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Registered number: 04290082









AQUILA HOUSE HOLDINGS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JULY 2023

 
AQUILA HOUSE HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
A D Chambers 
D Chambers 




Registered number
04290082



Registered office
6a High Street

Chelmsford

CM1 1BE




Independent auditors
Adler Shine LLP
Chartered Accountants & Statutory Auditor

Cornwall Avenue

London

N3 1LF





 
AQUILA HOUSE HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 9
Consolidated statement of comprehensive income
 
10
Consolidated balance sheet
 
11
Company balance sheet
 
12
Consolidated statement of changes in equity
 
13
Company statement of changes in equity
 
14
Consolidated statement of cash flows
 
15
Consolidated analysis of net debt
 
16
Notes to the financial statements
 
17 - 32


 
AQUILA HOUSE HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JULY 2023

Introduction
 
The directors present their strategic report together with the audited financial statements for the year ended 30 July 2023.
The principal activity of the group is property development and investment.

Business review
 
Gross property values are £192mn, down from £208mn in 2022, a 7.7% decrease in the year. 
 
Gross rental income was £15.4mn in 2023 compared to £14.5mn for 2022, a 6.2% increase in the year. 
 
The group is alert to the higher interest rate environment and closely monitors how this and the wider economy may impact upon its future performance. The directors believe they have the adequate cash reserves and appropriate business strategy to deal with these challenges.

Principal risks and uncertainties
 
Property market
Weakness in the retail sector has had and will continue to have an impact on rental income levels and property values, reducing return on investment and covenant headroom. This risk is mitigated by a focus on high-quality properties together with their upgrading. Covenant headroom is closely monitored and stress tested by the directors. 
Financing
Reduced availability of funds could limit liquidity, leading to restriction of investing and development opportunities and/or an increase in funding costs.
The funding strategy is regularly reviewed by the directors. Effective treasury management is aimed at balancing the length of debt maturity profile and diversification of sources of finance. The directors seek to maintain strong relationships with lenders and partners.
 

Financial key performance indicators
 
The key performance indicators are rental income generated of £15,411,657 (2022 - £14,508,950), profit before tax, exceptional items and revaluation gains of £5,842,637 (2022 - £5,135,933) and net assets of £57,784,624 (2022 - £69,679,041).

Other key performance indicators
 
The directors also monitor the group's performance against covenants specified by its lenders.

Page 1

 
AQUILA HOUSE HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JULY 2023


This report was approved by the board and signed on its behalf.



D Chambers
Director

Date: 17 January 2024

Page 2

 
AQUILA HOUSE HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JULY 2023

The directors present their report and the financial statements for the year ended 30 July 2023.

Directors' responsibilities statement

The directors are responsible for preparing the group strategic report, the directors' report and the consolidated 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 the group and of the profit or loss of the group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the group'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 group 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 the group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £11,894,417 (2022 - profit £14,387,933).

The directors do not recommend the payment of a final dividend.

Directors

The directors who served during the year were:

A D Chambers 
D Chambers 

Future developments

The group intends to continue to focus on its core activities.

Page 3

 
AQUILA HOUSE HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JULY 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company and the group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the group's auditors are aware of that information.

Auditors

The auditorsAdler Shine LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





D Chambers
Director

Date: 17 January 2024

Page 4

 
AQUILA HOUSE HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AQUILA HOUSE HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Aquila House Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 July 2023, which comprise the group statement of comprehensive income, the group and company balance sheets, the group statement of cash flows, the group and company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the group's and of the parent company's affairs as at 30 July 2023 and of the group's loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Material uncertainty related to going concern


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. 


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
AQUILA HOUSE HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AQUILA HOUSE HOLDINGS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the annual report other than the financial statements and  our auditors' report thereon.  The directors are responsible for the other information contained within the annual report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the group strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the group strategic report and the directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or the directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 6

 
AQUILA HOUSE HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AQUILA HOUSE HOLDINGS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
AQUILA HOUSE HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AQUILA HOUSE HOLDINGS LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. 
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have:
 
considered the nature of the industry and sectors, control environment and business performance; 
made enquires of management about their own identification and assessment of the risk of irregularities; 
performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness and reviewing accounting estimates for bias;
undertaken appropriate sample based testing of bank transactions;
identified and evaluated compliance with relevant laws and regulations and made enquiries of any instances of non-compliance;
discussed matters among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.


