Company Registration No. 08519723 (England and Wales)
Arthur John Asset Management Ltd
Unaudited accounts
for the year ended 31 December 2023
Arthur John Asset Management Ltd
Unaudited accounts
Contents
Arthur John Asset Management Ltd
Company Information
for the year ended 31 December 2023
Director
Mr D A J Van Dyke
Company Number
08519723 (England and Wales)
Registered Office
12a St Georges Mansions
Causton Street
London
SW1P 4RZ
Accountants
Wellden Turnbull Limited
Albany House
Claremont Lane
Esher
Surrey
KT10 9FQ
Arthur John Asset Management Ltd
Statement of financial position
as at 31 December 2023
Cash at bank and in hand
4,441
22,823
Creditors: amounts falling due within one year
(253,275)
(9,859)
Net current assets
1,522
2,062,520
Total assets less current liabilities
1,522
2,062,520
Creditors: amounts falling due after more than one year
-
(2,000,000)
Called up share capital
1,000
1,000
Profit and loss account
522
61,520
Shareholders' funds
1,522
62,520
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 27 August 2024 and were signed on its behalf by
Mr D A J Van Dyke
Director
Company Registration No. 08519723
Arthur John Asset Management Ltd
Notes to the Accounts
for the year ended 31 December 2023
Arthur John Asset Management Ltd is a private company, limited by shares, registered in England and Wales, registration number 08519723. The registered office is 12a St Georges Mansions, Causton Street, London, SW1P 4RZ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, he continues to adopt the going concern basis in preparing the financial statements.
Interest income is recognized in profit or loss using the effective interest method.
Ordinary shares are classified as equity.
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.
The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognized when the company becomes party to the contractual provisions of the instrument.
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.
The company’s policies for its major classes of financial assets and financial liabilities are set out below.
Arthur John Asset Management Ltd
Notes to the Accounts
for the year ended 31 December 2023
Financial assets
Basic financial assets, including debtors and cash and bank balances are initially recognized at transaction price.
Such assets are subsequently carried at amortized cost using the effective interest method, less any impairment.
Financial liabilities
Basic financial liabilities, including other creditors and loans from fellow group companies are initially recognized at transaction price.
Debt instruments are subsequently carried at amortized cost, using the effective interest rate method.
Impairment of financial assets
Financial assets measured at cost and amortized cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognized in the profit and loss account.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date.
For financial assets measured at amortized cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognized, 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 recognized. The impairment reversal is recognized in profit or loss.
Derecognition of financial assets and financial liabilities
Financial assets are derecognized when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities are derecognized when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognized amounts and there is an intention to settle on a net basis or to realize the asset and settle the liability simultaneously.
Arthur John Asset Management Ltd
Notes to the Accounts
for the year ended 31 December 2023
The tax expense for the year comprises current and deferred tax. Tax is recognized in the profit and loss account, except that a charge attributable to an item of income and expense recognized as other comprehensive income or to an item recognized directly in equity is also recognized in other comprehensive income or directly in equity respectively.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Amounts falling due within one year
Amounts due from group undertakings etc.
250,356
49,556
Amounts falling due after more than one year
5
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
587
3,669
Other creditors
250,276
4,000
Amounts owed to group companies are interest-free and repayable on demand.
6
Creditors: amounts falling due after more than one year
2023
2022
Amounts owed to group undertakings and other participating interests
-
800,000
Other creditors
-
1,200,000
The other loans and amounts owed to group companies bear interest at 10% p.a. and repaid during the year.
Allotted, called up and fully paid:
1,000 Ordinary shares of £1 each
1,000
1,000
8
Transactions with related parties
The company has taken advantage of the exemption available in FRS102 Section 33.1A ''Related party disclosures'' whereby it has not disclosed transactions with its parent company.
9
Average number of employees
During the year the average number of employees was 1 (2022: 1).