Company registration number 04198807 (England and Wales)
AQUILA FINANCIAL MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
AQUILA FINANCIAL MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
AQUILA FINANCIAL MANAGEMENT LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
6,243
13,459
Current assets
Debtors
5
293,356
301,127
Cash at bank and in hand
203,939
324,282
497,295
625,409
Creditors: amounts falling due within one year
6
(233,928)
(276,727)
Net current assets
263,367
348,682
Total assets less current liabilities
269,610
362,141
Provisions for liabilities
(1,561)
(2,127)
Net assets
268,049
360,014
Capital and reserves
Called up share capital
1,000
1,000
Capital redemption reserve
15,501
15,501
Profit and loss reserves
251,548
343,513
Total equity
268,049
360,014

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 26 February 2025 and are signed on its behalf by:
Mr J P Williams
Mr A Hemmings
Director
Director
Company registration number 04198807 (England and Wales)
AQUILA FINANCIAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information

Aquila Financial Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Summit, Woodwater Park, Pynes Hill, Exeter, United Kingdom, EX2 5WS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for commission earned in the year.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold
straight line over the life of the lease
Fixtures, fittings & equipment
15% reducing balance basis
Computer equipment
25% reducing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Equity instruments

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

AQUILA FINANCIAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
14
15
3
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2023 and 31 May 2024
192,498
Amortisation and impairment
At 1 June 2023 and 31 May 2024
192,498
Carrying amount
At 31 May 2024
-
0
At 31 May 2023
-
0
AQUILA FINANCIAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2023
49,226
113,723
162,949
Additions
-
0
4,466
4,466
Disposals
(49,226)
(105,912)
(155,138)
At 31 May 2024
-
0
12,277
12,277
Depreciation and impairment
At 1 June 2023
46,961
102,529
149,490
Depreciation charged in the year
191
2,883
3,074
Eliminated in respect of disposals
(47,152)
(99,378)
(146,530)
At 31 May 2024
-
0
6,034
6,034
Carrying amount
At 31 May 2024
-
0
6,243
6,243
At 31 May 2023
2,265
11,194
13,459
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
83,219
94,365
Amounts owed by group undertakings
155,759
155,759
Other debtors
54,378
51,003
293,356
301,127
6
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
14,438
59,606
Other creditors
219,490
217,121
233,928
276,727
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