Company registration number 13696556 (England and Wales)
ARK FMS PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
ARK FMS PLC
COMPANY INFORMATION
Directors
M J Finlay
Mr A Stanton
Secretary
Mr A Stanton
Company number
13696556
Registered office
Unit 12 Loughton Business Centre
Langston Road
Loughton
Essex
United Kingdom
IG10 3FL
Auditor
HJS Chartered Accountants
Tagus House
9 Ocean Way
Southampton
Hampshire
United Kingdom
SO14 3TJ
ARK FMS PLC
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 18
ARK FMS PLC
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 JANUARY 2024
- 1 -
The directors present the strategic report for the Period ended 31 January 2024.
Review of the business
The Ark group of companies continue to grow and diversify to ensure that we are the service
provider of choice for our public and private sector clients. The creation of Ark FMS will only help to strengthen this service to our client group.
The Ark FMS team will manage our clients hard FM requirements through reactive and planned maintenance of installations ensuring that building services are compliant and working efficiently for the benefit of the occupants.
Our forward order book current stands at approximately £1.5 million for the next 12 months, this is a massive increase to last year and provides a solid base from which to build our forecast growth for 2024/2025.
We are hopeful of further growth in 2024/2025 however we do need to be mindful as to the current volatility in the construction market and will only take on projects where we can be confident of returns.
Our primary strategy remains to build relationships with existing and prospective clients and secure repeat work therefore maximizing profitability.
We will maintain the financial strength of the business by retaining a healthy cash position which will give us the flexibility to pursue exceptional business opportunities as appropriate.
Principal risks and uncertainties
We do believe that the next 12 months will certainly become more buoyant, and opportunities will increase. Our solid portfolio of works completed, and our proactive marketing strategy will undoubtedly enable us to make the most of these opportunities and allow the company to hopefully grow in these market conditions, although caution will be employed so as not to expose us to risk especially given the volatility issues previously mentioned.
Our risks and uncertainties are much harder to gauge, and close monitoring of price fluctuations are required to maintain our commercial edge. Tendering is still subject to highly competitive pricing, but we continue to look for efficiencies to keep us ahead of competition. This is underpinned by an ethos to win repeat business and partner with existing and new clients at every opportunity, which we continue to do. The company is becoming more involved in the two-stage tendering process with our client base and having a more cautious approach to de-risking our projects by adopting a “share the pain and share the gain” mentality with our clients. An understanding from day one of where the risk exists on the projects and who ultimately takes ownership of this, allows us to plan and manage the project as a whole to minimize the risks.
Financially insecure clients are a risk and therefore due diligence around any new clients is imperative.
Our client base continues to grow and is made up of almost exclusively blue-chip companies and Government bodies with excellent covenants. This minimizes our financial risk in the critical period between the execution of work and payment.
We have a robust procurement process in place to ensure vigilance when choosing our suppliers and subcontractors in order to maintain competitiveness and quality.
We monitor how much business is being given to any particular part of our supply chain to ensure they do not become overwhelmed with orders.
We routinely monitor the financial assets and quality performance of our subcontractors and suppliers to marginalize our risk and maintain the quality and delivery expected of us by our exacting clients. This also enables us to forecast with greater accuracy and adjudicate against tenders and future contracts.
Company governance around risks is a constant agenda item and is formally and regularly reviewed by the board with appropriate processes in place to monitor and mitigate them.
ARK FMS PLC
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
- 2 -
Financially Insecure Clients
We are aware of the risks when taking on work and are very particular when dealing with clients. Credit checks and credit control enable us to feel comfortable with managing our debts. We also ensure that contracts are not undertaken with onerous payment terms.
We always provide contractors proposals/clarifications with our tenders to try and mitigate any risk items.
Key performance indicators
Our turnover for 2024 was small as to be expected from a fledgling business but is in line with our expectations.
I would like to thank all the team at Ark FMS PLC for all their hard work, they are a big part in enabling us to continue to ensure the company goes from strength to strength. It is testament to their determination and loyalty to Ark FMS and the obvious pride they have in our company.
Our aim continues to be producing quality projects and work collaboratively with our clients which will sustain growth and profitability for the business going forward.
Promoting the success of the company
The stakeholder, being Michael Finlay who is also the Managing Director ensured that any key decisions made during would not be detrimental to either himself or the business as a whole.
There were no major changes that would affect the Company and it continued on the same path.
No major changes were made during the year in respect of the company’s current or future position within the industry.
Suppliers were maintained with very little change in terms or delivery.
M J Finlay
Director
31 July 2024
ARK FMS PLC
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 JANUARY 2024
- 3 -
The directors present their annual report and financial statements for the period ended 31 January 2024.
Principal activities
The principal activity of the company continued to be that of Facilities Management Services.
Results and dividends
The results for the year are set out on page 10.
No dividends were paid out during the year and Directors do not recommend a payment of a dividend.
Directors
The directors who held office during the Period and up to the date of signature of the financial statements were as follows:
M J Finlay
Mr A Stanton
Future developments
Our forward order book current stands at approximately £1.5 million for the next 12 months, this is a massive increase to last year and provides a solid base from which to build our forecast growth for 2024/2025.
We are hopeful of further growth in 2024/2025 however we do need to be mindful as to the current volatility in the construction market and will only take on projects where we can be confident of returns.
Our primary strategy remains to build relationships with existing and prospective clients and secure repeat work therefore maximizing profitability.
We will maintain the financial strength of the business by retaining a healthy cash position which will give us the flexibility to pursue exceptional business opportunities as appropriate.
