Company Registration No. 01042943 (England and Wales)
Arisal Estates Limited
Unaudited accounts
for the year ended 30 June 2023
Arisal Estates Limited
Unaudited accounts
Contents
Arisal Estates Limited
Company Information
for the year ended 30 June 2023
Company Number
01042943 (England and Wales)
Registered Office
21 Warwick Grove
London
E5 9HX
Arisal Estates Limited
Statement of financial position
as at 30 June 2023
Investment property
15,589,205
15,589,205
Debtors
1,279,612
2,495,263
Cash at bank and in hand
402,481
109,727
Creditors: amounts falling due within one year
(1,068,981)
(573,681)
Net current assets
613,112
2,031,309
Total assets less current liabilities
16,202,845
17,621,040
Creditors: amounts falling due after more than one year
(2,700,000)
(2,850,000)
Provisions for liabilities
Deferred tax
(346,655)
(346,655)
Net assets
13,156,190
14,424,385
Called up share capital
154
100
Profit and loss account
13,156,036
14,424,285
Shareholders' funds
13,156,190
14,424,385
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 22 March 2024 and were signed on its behalf by
Mr Abraham Low
Director
Company Registration No. 01042943
Arisal Estates Limited
Notes to the Accounts
for the year ended 30 June 2023
Arisal Estates Limited is a private company, limited by shares, registered in England and Wales, registration number 01042943. The registered office is 21 Warwick Grove, London, E5 9HX.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
In the application of the Company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The Directors do not consider there are any critical judgments or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed below.
The turnover of the company is represented by rents and charges receivable in respect of its investment properties.
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Arisal Estates Limited
Notes to the Accounts
for the year ended 30 June 2023
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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 the income statement.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
Investments in subsidiaries
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Arisal Estates Limited
Notes to the Accounts
for the year ended 30 June 2023
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Fair value at 1 July 2022
15,589,205
At 30 June 2023
15,589,205
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30th June 2023 by the Company's directors who are considered to have the expertise and experience required to undertake such an exercise. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties in the same location.
The historic cost of the properties at 30 June 2023 is £13,346,808 (2022: £13,346,808).
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Investments
Subsidiary undertakings
Other investments
Total
Valuation at 1 July 2022
1
525
526
Valuation at 30 June 2023
3
525
528
Amounts falling due after more than one year
Trade debtors
228,882
274,283
Amounts due from group undertakings etc.
555,777
1,640,875
Accrued income and prepayments
72,899
35,730
Other debtors
422,054
544,375
Arisal Estates Limited
Notes to the Accounts
for the year ended 30 June 2023
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Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
200,000
200,000
Trade creditors
95,774
67,245
Taxes and social security
315,990
210,733
Other creditors
457,217
95,703
The bank loan is secured over a number of the investment properties.
Other creditors include amount aggregating £382,222 (2022: £11,308) owed to the director and companies with a director in common with the company.
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Creditors: amounts falling due after more than one year
2023
2022
Bank loans
2,700,000
2,850,000
The bank loan is secured over a number of the investment properties.
Allotted, called up and fully paid:
154 Ordinary shares of £1 each
154
100
Shares issued during the period:
54 Ordinary shares of £1 each
54
10
Average number of employees
During the year the average number of employees was 1 (2022: 2).