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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
SC369886
2023-01-01
2023-12-31
SC369886
2023-12-31
SC369886
2022-12-31
SC369886
2022-01-01
2022-12-31
SC369886
2022-12-31
SC369886
2021-12-31
SC369886
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2023-01-01
2023-12-31
SC369886
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2023-01-01
2023-12-31
SC369886
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2023-12-31
SC369886
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2023-12-31
SC369886
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2022-12-31
SC369886
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SC369886
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SC369886
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2022-12-31
SC369886
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2023-12-31
SC369886
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2022-12-31
SC369886
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2023-12-31
SC369886
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SC369886
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2022-12-31
SC369886
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2023-12-31
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2023-12-31
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2023-12-31
SC369886
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SC369886
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2023-12-31
COMPANY REGISTRATION NUMBER:
SC369886
Filleted Unaudited Financial Statements |
|
Year ended 31 December 2023
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements |
1 |
|
|
Statement of financial position |
2 |
|
|
Notes to the financial statements |
4 |
|
|
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of
Arkobinks Ltd |
|
Year ended 31 December 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 Arkobinks Ltd for the year ended 31 December 2023, which comprise the statement of financial position 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/accountspreparationguidance. This report is made solely to the director of Arkobinks Ltd. Our work has been undertaken solely to prepare for your approval the financial statements of Arkobinks Ltd and state those matters that we have agreed to state to you in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Arkobinks Ltd and its director for our work or for this report.
It is your duty to ensure that Arkobinks Ltd 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 Arkobinks Ltd. You consider that Arkobinks Ltd 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 Arkobinks Ltd. 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.
GILLILAND & COMPANY
Chartered Accountants
216 West George Street
Glasgow
G2 2PQ
7 August 2024
Statement of Financial Position |
|
31 December 2023
Fixed assets
Tangible assets |
5 |
|
42,944 |
6,431 |
|
|
|
|
|
Current assets
Work in progress |
14,000 |
|
9,000 |
Debtors |
6 |
143,077 |
|
95,148 |
Cash at bank and in hand |
94,980 |
|
116,400 |
|
--------- |
|
--------- |
|
252,057 |
|
220,548 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
94,193 |
|
66,315 |
|
--------- |
|
--------- |
Net current assets |
|
157,864 |
154,233 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
200,808 |
160,664 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
3,147 |
404 |
|
|
--------- |
--------- |
Net assets |
|
197,661 |
160,260 |
|
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
|
1,000 |
1,000 |
Profit and loss account |
|
196,661 |
159,260 |
|
|
--------- |
--------- |
Shareholders funds |
|
197,661 |
160,260 |
|
|
--------- |
--------- |
|
|
|
|
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 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued) |
|
31 December 2023
These financial statements were approved by the
board of directors
and authorised for issue on
7 August 2024
, and are signed on behalf of the board by:
Company registration number:
SC369886
Notes to the Financial Statements |
|
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 216 West George Street, Glasgow, G2 2PQ, 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.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investment that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Income 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. 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 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.
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:
|
|
- |
10% reducing balance |
|
Fixtures & Fittings |
- |
15% straight line |
|
Equipment |
- |
25% reducing balance |
|
|
|
|
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.
Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets
, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2022:
1
).
5.
Tangible assets
|
Plant and machinery |
Fixtures and fittings |
Equipment |
Total |
|
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
At 1 January 2023 |
– |
8,835 |
28,868 |
37,703 |
Additions |
35,347 |
– |
3,764 |
39,111 |
|
-------- |
------- |
-------- |
-------- |
At 31 December 2023 |
35,347 |
8,835 |
32,632 |
76,814 |
|
-------- |
------- |
-------- |
-------- |
Depreciation |
|
|
|
|
At 1 January 2023 |
– |
7,453 |
23,819 |
31,272 |
Charge for the year |
884 |
261 |
1,453 |
2,598 |
|
-------- |
------- |
-------- |
-------- |
At 31 December 2023 |
884 |
7,714 |
25,272 |
33,870 |
|
-------- |
------- |
-------- |
-------- |
Carrying amount |
|
|
|
|
At 31 December 2023 |
34,463 |
1,121 |
7,360 |
42,944 |
|
-------- |
------- |
-------- |
-------- |
At 31 December 2022 |
– |
1,382 |
5,049 |
6,431 |
|
-------- |
------- |
-------- |
-------- |
|
|
|
|
|
6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
123,004 |
77,802 |
Other debtors |
20,073 |
17,346 |
|
--------- |
-------- |
|
143,077 |
95,148 |
|
--------- |
-------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
54,032 |
32,209 |
Corporation tax |
38,661 |
33,006 |
Other creditors |
1,500 |
1,100 |
|
-------- |
-------- |
|
94,193 |
66,315 |
|
-------- |
-------- |
|
|
|
8.
Director's advances, credits and guarantees
As at 31st December 2023 the balance due to the company from Carole Reid, director, was £10,513 (2022: £8,518). This loan is interest free and has no fixed date for repayment.
9.
Controlling party
The company was under the control of Carole Reid throughout the current and previous year. Carole Reid is the managing director and majority shareholder.