Caseware UK (AP4) 2022.0.179 2022.0.179 2023-05-312023-05-312022-06-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false22truetrue 12601524 2022-06-01 2023-05-31 12601524 2021-06-01 2022-05-31 12601524 2023-05-31 12601524 2022-05-31 12601524 c:Director1 2022-06-01 2023-05-31 12601524 d:PlantMachinery 2022-06-01 2023-05-31 12601524 d:PlantMachinery 2023-05-31 12601524 d:PlantMachinery 2022-05-31 12601524 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 12601524 d:CurrentFinancialInstruments 2023-05-31 12601524 d:CurrentFinancialInstruments 2022-05-31 12601524 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 12601524 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 12601524 d:ShareCapital 2023-05-31 12601524 d:ShareCapital 2022-05-31 12601524 d:RetainedEarningsAccumulatedLosses 2023-05-31 12601524 d:RetainedEarningsAccumulatedLosses 2022-05-31 12601524 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-05-31 12601524 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-05-31 12601524 c:OrdinaryShareClass1 2022-06-01 2023-05-31 12601524 c:OrdinaryShareClass1 2023-05-31 12601524 c:OrdinaryShareClass1 2022-05-31 12601524 c:OrdinaryShareClass2 2022-06-01 2023-05-31 12601524 c:OrdinaryShareClass2 2023-05-31 12601524 c:OrdinaryShareClass2 2022-05-31 12601524 c:OrdinaryShareClass3 2022-06-01 2023-05-31 12601524 c:OrdinaryShareClass3 2023-05-31 12601524 c:OrdinaryShareClass3 2022-05-31 12601524 c:FRS102 2022-06-01 2023-05-31 12601524 c:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 12601524 c:FullAccounts 2022-06-01 2023-05-31 12601524 c:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 12601524










ARA DESIGN STUDIO LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2023

 
ARA DESIGN STUDIO LIMITED
REGISTERED NUMBER: 12601524

BALANCE SHEET
AS AT 31 MAY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,000
2,353

  
2,000
2,353

Current assets
  

Stocks
  
-
1,400

Debtors: amounts falling due within one year
 5 
2,461
4,506

Cash at bank and in hand
 6 
3,715
4,222

  
6,176
10,128

Creditors: amounts falling due within one year
 7 
(14,303)
(15,996)

Net current liabilities
  
 
 
(8,127)
 
 
(5,868)

Total assets less current liabilities
  
(6,127)
(3,515)

  

Net liabilities
  
(6,127)
(3,515)


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
(6,227)
(3,615)

  
(6,127)
(3,515)

Page 1

 
ARA DESIGN STUDIO LIMITED
REGISTERED NUMBER: 12601524
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2023

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A J Hammond
Director

Date: 14 February 2024

The notes on pages 3 to 8 form part of these financial statements.
Page 2

 
ARA DESIGN STUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1.


General information

ArA Design Sutdio Limited is a private company, limited by shares, incorporated in England. the principal place of business is 5a Lupton Rd, Thame, Oxfordshire, OX9 3SE.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
ARA DESIGN STUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
15%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 4

 
ARA DESIGN STUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Page 5

 
ARA DESIGN STUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)


Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 6

 
ARA DESIGN STUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

4.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 June 2022
3,182



At 31 May 2023

3,182



Depreciation


At 1 June 2022
829


Charge for the year on owned assets
353



At 31 May 2023

1,182



Net book value



At 31 May 2023
2,000


5.


Debtors

2023
2022
£
£


Trade debtors
2,461
4,506

2,461
4,506



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
3,715
4,222

3,715
4,222


Page 7

 
ARA DESIGN STUDIO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
10,990
10,990

Trade creditors
14
22

Other taxation and social security
281
974

Other creditors
438
1,450

Accruals and deferred income
2,580
2,560

14,303
15,996



8.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
3,715
4,222




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



45 (2022 - 45) Ordinary A shares of £1.00 each
45
45
45 (2022 - 45) Ordinary B shares of £1.00 each
45
45
10 (2022 - 10) Ordinary C shares of £1.00 each
10
10

100

100



10.


Related party transactions

During the year, the company maintained a loan amounting to £9,990 from a shareholder. The rate of interest charged is 0%. At the balance sheet date, the loan was still outstanding and is presented with creditors: amounts falling due within one year.

 
Page 8