Company registration number 06608905 (England and Wales)
ARCHGUILD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
PAGES FOR FILING WITH REGISTRAR
ARCHGUILD LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2022
30 September 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
55,743
61,937
Investment properties
4
4,095,000
4,095,000
4,150,743
4,156,937
Current assets
Debtors
5
423,413
387,700
Cash at bank and in hand
24,293
21,357
447,706
409,057
Creditors: amounts falling due within one year
6
(1,022,011)
(1,011,621)
Net current liabilities
(574,305)
(602,564)
Total assets less current liabilities
3,576,438
3,554,373
Creditors: amounts falling due after more than one year
7
(1,692,230)
(1,808,925)
Provisions for liabilities
(163,056)
(123,922)
Net assets
1,721,152
1,621,526
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
1,721,151
1,621,525
Total equity
1,721,152
1,621,526
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 year ended 30 September 2022 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 members have not required the company to obtain an audit of its financial statements for the year 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.
The financial statements were approved and signed by the director and authorised for issue on 22 February 2024
A F A Pabani
Director
Company Registration No. 06608905
ARCHGUILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 2 -
1
Accounting policies
Company information
Archguild Limited is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, 73-75 High Street, Stevenage, Hertfordshire, SG1 3HR.
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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:
Plant and machinery
10% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
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. Changes in fair value are recognised in profit or loss.
1.5
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
ARCHGUILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
1
Accounting policies
(Continued)
- 3 -
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.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Leases
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
4
4
ARCHGUILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2021 and 30 September 2022
274,129
Depreciation and impairment
At 1 October 2021
212,192
Depreciation charged in the year
6,194
At 30 September 2022
218,386
Carrying amount
At 30 September 2022
55,743
At 30 September 2021
61,937
4
Investment property
2022
£
Fair value
At 1 October 2021 and 30 September 2022
4,095,000
The directors consider that the valuation of the properties as at 30 September 2022 is not materially different to that shown.
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
40,787
20,142
Amounts owed by group undertakings
376,881
349,246
Other debtors
5,745
18,312
423,413
387,700
ARCHGUILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 5 -
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
246,855
264,413
Trade creditors
24,975
13,538
Amounts owed to group undertakings
546,101
539,457
Taxation and social security
80,989
99,163
Other creditors
123,091
95,050
1,022,011
1,011,621
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
1,495,176
1,611,170
Amounts owed to group undertakings
197,054
197,755
1,692,230
1,808,925
Included within creditors is an amount of £1,742,031 (2021: £1,875,583) secured against the assets of the company.
8
Provisions for liabilities
2022
2021
£
£
Deferred tax liabilities
163,056
123,922