Page 8

 
AQUILA HOUSE HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AQUILA HOUSE HOLDINGS LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Christopher Taylor FCA (senior statutory auditor)
for and on behalf of
Adler Shine LLP
Chartered Accountants
Statutory Auditor
Cornwall Avenue
London
N3 1LF

17 January 2024
Page 9

 
AQUILA HOUSE HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JULY 2023

2023
2022
Note
£
£

  

Turnover
 4 
15,411,657
14,508,844

Cost of sales
  
(3,394,013)
(2,852,289)

Gross profit
  
12,017,644
11,656,555

Administrative expenses
  
(2,021,220)
(1,952,441)

Exceptional items
  
1,783,956
3,863,413

Other operating income
 5 
-
1,293

Fair value movements
  
(21,121,571)
12,175,217

Operating (loss)/profit
  
(9,341,191)
25,744,037

Interest receivable and similar income
 8 
190,662
5,702

Interest payable and similar expenses
 9 
(4,344,449)
(4,575,176)

(Loss)/profit before taxation
  
(13,494,978)
21,174,563

Tax on (loss)/profit
 11 
1,600,561
(6,786,630)

(Loss)/profit for the financial year
  
(11,894,417)
14,387,933

(Loss)/profit for the year attributable to:
  

Owners of the parent company
  
(11,894,417)
14,387,933

  
(11,894,417)
14,387,933

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 17 to 32 form part of these financial statements.

Page 10

 
AQUILA HOUSE HOLDINGS LIMITED
REGISTERED NUMBER: 04290082

CONSOLIDATED BALANCE SHEET
AS AT 30 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 14 
191,670,000
207,953,360

Current assets
  

Debtors
 15 
10,662,254
12,505,125

Cash at bank and in hand
 16 
11,407,618
10,545,107

  
22,069,872
23,050,232

Creditors: amounts falling due within one year
 17 
(14,260,627)
(14,292,501)

Net current assets
  
 
 
7,809,245
 
 
8,757,731

Total assets less current liabilities
  
199,479,245
216,711,091

Creditors: amounts falling due after more than one year
 18 
(134,598,206)
(136,890,635)

Provisions for liabilities
  

Deferred taxation
 20 
(7,096,415)
(10,141,415)

Net assets
  
57,784,624
69,679,041


Capital and reserves
  

Called up share capital 
 21 
595
595

Share premium account
 22 
9,499,905
9,499,905

Profit and loss account
 22 
48,284,124
60,178,541

Total equity
  
57,784,624
69,679,041


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D Chambers
Director

Date: 17 January 2024

The notes on pages 17 to 32 form part of these financial statements.

Page 11

 
AQUILA HOUSE HOLDINGS LIMITED
REGISTERED NUMBER: 04290082

COMPANY BALANCE SHEET
AS AT 30 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 13 
3,726,027
3,726,027

Current assets
  

Debtors
 15 
5,774,596
5,774,573

Cash at bank and in hand
 16 
77
100

  
5,774,673
5,774,673

Creditors: amounts falling due within one year
 17 
(200)
(200)

Net current assets
  
 
 
5,774,473
 
 
5,774,473

Total assets less current liabilities
  
9,500,500
9,500,500

  

Net assets
  
9,500,500
9,500,500


Capital and reserves
  

Called up share capital 
 21 
595
595

Share premium account
 22 
9,499,905
9,499,905

Total equity
  
9,500,500
9,500,500


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


D Chambers
Director

Date: 17 January 2024

The notes on pages 17 to 32 form part of these financial statements.

Page 12

 
AQUILA HOUSE HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JULY 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 July 2021
595
9,499,905
45,790,608
55,291,108



Profit for the year
-
-
14,387,933
14,387,933



At 31 July 2022
595
9,499,905
60,178,541
69,679,041



Loss for the year
-
-
(11,894,417)
(11,894,417)


At 30 July 2023
595
9,499,905
48,284,124
57,784,624


The notes on pages 17 to 32 form part of these financial statements.

Page 13

 
AQUILA HOUSE HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JULY 2023


Called up share capital
Share premium account
Total equity

£
£
£


At 1 July 2021
595
9,499,905
9,500,500





At 31 July 2022
595
9,499,905
9,500,500




At 30 July 2023
595
9,499,905
9,500,500


The notes on pages 17 to 32 form part of these financial statements.

