Company Registration No. 13910516 (England and Wales)
ARK PROPERTY (SOUTHWEST) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
ARK PROPERTY (SOUTHWEST) LIMITED
COMPANY INFORMATION
Director
Mr A C Speedie
(Appointed 11 February 2022)
Company number
13910516
Registered office
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Accountants
Property Tax People Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
National Westminster Bank Plc
Chatham Customer Service Centre
Waterside Court
Maritime
Chatham
ME4 4RT
ARK PROPERTY (SOUTHWEST) LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
ARK PROPERTY (SOUTHWEST) LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ARK PROPERTY (SOUTHWEST) LIMITED FOR THE PERIOD ENDED 28 FEBRUARY 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ark Property (Southwest) Limited for the period ended 28 February 2023 which comprise, the balance sheet 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 the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Ark Property (Southwest) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ark Property (Southwest) Limited and state those matters that we have agreed to state to the Board of Directors of Ark Property (Southwest) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ark Property (Southwest) Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Ark Property (Southwest) 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 loss of Ark Property (Southwest) Limited. You consider that Ark Property (Southwest) Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Ark Property (Southwest) 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.

Property Tax People Limited
8 November 2023
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
ARK PROPERTY (SOUTHWEST) LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 2 -
2023
Notes
£
£
Fixed assets
Tangible assets
3
1,369
Investment properties
4
210,000
211,369
Current assets
Debtors
5
13,398
Cash at bank and in hand
7,398
20,796
Creditors: amounts falling due within one year
6
(128,323)
Net current liabilities
(107,527)
Total assets less current liabilities
103,842
Creditors: amounts falling due after more than one year
7
(129,443)
Net liabilities
(25,601)
Capital and reserves
Called up share capital
9
100
Non-distributable profits reserve
10
10,775
Distributable profit and loss reserves
(36,476)
Total equity
(25,601)

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

For the financial period ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

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

ARK PROPERTY (SOUTHWEST) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2023
28 February 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 8 November 2023.
Mr A C Speedie
Director
Company Registration No. 13910516
ARK PROPERTY (SOUTHWEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023
- 4 -
1
Accounting policies
Company information

Ark Property (Southwest) Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Oakley, Kidderminster Road, Droitwich, Worcestershire, WR9 9AY.

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 have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements have been drawn up on the going concern basis. If the going concern basis were not appropriate, adjustments would have been made to reduce assets to recoverable amounts, to provide for any further liabilities that might arise, and to re-classify fixed assets as current assets and long term liabilities as current liabilities.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rents provided in the normal course of business. The fair value of consideration takes into account any lease premiums or rent free periods, which are recognised on a straight line basis over the lease term.

Revenue from the provision of property rental is recognised by reference to the period of its occupancy and where the amount of rent can be measured reliably.

1.4
Tangible fixed assets

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

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

Computer equipment
33% on cost
1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.6
Taxation

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

ARK PROPERTY (SOUTHWEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 5 -
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.

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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was 1.

3
Tangible fixed assets
Computer equipment
£
Cost
At 11 February 2022
-
0
Additions
2,053
At 28 February 2023
2,053
Depreciation and impairment
At 11 February 2022
-
0
Depreciation charged in the period
684
At 28 February 2023
684
Carrying amount
At 28 February 2023
1,369
ARK PROPERTY (SOUTHWEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2023
- 6 -
4
Investment property
2023
£
Fair value
At 11 February 2022
-
0
Additions
196,698
Revaluations
13,302
At 28 February 2023
210,000

The fair value of the investment property has been arrived at on the basis of valuations carried out by the director.

5
Debtors
2023
Amounts falling due within one year:
£
Other debtors
10,000
Deferred tax asset
3,398
13,398
6
Creditors: amounts falling due within one year
2023
£
Trade creditors
70
Other creditors
128,253
128,323
7
Creditors: amounts falling due after more than one year
2023
£
Bank loans and overdrafts
129,443
8
Secured debts
The following secured debts are included within creditors:
2023
£
Bank loans
129,443
Bank loans are secured over the property to which they relate.
ARK PROPERTY (SOUTHWEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2023
- 7 -
9
Called up share capital
2023
£
Ordinary share capital
Issued and fully paid
95 Ordinary A of £1 each
95
5 Ordinary B of £1 each
5
100

The following shares were allotted and fully paid for cash at par during the period:

 

95 Ordinary A of £1 each

5 Ordinary B of £1 each

10
Non-distributable profits reserve
2023
£
At the beginning of the period
-
Non distributable profits in the period
10,775
At the end of the period
10,775
11
Ultimate controlling party

The ultimate controlling party is Mr A C Speedie.

12
Comparatives

This is the company's first period of trade, therefore there are no comparatives.

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