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COMPANY REGISTRATION NUMBER: SC538130
AARRAA Consultants Limited
Filleted Unaudited Financial Statements
31 March 2024
AARRAA Consultants Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed Assets
Investments
4
2,205,402
2,205,402
Current Assets
Cash at bank and in hand
16,837
12,642
Creditors: amounts falling due within one year
5
679,760
706,296
---------
---------
Net Current Liabilities
662,923
693,654
------------
------------
Total Assets Less Current Liabilities
1,542,479
1,511,748
Creditors: amounts falling due after more than one year
6
1,522,336
1,522,336
------------
------------
Net Assets/(Liabilities)
20,143
( 10,588)
------------
------------
Capital and Reserves
Called up share capital
100
100
Profit and loss account
20,043
( 10,688)
--------
--------
Shareholders Funds/(Deficit)
20,143
( 10,588)
--------
--------
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 statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 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 year 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 .
AARRAA Consultants Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 22 July 2024 , and are signed on behalf of the board by:
Mr P Rushton
Director
Company registration number: SC538130
AARRAA Consultants Limited
Notes to the Financial Statements
Year Ended 31 March 2024
1. General Information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 5 West Victoria Dock Road, Dundee, DD1 3JT, 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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going Concern
The company has net assets of £20,143 (2023 - net liabilities of £10,588). The directors have prepared detailed financial forecasts and confirm that the financial statements are prepared on a going concern basis. In coming to this conclusion, the founding directors confirm that they will not seek a repayment of their loan accounts and will continue to support the company for the next 12 months from the date of these financial statements.
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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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.
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. Debt instruments are subsequently measured at amortised cost.
4. Investments
Other investments other than loans
£
Cost
At 1 April 2023 and 31 March 2024
2,205,402
------------
Impairment
At 1 April 2023 and 31 March 2024
------------
Carrying amount
At 31 March 2024
2,205,402
------------
At 31 March 2023
2,205,402
------------
5. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
9,804
340
Other creditors
669,956
705,956
---------
---------
679,760
706,296
---------
---------
6. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,522,336
1,522,336
------------
------------
The bank loans held within creditors due after more than one year are secured by a floating charge.
7. Directors' Advances, Credits and Guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr P Rushton
( 126,829)
18,000
( 108,829)
Mrs H Rushton
( 243,440)
18,000
( 225,440)
---------
--------
---------
( 370,269)
36,000
( 334,269)
---------
--------
---------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr P Rushton
( 260,866)
134,037
( 126,829)
Mrs H Rushton
( 266,440)
23,000
( 243,440)
---------
---------
---------
( 527,306)
157,037
( 370,269)
---------
---------
---------
8. Related Party Transactions
The company was under the control of Mr P Rushton and Mrs H Rushton throughout the current period. Mr P Rushton is the managing director and Mr P Rushton and Mrs H Rushton are the majority shareholders. During the period the company operated directors' loan accounts and at the period end the company was due to pay Mr P Rushton £108,828 (2023 - £126,828). At the period end the company was also due to pay Mrs H Rushton £225,440 (2023 - £243,440). There are currently no repayment terms in place or interest accruing on these balances, although the amounts are repayable on demand from the third party. During the year, the company operated an intercompany loan account with an associated company, Invinceus Group Limited. At the year end the company was due to pay £328,837 (2023 - £328,837) to Invinceus Group Limited.