Auditor
The auditors, HJS Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
M J Finlay
Director
31 July 2024
ARK FMS PLC
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 JANUARY 2024
- 4 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
ARK FMS PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ARK FMS PLC
- 5 -
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 January 2024 and of its profit for the Period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements of Ark FMS Plc (the 'company') for the period ended 31 January 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial Period for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
ARK FMS PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ARK FMS PLC
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to breaches of UK regulatory principles, such as those governed by the relevant construction authorities. We also considered the laws and regulations which have a direct impact on the financial statements such as the Companies Act 2006.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to management bias in accounting estimates and judgmental areas of the financial statements.
Audit procedures performed by the audit engagement team included:
Discussions with senior management, including consideration of known or suspected instances of noncompliance with laws and regulations or instances of fraud;
Identifying and testing journal entries based on risk criteria;
Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
Testing transactions entered into outside of the normal course of the company's business;
Reviewing any potential litigation or claims against the entity which indicate any potential noncompliance issues.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or though collusion.
ARK FMS PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ARK FMS PLC
- 7 -
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Angela Trainor
Senior Statutory Auditor
For and on behalf of HJS Chartered Accountants
31 July 2024
Chartered Accountants and Statutory Auditor
Tagus House
9 Ocean Way
Southampton
Hampshire
United Kingdom
SO14 3TJ
ARK FMS PLC
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 JANUARY 2024
- 8 -
31 January
Year
ended
ended
31 January
31 October
2024
2022
Notes
£
£
Turnover
3
95,715
-
Cost of sales
(86,143)
Gross profit
9,572
-
Administrative expenses
(3,000)
Profit before taxation
6,572
Tax on profit
6
(1,249)
Profit for the financial Period
5,323
The profit and loss account has been prepared on the basis that all operations are continuing operations.
ARK FMS PLC
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 JANUARY 2024
- 9 -
31 January
Year
ended
ended
31 January
31 October
2024
2022
£
£
Profit for the Period
5,323
Other comprehensive income
-
-
Total comprehensive income for the Period
5,323
ARK FMS PLC
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 10 -
31 January 2024
31 October 2022
Notes
£
£
£
£
Current assets
Debtors
7
164,858
50,000
Cash at bank and in hand
70,000
234,858
50,000
Creditors: amounts falling due within one year
8
(179,535)
Net current assets
55,323
50,000
Capital and reserves
Called up share capital
9
50,000
50,000
Profit and loss reserves
5,323
Total equity
55,323
50,000
The financial statements were approved by the board of directors and authorised for issue on 31 July 2024 and are signed on its behalf by:
M J Finlay
Director
Company Registration No. 13696556
ARK FMS PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 JANUARY 2024
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 November 2021
-
Year ended 31 October 2022:
Profit and total comprehensive income for the year
-
Other movements
50,000
-
50,000
Balance at 31 October 2022
50,000
50,000
Period ended 31 January 2024:
Profit and total comprehensive income for the period
-
5,323
5,323
Balance at 31 January 2024
50,000
5,323
55,323
ARK FMS PLC
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 JANUARY 2024
- 12 -
2024
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
12
70,000
Investing activities
Repayment of loans
(50,000)
Net cash used in investing activities
(50,000)
-
Financing activities
Proceeds from issue of shares
50,000
Net cash generated from/(used in) financing activities
50,000
-
Net increase in cash and cash equivalents
70,000
Cash and cash equivalents at beginning of Period
Cash and cash equivalents at end of Period
70,000
ARK FMS PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
- 13 -
1
Accounting policies
Company information
Ark FMS Plc is a private company limited by shares incorporated in England and Wales. The registered office is Unit 12 Loughton Business Centre, Langston Road, Loughton, Essex, United Kingdom, IG10 3FL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents net invoiced sales of services, excluding value added tax. Revenue is recognised over the project as completed based on valuations by quantity surveyors on a project by project basis. Where part of the project has been completed but not invoiced this is included in accrued income.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company only enters into Basic financial instrument transactions.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
ARK FMS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 14 -
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
ARK FMS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 15 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in the tax assessments.
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.
The company's liability for current and deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
ARK FMS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
- 16 -
3
Turnover
2024
2022
£
£
Turnover analysed by class of business
Construction contracts
95,715
-
4
Operating profit
2024
2022
Operating profit for the period is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
3,000
5
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2024
2022
Number
Number
2
2
6
Taxation
2024
2022
£
£
Current tax
UK corporation tax on profits for the current period
1,249
The actual charge for the Period can be reconciled to the expected charge/(credit) for the Period based on the profit or loss and the standard rate of tax as follows:
2024
2022
£
£
Profit before taxation
6,572
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
1,249
Taxation charge in the financial statements
1,249
-
ARK FMS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
- 17 -
7
Debtors
2024
2022
Amounts falling due within one year:
£
£
Unpaid share capital
50,000
Other debtors
164,858
164,858
50,000
8
Creditors: amounts falling due within one year
2024
2022
£
£
Corporation tax
1,249
Other taxation and social security
1,914
Other creditors
173,372
Accruals and deferred income
3,000
179,535
9
Share capital
2024
2022
2024
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,000
50,000
50,000
50,000
10
Related party transactions
Transactions with related parties
During the Period the company entered into the following transactions with related parties:
Sales
Sales
Purchases
Purchases
2024
2022
2024
2022
£
£
£
£
Connected companies
95,715
-
86,143
-
11
Directors' transactions
There was unpaid share capital amounting to £50,000 (2022: £50,000).
ARK FMS PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
- 18 -
12
Cash generated from/(absorbed by) operations
2024
2022
£
£
Profit for the Period after tax
5,323
Adjustments for:
Taxation charged
1,249
Movements in working capital:
Increase in debtors
(114,858)
Increase in creditors
178,286
Cash generated from/(absorbed by) operations
70,000
-
13
Analysis of changes in net funds
1 November 2022
Cash flows
31 January 2024
£
£
£
Cash at bank and in hand
-
70,000
70,000
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