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COMPANY REGISTRATION NUMBER: SC745514
ARK Property & Investment Group Limited
Unaudited Financial Statements
30 September 2023
ARK Property & Investment Group Limited
Financial Statements
Period from 27 September 2022 to 30 September 2023
Contents
Page
Directors' report
1
Statement of comprehensive income
2
Statement of financial position
3
Statement of changes in equity
4
Notes to the financial statements
5
The following pages do not form part of the financial statements
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
9
ARK Property & Investment Group Limited
Directors' Report
Period from 27 September 2022 to 30 September 2023
The directors present their report and the unaudited financial statements of the company for the period ended 30 September 2023 .
Directors
The directors who served the company during the period were as follows:
Mr A Haneef
(Appointed 27 September 2022)
Mr M Haneef
(Appointed 27 September 2022)
Mr R Haneef
(Served from 27 September 2022 to 28 November 2022)
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 26 April 2024 and signed on behalf of the board by:
Mr M Haneef
Director
Registered office:
41 Dundee Road West
Broughty Ferry
Dundee
Scotland
DD51NB
ARK Property & Investment Group Limited
Statement of Comprehensive Income
Period from 27 September 2022 to 30 September 2023
Period from
27 Sep 22 to
30 Sep 23
Note
£
Turnover
6,202
-------
Gross profit
6,202
Administrative expenses
4,442
-------
Operating profit
1,760
-------
Profit before taxation
1,760
Tax on profit
334
-------
Profit for the financial period and total comprehensive income
1,426
-------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the period as set out above.
ARK Property & Investment Group Limited
Statement of Financial Position
30 September 2023
30 Sep 23
Note
£
Fixed assets
Tangible assets
4
81,860
Current assets
Debtors
5
150
Cash at bank and in hand
4,587
-------
4,737
Creditors: amounts falling due within one year
6
84,971
--------
Net current liabilities
80,234
--------
Total assets less current liabilities
1,626
-------
Net assets
1,626
-------
Capital and reserves
Called up share capital
200
Profit and loss account
1,426
-------
Shareholders funds
1,626
-------
These financial statements have been prepared 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'.
For the period ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their 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 26 April 2024 , and are signed on behalf of the board by:
Mr A Haneef
Director
Company registration number: SC745514
ARK Property & Investment Group Limited
Statement of Changes in Equity
Period from 27 September 2022 to 30 September 2023
Called up share capital
Profit and loss account
Total
£
£
£
At 27 September 2022
Profit for the period
1,426
1,426
----
-------
-------
Total comprehensive income for the period
1,426
1,426
Issue of shares
200
200
----
----
----
Total investments by and distributions to owners
200
200
----
-------
-------
At 30 September 2023
200
1,426
1,626
----
-------
-------
ARK Property & Investment Group Limited
Notes to the Financial Statements
Period from 27 September 2022 to 30 September 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 41 Dundee Road West, Broughty Ferry, Dundee, DD51NB, Scotland.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Corporation tax
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
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 instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Tangible assets
Investment property
£
Cost
At 27 September 2022
Additions
81,860
--------
At 30 September 2023
81,860
--------
Depreciation
At 27 September 2022 and 30 September 2023
--------
Carrying amount
At 30 September 2023
81,860
--------
Tangible assets held at valuation
The company directors have considered the property at the period end and are satisfied that the cost reflects the current market value.
5. Debtors
30 Sep 23
£
Other debtors
150
----
6. Creditors: amounts falling due within one year
30 Sep 23
£
Corporation tax
334
Deposits held
842
Other creditors
83,795
--------
84,971
--------
ARK Property & Investment Group Limited
Management Information
Period from 27 September 2022 to 30 September 2023
The following pages do not form part of the financial statements.
ARK Property & Investment Group Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of ARK Property & Investment Group Limited
Period from 27 September 2022 to 30 September 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of ARK Property & Investment Group Limited for the period ended 30 September 2023, which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/professional-resources/practice/support-and-guidance-framework-for-the-preparation-of-accounts-revised-june-2020. This report is made solely to the Board of Directors of ARK Property & Investment Group Limited, as a body, in accordance with the terms of our engagement letter dated 19 February 2024. Our work has been undertaken solely to prepare for your approval the financial statements of ARK Property & Investment Group Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/professional-resources/practice/support-and-guidance-framework-for-the-preparation-of-accounts-revised-june-2020. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than ARK Property & Investment Group Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that ARK Property & Investment Group Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of ARK Property & Investment Group Limited. You consider that ARK Property & Investment Group Limited is exempt from the statutory audit requirement for the period. We have not been instructed to carry out an audit or a review of the financial statements of ARK Property & Investment Group Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
FOURM LIMITED Chartered Accountants
Stannergate House 41 Dundee Road West Broughty Ferry Dundee DD5 1NB
26 April 2024