Registered number
02523564
Arc Technology Limited
Report and Unaudited Accounts
31 July 2023
Arc Technology Limited
Registered number: 02523564
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 59,832 65,900
Current assets
Debtors 4 46,154 246,010
Cash at bank and in hand 1,051,330 509,401
1,097,484 755,411
Creditors: amounts falling due within one year 5 (212,491) (127,199)
Net current assets 884,993 628,212
Total assets less current liabilities 944,825 694,112
Provisions for liabilities (1,405) (1,535)
Net assets 943,420 692,577
Capital and reserves
Called up share capital 100 100
Profit and loss account 943,320 692,477
Shareholders' funds 943,420 692,577
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
N S Bishay
Director
Approved by the board on 6 November 2023
Arc Technology Limited
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Furniture & equipment 15% reducing balance p.a
Motor vehicles 25% reducing balance p.a
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 11 11
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 August 2022 322,814 28,932 351,746
Additions 5,059 - 5,059
At 31 July 2023 327,873 28,932 356,805
Depreciation
At 1 August 2022 261,742 24,104 285,846
Charge for the year 9,920 1,207 11,127
At 31 July 2023 271,662 25,311 296,973
Net book value
At 31 July 2023 56,211 3,621 59,832
At 31 July 2022 61,072 4,828 65,900
4 Debtors 2023 2022
£ £
Trade debtors 45,806 244,610
Other debtors 348 1,400
46,154 246,010
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 173,448 104,935
Other creditors 39,043 22,264
212,491 127,199
6 Other information
Arc Technology Limited is a private company limited by shares and incorporated in England. Its registered office is:
St Mina's House
29 High Road
Byfleet
Surrey
KT14 7QH
Arc Technology Limited 02523564 false 2022-08-01 2023-07-31 2023-07-31 VT Final Accounts April 2022 N S Bishay No description of principal activity 02523564 2021-08-01 2022-07-31 02523564 core:WithinOneYear 2022-07-31 02523564 core:ShareCapital 2022-07-31 02523564 core:RetainedEarningsAccumulatedLosses 2022-07-31 02523564 2022-08-01 2023-07-31 02523564 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 02523564 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 02523564 bus:Director40 2022-08-01 2023-07-31 02523564 core:PlantMachinery 2022-08-01 2023-07-31 02523564 core:Vehicles 2022-08-01 2023-07-31 02523564 countries:England 2022-08-01 2023-07-31 02523564 bus:FRS102 2022-08-01 2023-07-31 02523564 bus:FullAccounts 2022-08-01 2023-07-31 02523564 2023-07-31 02523564 core:WithinOneYear 2023-07-31 02523564 core:ShareCapital 2023-07-31 02523564 core:RetainedEarningsAccumulatedLosses 2023-07-31 02523564 core:PlantMachinery 2023-07-31 02523564 core:Vehicles 2023-07-31 02523564 2022-07-31 02523564 core:PlantMachinery 2022-07-31 02523564 core:Vehicles 2022-07-31 iso4217:GBP xbrli:pure