1 February 2023 v2024.29.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP045145672023-02-012024-01-31045145672024-01-31045145672023-01-3104514567core:WithinOneYear2024-01-3104514567core:WithinOneYear2023-01-3104514567core:AfterOneYear2024-01-3104514567core:AfterOneYear2023-01-3104514567core:ShareCapital2024-01-3104514567core:ShareCapital2023-01-3104514567core:RevaluationReserve2024-01-3104514567core:RevaluationReserve2023-01-3104514567core:RetainedEarningsAccumulatedLosses2024-01-3104514567core:RetainedEarningsAccumulatedLosses2023-01-3104514567bus:Director12023-02-012024-01-3104514567bus:RegisteredOffice2023-02-012024-01-3104514567core:FurnitureFittings2023-02-012024-01-31045145672022-02-012023-01-3104514567core:LandBuildings2023-02-0104514567core:PlantMachinery2023-02-01045145672023-02-0104514567core:PlantMachinery2023-02-012024-01-3104514567core:LandBuildings2023-02-012024-01-3104514567core:LandBuildings2024-01-3104514567core:PlantMachinery2024-01-3104514567core:LandBuildings2023-01-3104514567core:PlantMachinery2023-01-310451456712023-02-012024-01-3104514567countries:EnglandWales2023-02-012024-01-3104514567bus:AuditExemptWithAccountantsReport2023-02-012024-01-3104514567bus:PrivateLimitedCompanyLtd2023-02-012024-01-3104514567bus:SmallEntities2023-02-012024-01-3104514567bus:FullAccounts2023-02-012024-01-3104514567bus:Director22023-02-012024-01-31
Company registration number:
04514567
ARA Rental Properties Limited
Unaudited Filleted Financial Statements for the year ended
31 January 2024
ARA Rental Properties Limited
Report to the board of directors on the preparation of the unaudited statutory financial statements of ARA Rental Properties Limited
Year ended
31 January 2024
As described on the statement of financial position, the Board of Directors of
ARA Rental Properties Limited
are responsible for the preparation of the
financial statements
for the year ended
31 January 2024
, which comprise the income statement, statement of total comprehensive income, statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.
G K Abbott & Co.
22 Eldon Business Park
Eldon Road
Attenborough Beeston
Nottingham
NG9 6DZ
United Kingdom
Date:
27 June 2024
ARA Rental Properties Limited
Statement of Financial Position
31 January 2024
20242023
Note££
Fixed assets    
Tangible assets 5
400,566
 
370,290
 
Current assets    
Debtors 6
13,101
 
12,892
 
Cash at bank and in hand
43,791
 
44,997
 
56,892
 
57,889
 
Creditors: amounts falling due within one year 7
(42,225
)
(43,398
)
Net current assets
14,667
 
14,491
 
Total assets less current liabilities 415,233   384,781  
Creditors: amounts falling due after more than one year 8
(264,691
)
(264,692
)
Provisions for liabilities
(18,357
)
(8,402
)
Net assets
132,185
 
111,687
 
Capital and reserves    
Called up share capital
100
 
100
 
Revaluation reserve
55,071
 
35,821
 
Profit and loss account
77,014
 
75,766
 
Shareholders funds
132,185
 
111,687
 
For the year ending
31 January 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.
These
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 income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
27 June 2024
, and are signed on behalf of the board by:
R Atkinson
Director
Company registration number:
04514567
ARA Rental Properties Limited
Notes to the Financial Statements
Year ended
31 January 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
22 Eldon Business Park
,
Eldon Road, Attenborough Beeston
,
Nottingham
,
NG9 6DZ
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount 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 capital and reserves. However, the increase is recognised in profit or loss to the extent that 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 capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
50% straight line

Investment properties

Investment property is measured initially 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.

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.
The company has only financial assets and liabilities of a kind that qualify as basic financial instruments.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

4 Average number of employees

The average number of persons employed by the company during the year was
2
(2023:
1.00
).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost or valuation      
At
1 February 2023
370,000
 
7,935
 
377,935
 
Additions -  
1,133
 
1,133
 
Revaluations
30,000
  -  
30,000
 
At
31 January 2024
400,000
 
9,068
 
409,068
 
Depreciation      
At
1 February 2023
-  
7,645
 
7,645
 
Charge -  
857
 
857
 
At
31 January 2024
-  
8,502
 
8,502
 
Carrying amount      
At
31 January 2024
400,000
 
566
 
400,566
 
At 31 January 2023
370,000
 
290
 
370,290
 

Tangible assets held at valuation

In respect of tangible assets held at valuation, the comparable amounts that would have been recognised if the assets had been carried under the historical cost model are as follows:
Land and buildingsLand and buildings
20242023
££
Aggregate historical cost 323,221   323,221  
Carrying amount 323,221   323,221  
The valuation of Investment property was undertaken by a director .

Investment property

Included in land and buildings are the following amounts in relation to investment properties:
2024
£
Carrying amount at
1 February 2023
370,000.00
 
Fair value adjustments
30,000
 
Carrying amount at
31 January 2024
400,000
 

6 Debtors

20242023
££
Trade debtors
3,003
 
3,003
 
Other debtors
10,098
 
9,889
 
13,101
 
12,892
 

7 Creditors: amounts falling due within one year

20242023
££
Taxation and social security
800
 
3,080
 
Other creditors
41,425
 
40,318
 
42,225
 
43,398
 

8 Creditors: amounts falling due after more than one year

20242023
££
Bank loans and overdrafts
264,691
 
264,692
 
Bank and similar loans are secured on investment properties included in tangible assets at £400,000 (2023:£370,000).