Page 14

 
AQUILA HOUSE HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JULY 2023

2023
2022
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
(11,894,417)
14,387,933

Adjustments for:

Depreciation of tangible assets
-
189

Loss on disposal of tangible assets
-
340,965

Interest paid
4,344,449
4,575,176

Interest received
(190,662)
(5,702)

Taxation charge
(1,600,561)
6,786,630

Decrease/(increase) in debtors
400,651
(296,041)

Increase in creditors
208,601
4,250,077

Net fair value losses/(gains) recognised in P&L
21,121,571
(12,175,217)

Release of loan capital balance
-
(4,203,623)

Corporation tax (paid)/received
(281,820)
-

Net cash generated from operating activities

12,107,812
13,660,387


Cash flows from investing activities

Purchase of investment properties
(5,379,255)
(3,703,143)

Sale of investment properties
541,044
4,259,790

Interest received
190,662
5,702

Net cash from investing activities

(4,647,549)
562,349

Cash flows from financing activities

Repayment of loans
(2,104,372)
(6,945,663)

Interest paid
(4,493,380)
(4,575,176)

Net cash used in financing activities
(6,597,752)
(11,520,839)

Net increase in cash and cash equivalents
862,511
2,701,897

Cash and cash equivalents at beginning of year
10,545,107
7,843,210

Cash and cash equivalents at the end of year
11,407,618
10,545,107


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
11,407,618
10,545,107


The notes on pages 17 to 32 form part of these financial statements.

Page 15

 
AQUILA HOUSE HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JULY 2023




At 31 July 2022
Cash flows
At 30 July 2023
£

£

£

Cash at bank and in hand

10,545,107

862,511

11,407,618

Debt due after 1 year

(136,416,305)

2,292,429

(134,123,876)

Debt due within 1 year

(2,375,520)

3,282

(2,372,238)


(128,246,718)
3,158,222
(125,088,496)

The notes on pages 17 to 32 form part of these financial statements.

Page 16

 
AQUILA HOUSE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2023

1.


General information

Aquila House Holdings Limited is a private company limited by shares and registered in England and Wales. Its principal place of business and registered office address is 6a High Street, Chelmsford, CM1 1BE.
The principal activity of the group continued to be that of the holding and development of investment property.
The financial statements are presented in Sterling (£), rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgment in applying the group's accounting policies (see note 3).

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2017.

Page 17

 
AQUILA HOUSE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2023

2.Accounting policies (continued)

 
2.3

Going concern

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 parent, 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 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.  

 
2.4

Revenue

Rental income receivable is recognised on a straight-line basis over the term of the lease. Directly attributable lease incentives are recognised within rental income on the same basis. 
Contingent rents, being those lease payments that are not fixed at inception of a lease, for example, increases arising on rent reviews or rents linked to tenant revenues, are recorded as income in the periods in which they are earned. Rent reviews are recognised as income from the date of the rent review, based on management's estimates. Estimates are derived from knowledge of market rents for comparable properties determined on an individual property basis and updated for progress of negotiations.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

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.

Page 18

 
AQUILA HOUSE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2023

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax.Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company and the group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the group but are presented separately due to their size or incidence.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 19

 
AQUILA HOUSE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2023

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as set out below.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%
reducing balance
Office equipment
-
20%
reducing balance
Computer equipment
-
50%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

Debtors

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.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the group's cash management.

 
2.14

Creditors

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.

Page 20

 
AQUILA HOUSE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2023

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.

 
2.16

Financial instruments

The group 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 consolidated 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.

  
2.17

Share capital

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.

Page 21

 
AQUILA HOUSE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Investment properties
The valuation of the group’s investment properties is inherently subjective due to, among other factors, the individual nature of each property, its location and the expected future rental revenues from that particular property. As a result, the valuations the group places on its investment property are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of volatility or low transaction flow in the property market. 
The investment property valuation contains a number of assumptions upon which the directors have based their valuation of the group’s properties. The assumptions on which the property valuation reports have been based include, but are not limited to, matters such as the tenure and tenancy details for the properties and prevailing market yields. 
If the assumptions upon which the directors have based their valuations prove to be inaccurate, this may have an impact on the value of the group’s investment properties, which could in turn have an effect on the group’s financial position and results. 
Trade debtors
The group’s assessment of provisions for bad debts is inherently subjective due to the forward-looking nature of the assessments, in particular, the group’s assessment of expected insolvency filings or company voluntary arrangements, or likely deferrals of payments due. The directors have included a bad debt provision based on the best information available to them. 


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Rent receivable
11,670,436
11,295,327

Car park income
1,395,080
1,378,793

Other income
478,606
293,008

Service charge income
1,867,535
1,541,716

15,411,657
14,508,844


All turnover arose within the United Kingdom.

