statements are drawn up and of which the company is a member is Aquila House Holding Limited, whose registered office is at 6a High Street, Chelmsford, CM1 1BE. Copies of these group financial statements are available to the public from its registered office.
The ulitmate parent company is Aquila House Holding Limited.
In the opinion of the directors the ultimate controlling party is A D Chambers.
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AQUILA REAL ESTATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2023
The auditors' report on the financial statements for the year ended 30 July 2023 was unqualified but was modified to include the following statement:
We draw attention to note 2.3 in the financial statements, which indicates that the accounts have been prepared on the going concern basis. The Directors have referred to the fact that the Group’s loan facility is due to be renewed within the next 12 months. Whilst the Directors are confident that the facility will either be extended on new terms or refinanced with another loan provider, this does represent a material uncertainty in connection with going concern. Our opinion is not modified in respect of this matter.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors' assessment of the company's ability to continue to adopt the going concern basis of accounting included a review of financial projections and consideration of the likelihood that the loan facility will either be extended on new terms or refinanced with another loan provider.
The audit report was signed on 17 January 2024 by Christopher Taylor FCA (senior statutory auditor) on behalf of Adler Shine LLP.
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