Archangel Estates Limited 08923786 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is the holding of investments. Digita Accounts Production Advanced 6.30.9574.0 true false true 08923786 2022-04-01 2023-03-31 08923786 2023-03-31 08923786 core:CurrentFinancialInstruments 2023-03-31 08923786 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 08923786 core:FurnitureFittingsToolsEquipment 2023-03-31 08923786 bus:SmallEntities 2022-04-01 2023-03-31 08923786 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 08923786 bus:FullAccounts 2022-04-01 2023-03-31 08923786 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 08923786 bus:RegisteredOffice 2022-04-01 2023-03-31 08923786 bus:Director1 2022-04-01 2023-03-31 08923786 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 08923786 core:ComputerEquipment 2022-04-01 2023-03-31 08923786 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 08923786 countries:AllCountries 2022-04-01 2023-03-31 08923786 2022-03-31 08923786 core:FurnitureFittingsToolsEquipment 2022-03-31 08923786 2021-04-01 2022-03-31 08923786 2022-03-31 08923786 core:CurrentFinancialInstruments 2022-03-31 08923786 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 08923786 core:FurnitureFittingsToolsEquipment 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 08923786

Archangel Estates Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

Pages for Filing with Registrar

 

Archangel Estates Limited

(Registration number: 08923786)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

1,066

853

Investments

6

2

2

 

1,068

855

Current assets

 

Debtors

7

972,870

754,751

Cash at bank and in hand

 

15,663

104,796

 

988,533

859,547

Creditors: Amounts falling due within one year

8

(193,120)

(82,490)

Net current assets

 

795,413

777,057

Net assets

 

796,481

777,912

Capital and reserves

 

Called up share capital

100

100

Retained earnings

796,381

777,812

Shareholders' funds

 

796,481

777,912

 

Archangel Estates Limited

(Registration number: 08923786)
Balance Sheet as at 31 March 2023

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 5 March 2024
 

.........................................

D Nicholls
Director

 

Archangel Estates Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

1

General information

The Company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
The Vertex
Horseshoe Ridge
Weybridge
KT13 0NR
United Kingdom

Principal activity

The principal activity of the company is the holding of investments.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Going concern

The financial statements have been prepared on a going concern basis.

Turnover recognition

Turnover comprises the fair value of the consideration received or receivable in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises turnover when:
The amount can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

 

Archangel Estates Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

33% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Archangel Estates Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like other creditors, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors

Trade debtors are amounts receivable in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Archangel Estates Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

3

Significant judgements and estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion there are no significant judgements or key sources of estimation uncertainty.

4

Staff numbers

The average number of persons employed by the Company (including the director) during the year, was 1 (2022 - 1).

5

Tangible assets

Computer equipment
£

Total
£

Cost or valuation

At 1 April 2022

1,279

1,279

Additions

1,199

1,199

Disposals

(1,279)

(1,279)

At 31 March 2023

1,199

1,199

Depreciation

At 1 April 2022

426

426

Charge for the year

133

133

Eliminated on disposal

(426)

(426)

At 31 March 2023

133

133

Carrying amount

At 31 March 2023

1,066

1,066

At 31 March 2022

853

853

 

Archangel Estates Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

6

Investments

2023
£

2022
£

Investments in associates

2

2

7

Debtors

2023
£

2022
£

Amounts owed by related parties

239,151

754,751

Other debtors

733,719

-

972,870

754,751

8

Creditors

2023
£

2022
£

Due within one year

Other borrowings

-

70,864

Income tax liability

190,089

8,686

Taxation and social security

31

-

Other creditors

3,000

2,940

193,120

82,490

Other borrowings are shareholder loans, which are interest free and repayable on demand.

9

Dividends

There were no dividends paid or proposed in either the current year or the previous year.

10

Related party transactions

Transactions with the director

During the year the director paid expenses on behalf of the company of £12,485 (2022: £26,470) and withdrew from the comapnya total of £628,500 (2022: £1,181,418). Therefore, as at the year end the amount owed to the company by the director was £548,576 (2022: -£70,864).