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Registered number: 04165423









AQUILA DEVELOPMENTS LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JULY 2023

 
AQUILA DEVELOPMENTS LIMITED
REGISTERED NUMBER: 04165423

BALANCE SHEET
AS AT 30 JULY 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
4,964,564
5,496,329

Cash at bank and in hand
 5 
35,813
59,210

  
5,000,377
5,555,539

Creditors: amounts falling due within one year
 6 
(5,895,128)
(6,354,550)

Net current liabilities
  
 
 
(894,751)
 
 
(799,011)

Net liabilities
  
(894,751)
(799,011)


Capital and reserves
  

Called up share capital 
 7 
100
100

Profit and loss account
  
(894,851)
(799,111)

Total equity
  
(894,751)
(799,011)


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 6 form part of these financial statements.

Page 1

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

1.


General information

Aquila Developments Limited is a company incorporated in England and Wales. The registered office is 6a High Street, Chelmsford, England, CM1 1BE.
The principal activity of the company continues to be that of property development and investing.

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

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.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 2

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

2.Accounting policies (continued)

 
2.4

Interest income

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

 
2.5

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.

 
2.6

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

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.

 
2.7

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.

 
2.8

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.

 
2.9

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 3

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

2.Accounting policies (continued)

 
2.10

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.

  
2.11

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.


3.


Employees

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


4.


Debtors

2023
2022
£
£


Trade debtors
197
211

Amounts owed by group undertakings
4,823,921
5,377,051

Other debtors
140,446
119,067

4,964,564
5,496,329



5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
35,813
59,210


Page 4

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

6.


Creditors: amounts falling due within one year

2023
2022
£
£

Trade creditors
2,762
155,545

Amounts owed to group undertakings
4,972,497
5,305,836

Other creditors
846,719
824,219

Accruals and deferred income
73,150
68,950

5,895,128
6,354,550



7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



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



8.


Contingent liabilities

Aquila Finance Limited (“the borrower”) is a borrower under a facility agreement. Under the agreement, ABSL1 Limited, Aquila Open Space Limited, Eagle 456 Limited, Aquila EHS Limited, Aquila Chelmsford Limited, Aquila BTE1 Limited, Aquila BTE 2 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.


9.


Controlling party

The company's immediate parent company was Aquila House Property Limited
The ultimate parent and parent of the largest 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 5

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

10.


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 (senior statutory auditor) on behalf of Adler Shine LLP.

 
Page 6