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Registered number: 06235492









AQUILA BTE 2 LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JULY 2023

 
AQUILA BTE 2 LIMITED
REGISTERED NUMBER: 06235492

BALANCE SHEET
AS AT 30 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
12,955
13,537

Current assets
  

Debtors: amounts falling due within one year
 5 
3,815
2,929

Total assets less current liabilities
  
 
 
16,770
 
 
16,466

  

Net assets
  
16,770
16,466


Capital and reserves
  

Called up share capital 
 7 
100
100

Profit and loss account
  
16,670
16,366

Total equity
  
16,770
16,466


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 5 form part of these financial statements.

Page 1

 
AQUILA BTE 2 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2023

1.


General information

Aquila BTE 2 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

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 comprised of distributions from unlisted investments.

 
2.4

Valuation of investments

Investments in unlisted unit trusts, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.5

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.

Page 2

 
AQUILA BTE 2 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2023

2.Accounting policies (continued)

  
2.6

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.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 31 July 2022
13,537


Revaluations
(582)



At 30 July 2023
12,955






Net book value



At 30 July 2023
12,955



At 30 July 2022
13,537


5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
3,815
2,929


Page 3

 
AQUILA BTE 2 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2023

6.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
11,537
13,537




Financial assets measured at fair value through profit or loss comprise unlisted investments.


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 agreements, ABSL1 Limited, Aquila Open Space Limited, Eagle 456 Limited, Aquila EHS Limited, Aquila Chemsford Limited, Aquila BTE1 Limited, Aquila BTE2 Limited, Aquila 1516 Limited, Aquila Real Estate Limited, Aquila House Property Limited, Aquila Developments Limited, Aquila Estates Limited, ABSL Holdings Limited and Aquila MB2 Limited, (the guarantors) are jointly and severally liable for the loan. The loan is secured on the shares and assets owned by the borrower and guarantors. A D Chambers and D Chambers are directors of the borrower and guarantors.


9.


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.


10.


Controlling party

The immediate parent undertaking is Aquila House Property 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 4

 
AQUILA BTE 2 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JULY 2023

11.


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 5