Page 22

 
AQUILA HOUSE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2023

5.


Other operating income

2023
2022
£
£

Profit on disposal of fixed asset investments
-
1,293



6.


Auditors' remuneration

During the year, the group obtained the following services from the company's auditors:


2023
2022
£
£

Fees payable to the company's auditors for the audit of the consolidated and parent company's financial statements
39,575
38,150


7.


Employees




The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Directors
2
2
-
2


8.


Interest receivable

2023
2022
£
£


Other interest receivable
190,662
5,702


9.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
3,815,349
4,049,820

Other loan interest payable
529,100
525,356

4,344,449
4,575,176

Page 23

 
AQUILA HOUSE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2023

10.


Exceptional items

2023
2022
£
£


(Profit)/Loss on sale of investment properties
(1,783,956)
340,210

Credit on loan release
-
(4,203,623)

(1,783,956)
(3,863,413)


11.


Taxation


2023
2022
£
£


Current tax on profits for the year
-
279,601

Deferred tax


Origination and reversal of timing differences
(1,600,561)
6,507,029

Taxation on (loss)/profit on ordinary activities
 
(1,600,561)
 
6,786,630
Page 24

 
AQUILA HOUSE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - higher than) the standard rate of corporation tax in the UK of 20.99% (2022 - 19.00%). The differences are explained below:

2023
2022
£
£


(Loss)/profit on ordinary activities before tax
(13,494,978)
21,174,563


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 20.99% (2022 - 19.00%)
(2,832,596)
4,023,167

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
105,946
95,777

Capital allowances for year in excess of depreciation
(438,345)
(400,718)

Utilisation of tax losses
(893,777)
(467,828)

Other timing differences leading to an increase (decrease) in taxation
(1,600,561)
5,788,579

Non-taxable income
4,433,207
(2,313,489)

Book profit on chargeable assets
(374,435)
64,783

Unrelieved tax losses carried forward
-
(3,641)

Total tax charge for the year
(1,600,561)
6,786,630


Factors that may affect future tax charges

From 1 April 2023 the corporation tax rate increased to 25% for companies with profits of over £250,000. A small profits rate was also introduced for companies with profits of £50,000 or less so that they will continue to pay corporation tax at 19%. From this date companies with profits between £50,000 and £250,000 pay tax at the main rate reduced by a marginal relief providing a gradual increase in the effective corporation tax rate.
The group has accumulated losses which may be available as a reduction against future taxable profits. Where there is uncertainty as to whether these tax losses will be utilised no deferred tax asset has been recognised. The unrecognised deferred tax asset as at 30 July 2023 was £Nil (2022 - £194,323).


12.


Parent company profit for the year

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of comprehensive income in these financial statements. The profit after tax of the parent company for the year was £Nil (2022 - £Nil).

Page 25

 
AQUILA HOUSE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2023

13.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 31 July 2022
3,726,027



At 30 July 2023
3,726,027






Net book value



At 30 July 2023
3,726,027



At 30 July 2022
3,726,027

Page 26

 
AQUILA HOUSE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2023

Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Class of shares

Holding

Aquila MB3 Limited
Ordinary
100%
Aquila Maldon Limited
Ordinary
100%
Aquila TL Limited
Ordinary
100%
Aquila MB2 Limited*
Ordinary
100%
Aquila Real Estate Limited**
Ordinary
100%
Aquila Finance Limited**
Ordinary
100%
Aquila House Property Limited**
Ordinary
100%
Aquila 1516 Limited***
Ordinary
100%
ABSL Holdings Limited***
Ordinary
100%
ABSL1 Limited****
Ordinary
 100%
Aquila Open Space Limited*****
Ordinary
100%
Aquila Developments Limited******
Ordinary
100%
Aquila Estates Limited******
Ordinary
100%
Eagle 456 Limited******
Ordinary
 100%
Aquila Chelmsford Limited******
Ordinary
100%
Aquila EHS Limited******
Ordinary
100%
Aquila BTE 1 Limited******
Ordinary
100%
Aquila BTE 2 Limited******
Ordinary
100%

*This company is a subsidiary of Aquila MB3 Limited.
**These companies are subsidiaries of Aquila MB2 Limited.
***These companies are subsidiaries of Aquila Real Estate Limited.
****These company is a subsidiary of ABSL Holdings Limited.
*****This company is a subsidiary of ABSL1 Limited.
******These companies are subsidiaries of Aquila House Property Limited.

