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Company registration number: 14469482
Aarkian Limited
Unaudited filleted financial statements
30 November 2023
Aarkian Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Aarkian Limited
Directors and other information
Directors Mr N Patel
Mrs S Patel
Company number 14469482
Registered office 232 Whaddon Way
Bletchley
Milton Keynes
MK3 7DE
Accountants Hindocha Pandit & Co Limited
34 Queensbury Station Parade
Edgware
Middlesex
HA8 5NN
Bankers Monzo Bank Limited
Boradwalk House
5 Appold Street
London
EC2A 2AG
Aarkian Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Aarkian Limited
Year ended 30 November 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 Aarkian Limited for the year ended 30 November 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Aarkian Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Aarkian Limited and state those matters that we have agreed to state to the board of directors of Aarkian Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Aarkian Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Aarkian 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 Aarkian Limited. You consider that Aarkian Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Aarkian 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.
Hindocha Pandit & Co Limited
Chartered Certified Accountants
34 Queensbury Station Parade
Edgware
Middlesex
HA8 5NN
6 August 2024
Aarkian Limited
Statement of financial position
30 November 2023
2023
Note £ £
Fixed assets
Tangible assets 4 1,599
Investments 5 7,100,000
_______
7,101,599
Current assets
Debtors 6 9,368
Cash at bank and in hand 175,561
_______
184,929
Creditors: amounts falling due
within one year 7 ( 220,405)
_______
Net current liabilities ( 35,476)
_______
Total assets less current liabilities 7,066,123
Creditors: amounts falling due
after more than one year 8 ( 4,300,550)
_______
Net assets 2,765,573
_______
Capital and reserves
Called up share capital 2
Share premium account 2,630,027
Profit and loss account 135,544
_______
Shareholders funds 2,765,573
_______
For the year ending 30 November 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 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 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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 06 August 2024 , and are signed on behalf of the board by:
Mr N Patel
Director
Company registration number: 14469482
Aarkian Limited
Notes to the financial statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 232 Whaddon Way, Bletchley, Milton Keynes, MK3 7DE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in 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 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
4. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 December 2022 - -
Additions 1,881 1,881
_______ _______
At 30 November 2023 1,881 1,881
_______ _______
Depreciation
At 1 December 2022 - -
Charge for the year 282 282
_______ _______
At 30 November 2023 282 282
_______ _______
Carrying amount
At 30 November 2023 1,599 1,599
_______ _______
Investment property
Included within the above is investment property measured at fair value as follows:
£
Additions 7,100,000
_______
_______
The investment properties have been transferred from Aarkian LLP at market value on a going concern basis. The properties have been independently valued at the time of incorporation.
5. Investments
Other investments other than loans Total
£ £
Cost
At 1 December 2022 - -
Additions 7,100,000 7,100,000
_______ _______
At 30 November 2023 7,100,000 7,100,000
_______ _______
Impairment
At 1 December 2022 and 30 November 2023 - -
_______ _______
Carrying amount
At 30 November 2023 7,100,000 7,100,000
_______ _______
6. Debtors
2023
£
Trade debtors 2,955
Other debtors 6,413
_______
9,368
_______
7. Creditors: amounts falling due within one year
2023
£
Bank loans and overdrafts 169,474
Corporation tax 39,072
Other creditors 11,859
_______
220,405
_______
8. Creditors: amounts falling due after more than one year
2023
£
Bank loans and overdrafts 4,300,550
_______
The loans attributable to the property portfolio have been transferred from Aarkian LLP at the outstanding loan values.
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr N Patel - ( 1,874) ( 1,874)
_______ _______ _______