Company registration number 05022567 (England and Wales)
AQUA PROPERTIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
PAGES FOR FILING WITH REGISTRAR
AQUA PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
AQUA PROPERTIES LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2022
30 September 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investment property
3
7,000,000
7,000,000
Current assets
Debtors
4
486,775
449,610
Cash at bank and in hand
51,611
23,973
538,386
473,583
Creditors: amounts falling due within one year
5
(113,926)
(192,909)
Net current assets
424,460
280,674
Total assets less current liabilities
7,424,460
7,280,674
Creditors: amounts falling due after more than one year
6
(3,134,335)
(3,089,418)
Net assets
4,290,125
4,191,256
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
4,290,123
4,191,254
Total equity
4,290,125
4,191,256
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 6 October 2023 and are signed on its behalf by:
Mr T Chand
Director
Company Registration No. 05022567
AQUA PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2020
2
4,158,114
4,158,116
Year ended 30 September 2021:
Profit and total comprehensive income for the year
-
93,140
93,140
Dividends
-
(60,000)
(60,000)
Balance at 30 September 2021
2
4,191,254
4,191,256
Year ended 30 September 2022:
Profit and total comprehensive income for the year
-
98,869
98,869
Balance at 30 September 2022
2
4,290,123
4,290,125
AQUA PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 3 -
1
Accounting policies
Company information
Aqua Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Gabrielle House, 332-336 Perth Road, Ilford, Essex, IG2 6FF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The financial statements of the company are consolidated in the financial statements of Lint Group Limited. These consolidated financial statements are available from its registered office,Gabrielle House, 332-336 Perth Road, Ilford, United Kingdom, IG2 6FF.
1.2
Turnover
Turnover represents rents receivable from tenants and is recognised in the profit and loss account in the period it relates to.
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the
normal course of business.
1.3
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
AQUA PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
2
2
3
Investment property
2022
£
Fair value
At 1 October 2021 and 30 September 2022
7,000,000
Investment property comprises commercial and residential units. The valuation was made by directors on an open market value basis by reference to market evidence of transaction prices for similar properties.
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
1,565
Amounts owed by group undertakings
360,518
360,518
Other debtors
126,257
87,527
486,775
449,610
AQUA PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 5 -
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
103,937
Trade creditors
1,985
Corporation tax
47,779
50,829
Other taxation and social security
856
4,324
Other creditors
65,291
31,834
113,926
192,909
Included within other creditors, there is an amount of £2,500 (2021: £2,500) and £2,500 (2021: £2,500) owed to Mr T Chand and Mr R Patel respectively, the directors of the company.
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
3,134,335
3,089,418
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Ghulam Alahi
Statutory Auditor:
Vision Consulting Accountants Limited