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Registration number: SC292397

Arc Marquees Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Arc Marquees Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Arc Marquees Limited

Company Information

Directors

D M Thomson

E R Scovell

Company secretary

E R Scovell

Registered office

Algo Business Centre
Glenearn Road
Perth
PH2 0NJ

Accountants

Kelly Accounting Limited
42 Comrie Street
Crieff
Perthshire
PH7 4AX

 

Arc Marquees Limited

(Registration number: SC292397)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,313,619

930,998

Current assets

 

Debtors

5

125,720

110,765

Cash at bank and in hand

 

388,153

678,564

 

513,873

789,329

Creditors: Amounts falling due within one year

6

(714,674)

(544,546)

Net current (liabilities)/assets

 

(200,801)

244,783

Total assets less current liabilities

 

1,112,818

1,175,781

Creditors: Amounts falling due after more than one year

6

(101,225)

(127,043)

Provisions for liabilities

(274,137)

(186,199)

Net assets

 

737,456

862,539

Capital and reserves

 

Called up share capital

13,800

13,800

Share premium reserve

8,200

8,200

Retained earnings

715,456

840,539

Shareholders' funds

 

737,456

862,539

For the financial year ending 31 October 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 of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for
(a) ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit or loss for each financial year in accordancce with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

 

Arc Marquees Limited

(Registration number: SC292397)
Balance Sheet as at 31 October 2023 (continued)

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 February 2024 and signed on its behalf by:
 

.........................................
D M Thomson
Director

.........................................
E R Scovell
Company secretary and director

 

Arc Marquees Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Algo Business Centre
Glenearn Road
Perth
PH2 0NJ

These financial statements were authorised for issue by the Board on 19 February 2024.

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

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The exemptions under section 1A regarding cashflow statement and under s414B of the Companies Act regarding the strategic report have been taken this year.
 

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services 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 revenue when:
The amount of revenue 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.

Tax

The tax expense for the period comprises current and deferred 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.

 

Arc Marquees Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

2

Accounting policies (continued)

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 tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Furniture, fittings and equipment

Varying rates on cost

Motor vehicles

25% on reducing balance

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Arc Marquees Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

2

Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 26 (2022 - 30).

 

Arc Marquees Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

1,951,057

170,115

2,121,172

Additions

429,652

156,042

585,694

Disposals

-

(31,396)

(31,396)

At 31 October 2023

2,380,709

294,761

2,675,470

Depreciation

At 1 November 2022

1,095,722

94,452

1,190,174

Charge for the year

148,199

41,905

190,104

Eliminated on disposal

-

(18,427)

(18,427)

At 31 October 2023

1,243,921

117,930

1,361,851

Carrying amount

At 31 October 2023

1,136,788

176,831

1,313,619

At 31 October 2022

855,335

75,663

930,998

 

Arc Marquees Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

5

Debtors

2023
£

2022
£

Ttrade debtors

2,809

29,240

Prepayments

63,790

37,321

Other debtors

59,121

44,204

125,720

110,765

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

85,179

23,224

Trade creditors

 

146,561

94,380

Taxation and social security

 

69,325

112,578

Accruals and deferred income

 

2,800

56,078

Other creditors

 

410,809

258,286

 

714,674

544,546

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £85,179 (2022 - £23,224).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

101,225

127,043

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £25.213 (2022 - £19,200).

 

Arc Marquees Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

25,213

20,000

Other borrowings

76,012

107,043

101,225

127,043

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

85,179

23,224

8

Related party transactions

Transactions with directors

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 31 October 2023
£

E R Scovell

Loan to director

42,705

78,998

(69,856)

51,847

         
       

 

The loan to Mr Scovell is due for repayment by 31 July 2023.

2022

At 1 November 2021
£

Advances to director
£

Repayments by director
£

Other payments made to company by director
£

At 31 October 2022
£

E R Scovell

Loan to director

33,089

49,297

(39,681)

-

42,705