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REGISTERED NUMBER: 11922135 (England and Wales)











Financial Statements

for the Year Ended 31 July 2023

for

Ark Warranty Services Limited

Ark Warranty Services Limited (Registered number: 11922135)






Contents of the Financial Statements
for the Year Ended 31 July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Ark Warranty Services Limited

Company Information
for the Year Ended 31 July 2023







DIRECTORS: R Gow
A Hollier





REGISTERED OFFICE: Leofric House
18B Binley Road
Coventry
West Midlands
CV3 1JN





REGISTERED NUMBER: 11922135 (England and Wales)





AUDITORS: Leigh Christou Ltd
Chartered Certified Accountants and
Statutory Auditor
Leofric House
Binley Road
Coventry
CV3 1JN

Ark Warranty Services Limited (Registered number: 11922135)

Balance Sheet
31 July 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 25,370 37,553
Tangible assets 5 36,884 11,209
62,254 48,762

CURRENT ASSETS
Debtors 6 146,479 159,872
Cash at bank 375,202 344,191
521,681 504,063
CREDITORS
Amounts falling due within one year 7 551,465 541,994
NET CURRENT LIABILITIES (29,784 ) (37,931 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

32,470

10,831

PROVISIONS FOR LIABILITIES 9 9,221 2,130
NET ASSETS 23,249 8,701

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 11 23,149 8,601
SHAREHOLDERS' FUNDS 23,249 8,701

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 March 2024 and were signed on its behalf by:





R Gow - Director


Ark Warranty Services Limited (Registered number: 11922135)

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

1. STATUTORY INFORMATION

Ark Warranty Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Survey fees are recognised on an accrual basis over the term of the contract.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Ark Warranty Services Limited (Registered number: 11922135)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 August 2022
and 31 July 2023 60,916
AMORTISATION
At 1 August 2022 23,363
Charge for year 12,183
At 31 July 2023 35,546
NET BOOK VALUE
At 31 July 2023 25,370
At 31 July 2022 37,553

Ark Warranty Services Limited (Registered number: 11922135)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 August 2022 883 - 18,898 19,781
Additions - 37,576 - 37,576
At 31 July 2023 883 37,576 18,898 57,357
DEPRECIATION
At 1 August 2022 28 - 8,544 8,572
Charge for year 132 7,045 4,724 11,901
At 31 July 2023 160 7,045 13,268 20,473
NET BOOK VALUE
At 31 July 2023 723 30,531 5,630 36,884
At 31 July 2022 855 - 10,354 11,209

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Accrued income 24,678 45,003
Amounts owed by group undertakings 113,047 107,612
VAT - 108
Prepayments 8,754 7,149
146,479 159,872

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade creditors 10,425 836
Amounts owed to group undertakings 130,182 87,868
Tax 773 5,540
Social security and other taxes 3,317 2,553
Pension control account 432 328
VAT 7,613 -
Accrued expenses 398,723 444,869
551,465 541,994

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.7.23 31.7.22
£    £   
Within one year - 16,188

Ark Warranty Services Limited (Registered number: 11922135)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

9. PROVISIONS FOR LIABILITIES
31.7.23 31.7.22
£    £   
Deferred tax
Accelerated capital allowances 9,221 2,130

Deferred
tax
£   
Balance at 1 August 2022 2,130
Provided during year 7,091
Balance at 31 July 2023 9,221

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.23 31.7.22
value: £    £   
100 Ordinary £1 100 100

11. RESERVES
Retained
earnings
£   

At 1 August 2022 8,601
Profit for the year 14,548
At 31 July 2023 23,149

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

C A Christou FCCA MAE (Senior Statutory Auditor)
for and on behalf of Leigh Christou Ltd

13. RELATED PARTY DISCLOSURES

In accordance with FRS 102 Section 1A, the company only discloses transactions with related parties, including group companies, where they are not undertaken under normal market conditions.

14. AUDITOR LIABILITY LIMITATION AGREEMENT

Auditors liability is limited to a maximum of twenty five times the fee relating to the audit engagement.

The directors approved the agreement on 14th July 2023.

Ark Warranty Services Limited (Registered number: 11922135)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

15. ULTIMATE CONTROLLING PARTY

The company was controlled throughout the period by R Gow by virtue of her shareholding in the issued share capital of the immediate and ultimate parent company, ITUS Group Limited.

The consolidation financial statements for ITUS Group Limited are available from the registered office, being Leofric House, Binley Road, Coventry, CV3 1JN.