Registered number
03062324
Arrow Technical Services Ltd
Unaudited Filleted Accounts
30 June 2023
Arrow Technical Services Ltd
Registered number: 03062324
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 930,709 839,535
Current assets
Stocks 70,491 47,854
Debtors 4 97,489 93,149
Cash at bank and in hand 15 26,020
167,995 167,023
Creditors: amounts falling due within one year 5 (234,686) (187,004)
Net current liabilities (66,691) (19,981)
Total assets less current liabilities 864,018 819,554
Creditors: amounts falling due after more than one year 6 (156,312) (184,054)
Provisions for liabilities (4,412) (5,777)
Net assets 703,294 629,723
Capital and reserves
Called up share capital 1,000 1,000
Revaluation reserve 8 448,990 448,990
Profit and loss account 253,304 179,733
Shareholder's funds 703,294 629,723
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Dr C M Worrall
Director
Approved by the board on 14 February 2024
Arrow Technical Services Ltd
Notes to the Accounts
for the year ended 30 June 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. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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:
Long leasehold buildings not provided
Motor vehicles 25% reducing balance
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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 6 6
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2022 800,000 239,849 14,630 1,054,479
Additions - 1,231 - 1,231
Surplus on revaluation 100,000 - - 100,000
At 30 June 2023 900,000 241,080 14,630 1,155,710
Depreciation
At 1 July 2022 - 208,543 6,401 214,944
Charge for the year - 8,000 2,057 10,057
At 30 June 2023 - 216,543 8,458 225,001
Net book value
At 30 June 2023 900,000 24,537 6,172 930,709
At 30 June 2022 800,000 31,306 8,229 839,535
The property was revalued at the year ended 2023. The revaluation was carried out by the director and was based on various factors including the strategic location of the property.
4 Debtors 2023 2022
£ £
Trade debtors 82,757 93,149
Prepayments 14,732 -
97,489 93,149
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 42,791 10,000
Trade creditors 70,855 52,589
Corporation tax (7,991) (11,739)
Vat 21,531 32,103
Other taxes and social security costs 6,239 2,632
Accruals 1,330 1,320
Director's current account 52,012 27,072
Other creditors 47,919 73,027
234,686 187,004
Included within bank loans is a COVID bounce back loan of £10,000 (2022: £10,000), 100% guaranteed
by the government.
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 156,312 184,054
The bank facilities are secured on the freehold property owned by the company.
Included within bank loans is a COVID bounce back loan of £19,917 (2022: £29,682), 100% guaranteed
by the government.
7 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 156,312 184,054
Secured bank loans 156,312 184,054
8 Revaluation reserve 2023 2022
£ £
At 1 July 2022 448,990 448,990
At 30 June 2023 448,990 448,990
9 Other information
Arrow Technical Services Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Morse House 10, Whittle Way
Advanced Manufacturing Park
Catcliffe
Rotherham
S60 5BL
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