Page 27

 
AQUILA HOUSE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2023

14.


Investment property

Group


Freehold investment property
Long term leasehold investment property
Total

£
£
£



Valuation


At 31 July 2022
167,953,360
40,000,000
207,953,360


Additions at cost
5,379,255
-
5,379,255


Disposals
(541,044)
-
(541,044)


Surplus on revaluation
(19,521,571)
(1,600,000)
(21,121,571)



At 30 July 2023
153,270,000
38,400,000
191,670,000

The 2023 valuations were made by Cushman and Wakefield, on an open market value for existing use basis.






15.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due after more than one year

Prepayments and accrued income
4,926,096
5,474,533
-
-

Due within one year

Trade debtors
319,447
259,053
-
-

Amounts owed by group undertakings
-
-
5,774,596
5,774,573

Other debtors
688,925
1,173,877
-
-

Prepayments and accrued income
2,421,617
1,847,054
-
-

Deferred taxation
2,306,169
3,750,608
-
-

10,662,254
12,505,125
5,774,596
5,774,573


Page 28

 
AQUILA HOUSE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2023

16.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
11,407,618
10,545,107
77
100



17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
2,372,238
2,375,520
-
-

Trade creditors
246,944
455,443
-
-

Amounts owed to group undertakings
-
-
200
200

Corporation tax
-
279,601
-
-

Other taxation and social security
492,992
492,798
-
-

Other creditors
9,221,729
8,856,395
-
-

Accruals and deferred income
1,926,724
1,832,744
-
-

14,260,627
14,292,501
200
200


The group (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 Chelmsford 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.
Bank loans totalling £105,000 (2022 - £105,000) are secured over Aquila TL Limited's investment property.

Page 29

 
AQUILA HOUSE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2023

18.


Creditors: Amounts falling due after more than one year

Group
Group
2023
2022
£
£

Bank loans
130,678,797
133,051,035

Other loans
3,445,079
3,365,270

Other creditors
474,330
474,330

134,598,206
136,890,635


The group (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 Chelmsford 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.
Bank loans totalling £3,107,500 (2022 - £3,212,500) are secured over over Aquila TL Limited's investment property.

The bank loan in Aquila Finance Limited is repayable in instalments and attracts interest at a rate of 2.74% per annum.
The other loans in Aquila Real Estate Limited are repayable on the repayment date of October 2024 and attracts interest at a rate of 3% per annum,


19.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2023
2022
£
£

Amounts falling due within one year

Bank loans
2,372,238
2,375,520

Amounts falling due 1-2 years

Bank loans
127,676,297
2,372,238

Amounts falling due 2-5 years

Bank loans
3,002,500
130,678,797

Other loans
3,445,079
3,365,270

6,447,579
134,044,067


136,496,114
138,791,825


Page 30

 
AQUILA HOUSE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2023

20.


Deferred taxation


Group



2023
2022


£

£






At beginning of year
(9,332,271)
116,222


Charged to profit or loss
4,542,025
(6,507,029)



At end of year
(4,790,246)
(6,390,807)

Group
Group
2023
2022
£
£

Tax losses carried forward
2,306,169
3,750,608

Unrealised gain on investment property
(7,096,415)
(10,141,415)

(4,790,246)
(6,390,807)

Comprising:

Asset - due within one year
2,306,169
3,750,608
-
-

Liability
(7,096,415)
(10,141,415)
-
-

(4,790,246)
(6,390,807)
-
-



21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



500 (2022 - 500) Ordinary shares of £1.00 each
500
500
95 (2022 - 95) B Ordinary shares of £1.00 each
95
95

595

595


Page 31

 
AQUILA HOUSE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2023

22.


Reserves

Share premium account

The share premium account includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses which are fully distributable. It also includes £79,329,623 (2022 - £99,306,524) of non-distributable reserves related to the revaluation of the company's investments and investment properties, net of deferred tax.


23.


Related party transactions

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.
During the year the group was charged management fees totalling £1,665,000 (2022 - £1,507,500) and interest on loans totalling £242,785 (2022 - £296,661) from other related parties. During the year payments totalling £1,838,871 (2022 - £481,882) and receipts totalling £879,724 (2022 - £6,538,967) were made to other related parties and as at the year end £11,423,294 (2022 - £10,474,656) was due to other related parties.


24.


Controlling party

In the opinion of the directors the ultimate controlling party is A D Chambers.

Page 32