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COMPANY REGISTRATION NUMBER: SC227645
ARKVALE LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2021
ARKVALE LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2021
Contents
Page
Officers and professional advisers
1
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
ARKVALE LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
Mr D Smith
Mr J Watt
Mr S N Taylor
Company secretary
Mrs C McGregor
Registered office
Unit 1-2 Old School
Cawdor
Nairn
Scotland
IV12 5BL
Accountants
Ritsons
Chartered Accountants
26-30 Marine Place
Buckie
Moray
AB56 1UT
ARKVALE LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ARKVALE LIMITED
YEAR ENDED 31 DECEMBER 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Arkvale Limited for the year ended 31 December 2021, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Arkvale Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Arkvale Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Arkvale Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Arkvale Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Arkvale Limited. You consider that Arkvale Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Arkvale Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ritsons Chartered Accountants
26-30 Marine Place Buckie Moray AB56 1UT
21 July 2022
ARKVALE LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2021
2021
2020
Note
£
£
FIXED ASSETS
Tangible assets
4
127,700
143,240
CURRENT ASSETS
Debtors
5
99,754
80,189
Cash at bank and in hand
113,543
54,620
---------
---------
213,297
134,809
CREDITORS: amounts falling due within one year
6
17,814
16,879
---------
---------
NET CURRENT ASSETS
195,483
117,930
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
323,183
261,170
CREDITORS: amounts falling due after more than one year
7
11,555
PROVISIONS
Taxation including deferred tax
16,863
9,845
---------
---------
NET ASSETS
294,765
251,325
---------
---------
CAPITAL AND RESERVES
Called up share capital
333,750
333,750
Share premium account
( 26,750)
( 26,750)
Profit and loss account
( 12,235)
( 55,675)
---------
---------
SHAREHOLDERS FUNDS
294,765
251,325
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 Act with respect to accounting records and the preparation of financial statements .
ARKVALE LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2021
These financial statements were approved by the board of directors and authorised for issue on 21 July 2022 , and are signed on behalf of the board by:
Mr S N Taylor
Director
Company registration number: SC227645
ARKVALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2021
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Unit 1-2 Old School, Cawdor, Nairn, IV12 5BL, Scotland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
The turnover shown in the detailed income statement represents amounts invoiced during the year, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Vessel & licence
-
10% reducing balance
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Vessel & licence
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2021
682,855
30,035
25,715
738,605
Additions
30,543
30,543
Disposals
( 25,715)
( 25,715)
---------
--------
--------
---------
At 31 December 2021
682,855
30,035
30,543
743,433
---------
--------
--------
---------
Depreciation
At 1 January 2021
547,286
23,691
24,387
595,364
Charge for the year
34,424
2,696
7,636
44,756
Disposals
( 24,387)
( 24,387)
---------
--------
--------
---------
At 31 December 2021
581,710
26,387
7,636
615,733
---------
--------
--------
---------
Carrying amount
At 31 December 2021
101,145
3,648
22,907
127,700
---------
--------
--------
---------
At 31 December 2020
135,569
6,344
1,328
143,241
---------
--------
--------
---------
5. Debtors
2021
2020
£
£
Trade debtors
35,309
32,085
Other debtors
64,445
48,104
--------
--------
99,754
80,189
--------
--------
6. Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
8,006
15,379
Corporation tax
3,172
Other creditors
6,636
1,500
--------
--------
17,814
16,879
--------
--------
7. Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
11,555
--------
----
8. Controlling party
Ocean Way BF868 Ltd, a company incorporated in Scotland, owns 100% of the share capital of Arkvale Limited. The registered office of the parent company is Unit 1-2, Old School, Cawdor, Nairn, Scotland, IV12 5BL.