Caseware UK (AP4) 2022.0.179 2022.0.179 2023-07-302023-07-302truetrue2022-07-31falseNo description of principal activity2 09242427 2022-07-31 2023-07-30 09242427 2021-07-31 2022-07-30 09242427 2023-07-30 09242427 2022-07-30 09242427 c:Director2 2022-07-31 2023-07-30 09242427 d:FreeholdInvestmentProperty 2022-07-31 2023-07-30 09242427 d:FreeholdInvestmentProperty 2023-07-30 09242427 d:FreeholdInvestmentProperty 2022-07-30 09242427 d:FreeholdInvestmentProperty 2 2022-07-31 2023-07-30 09242427 d:CurrentFinancialInstruments 2023-07-30 09242427 d:CurrentFinancialInstruments 2022-07-30 09242427 d:Non-currentFinancialInstruments 2023-07-30 09242427 d:Non-currentFinancialInstruments 2022-07-30 09242427 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-30 09242427 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-30 09242427 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-30 09242427 d:Non-currentFinancialInstruments d:AfterOneYear 2022-07-30 09242427 d:ShareCapital 2023-07-30 09242427 d:ShareCapital 2022-07-30 09242427 d:SharePremium 2022-07-31 2023-07-30 09242427 d:SharePremium 2023-07-30 09242427 d:SharePremium 2022-07-30 09242427 d:RetainedEarningsAccumulatedLosses 2022-07-31 2023-07-30 09242427 d:RetainedEarningsAccumulatedLosses 2023-07-30 09242427 d:RetainedEarningsAccumulatedLosses 2022-07-30 09242427 d:TaxLossesCarry-forwardsDeferredTax 2023-07-30 09242427 d:TaxLossesCarry-forwardsDeferredTax 2022-07-30 09242427 d:OtherDeferredTax 2023-07-30 09242427 d:OtherDeferredTax 2022-07-30 09242427 c:OrdinaryShareClass1 2022-07-31 2023-07-30 09242427 c:OrdinaryShareClass1 2023-07-30 09242427 c:OrdinaryShareClass1 2022-07-30 09242427 c:FRS102 2022-07-31 2023-07-30 09242427 c:Audited 2022-07-31 2023-07-30 09242427 c:FullAccounts 2022-07-31 2023-07-30 09242427 c:PrivateLimitedCompanyLtd 2022-07-31 2023-07-30 09242427 c:SmallCompaniesRegimeForAccounts 2022-07-31 2023-07-30 09242427 2 2022-07-31 2023-07-30 09242427 6 2022-07-31 2023-07-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 09242427









ABSL1 LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JULY 2023

 
ABSL1 LIMITED
REGISTERED NUMBER: 09242427

BALANCE SHEET
AS AT 30 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 5 
100
100

Investment property
 6 
76,700,000
78,200,000

  
76,700,100
78,200,100

Current assets
  

Debtors
 7 
7,330,393
8,727,557

Cash at bank and in hand
 8 
2,318,404
1,201,754

  
9,648,797
9,929,311

Creditors: amounts falling due within one year
 9 
(22,900,951)
(24,298,962)

Net current liabilities
  
 
 
(13,252,154)
 
 
(14,369,651)

Total assets less current liabilities
  
63,447,946
63,830,449

Creditors: amounts falling due after more than one year
 10 
(67,596,591)
(68,798,297)

Net liabilities
  
(4,148,645)
(4,967,848)


Capital and reserves
  

Called up share capital 
 12 
100
100

Share premium account
 13 
4,400,790
4,400,790

Profit and loss account
 13 
(8,549,535)
(9,368,738)

Total equity
  
(4,148,645)
(4,967,848)


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: 

D Chambers
Director
Date: 17 January 2024

The notes on pages 2 to 10 form part of these financial statements.

Page 1

 
ABSL1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2023

1.


General information

ABSL1 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

 
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 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:

 
2.2

Exemption from preparing consolidated financial statements

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.

 
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 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.  
 

 
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.

Page 2

 
ABSL1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2023

2.Accounting policies (continued)

 
2.5

Operating leases: the company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.6

Interest income

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

 
2.7

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.

 
2.8

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 operates and generates 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.

 
2.9

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.

Page 3

 
ABSL1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2023

2.Accounting policies (continued)

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the company 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 company 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.

Page 4

 
ABSL1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2023

2.Accounting policies (continued)

 
2.15

Financial instruments

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.

  
2.16

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 5

 
ABSL1 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

Investment properties
The valuation of the company’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 company 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 or the external valuers have based their valuation of the company’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 or the external valuers have based their valuations prove to be inaccurate, this may have an impact on the value of the company’s investment properties, which could in turn have an effect on the company’s financial position and results. 
Trade debtors
The company’s assessment of provisions for bad debts is inherently subjective due to the forward-looking nature of the assessments, in particular, the company’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.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 31 July 2022
100



At 30 July 2023
100






Net book value



At 30 July 2023
100



At 30 July 2022
100

Page 6

 
ABSL1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2023

6.


Investment property


Freehold investment property

£



Valuation


At 31 July 2022
78,200,000


Additions at cost
10,393


Deficit on revaluation
(1,510,393)



At 30 July 2023
76,700,000

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




7.


Debtors

2023
2022
£
£

Due after more than one year

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

Due within one year

Trade debtors
86,072
104,286

Amounts owed by group undertakings
100
438,921

Other debtors
69,599
526,060

Prepayments and accrued income
1,069,126
775,014

Deferred taxation
1,179,400
1,408,743

7,330,393
8,727,557



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
2,318,404
1,201,754


Page 7

 
ABSL1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2023

9.


Creditors: amounts falling due within one year

2023
2022
£
£

Trade creditors
164,419
212,453

Amounts owed to group undertakings
19,540,562
20,860,874

Corporation tax
-
102,042

Other taxation and social security
247,226
227,340

Other creditors
2,258,143
2,256,634

Accruals and deferred income
690,601
639,619

22,900,951
24,298,962



10.


Creditors: amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
67,596,591
68,798,297



11.


Deferred taxation




2023


£






At beginning of year
1,408,743


Charged to profit or loss
(229,343)



At end of year
1,179,400

The deferred tax asset is made up as follows:

2023
2022
£
£


Tax losses carried forward
1,179,400
2,060,433

Unrealised losses/(gains) on investment property
-
(651,690)

1,179,400
1,408,743

Page 8

 
ABSL1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2023

12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



13.


Reserves

Share premium account

The share premium reserve 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 £21,892 (2022 - £880,596) of non-distributable reserves related to the revaluation of the company's investment properties, net of deferred tax.


14.


Contingent liabilities

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 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.


15.


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.
At 30 July 2023, the company owed £1,728,129 (2022: 1,677,929) to a company controlled by one of the Directors. 


16.


Controlling party

The immediate parent undertaking is ABSL Holdings 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.
In the opinion of the directors the ultimate controlling party is A D Chambers.

Page 9

 
ABSL1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2023

17.


Auditors' information

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.

 
Page 10