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COMPANY REGISTRATION NUMBER: 10767193
ARCADE STRATEGIES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 May 2023
ARCADE STRATEGIES LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2023
Contents
Pages
Balance sheet 1
Notes to the financial statements 2 to 4
ARCADE STRATEGIES LIMITED
BALANCE SHEET
31 May 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
2,133
165
Current assets
Debtors
6
4,284
11,970
Cash at bank
43,979
67,166
------------
------------
48,263
79,136
Creditors: amounts falling due within one year
7
( 16,212)
( 27,145)
------------
------------
Net current assets
32,051
51,991
------------
------------
Total assets less current liabilities
34,184
52,156
Provisions
( 405)
( 30)
------------
------------
Net assets
33,779
52,126
------------
------------
Capital and reserves
Called up share capital
9
1
1
Profit and loss account
33,778
52,125
------------
------------
Shareholders funds
33,779
52,126
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 May 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 21 February 2024 , and are signed on behalf of the board by:
A W Taylor
Director
Company registration number: 10767193
ARCADE STRATEGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 35 Westgate, Huddersfield, HD1 1PA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office equipment
-
25% reducing balance
Computer equipment
-
33% straight line
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Office equipment
Computer equipment
Total
£
£
£
Cost
At 1 June 2022
420
4,578
4,998
Additions
2,998
2,998
------------
------------
------------
At 31 May 2023
420
7,576
7,996
------------
------------
------------
Depreciation
At 1 June 2022
255
4,578
4,833
Charge for the year
41
989
1,030
------------
------------
------------
At 31 May 2023
296
5,567
5,863
------------
------------
------------
Carrying amount
At 31 May 2023
124
2,009
2,133
------------
------------
------------
At 31 May 2022
165
165
------------
------------
------------
6. Debtors
2023
2022
£
£
Trade debtors
4,284
11,970
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
9,962
17,893
Social security and other taxes
4,994
8,305
Director loan accounts
1,256
947
------------
------------
16,212
27,145
------------
------------
8. Deferred tax
The deferred tax included in the balance sheet is as follows:
2023
2022
£
£
Included in provisions
405
30
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
405
30
------------
------------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 0.01 each
100
1
100
1
------------
------------
------------
------------
The shares are designated as 75 ordinary shares of £0.01 each and 25 ordinary 'A' shares of £0.01 each.
10. Related party transactions
At the year end an amount was due to the director of £1,256 (2022 - £947). The amount is unsecured, repayable on demand and currently interest-free. The company is controlled by A Taylor.