2022-12-012023-11-302023-11-30false10162163ARK PROPERTY DEVELOPMENTS 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ARK PROPERTY DEVELOPMENTS LTD

Registered Number
10162163
(England and Wales)

Unaudited Financial Statements for the Year ended
30 November 2023

ARK PROPERTY DEVELOPMENTS LTD
Company Information
for the year from 1 December 2022 to 30 November 2023

Directors

Kavita Kohli
Ricky Kohli

Registered Address

213b Western Way
Newcastle Upon Tyne
NE20 9ND

Registered Number

10162163 (England and Wales)
ARK PROPERTY DEVELOPMENTS LTD
Statement of Financial Position
30 November 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets34,4844,252
Investment property41,227,1831,227,183
1,231,6671,231,435
Current assets
Debtors587,58091,815
Cash at bank and on hand16,40653,490
103,986145,305
Creditors amounts falling due within one year6(309,604)(310,976)
Net current assets (liabilities)(205,618)(165,671)
Total assets less current liabilities1,026,0491,065,764
Creditors amounts falling due after one year7(960,985)(997,538)
Provisions for liabilities8(852)(808)
Net assets64,21267,418
Capital and reserves
Called up share capital44
Profit and loss account64,20867,414
Shareholders' funds64,21267,418
The financial statements were approved and authorised for issue by the Board of Directors on 29 August 2024, and are signed on its behalf by:
Ricky Kohli
Director
Registered Company No. 10162163
ARK PROPERTY DEVELOPMENTS LTD
Notes to the Financial Statements
for the year ended 30 November 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Current taxation
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
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 tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Fixtures and fittings25
Office Equipment25
Investment property
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractural arrangements entered in to. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
2.Average number of employees

20232022
Average number of employees during the year22
3.Tangible fixed assets

Fixtures & fittings

Office Equipment

Total

£££
Cost or valuation
At 01 December 222,6544,4847,138
Additions6211,0911,712
At 30 November 233,2755,5758,850
Depreciation and impairment
At 01 December 221,5521,3342,886
Charge for year4291,0511,480
At 30 November 231,9812,3854,366
Net book value
At 30 November 231,2943,1904,484
At 30 November 221,1023,1504,252
4.Investment property
The investment properties were reviewed by the directors at 30th November 2023, who consider the carrying value to be a reasonable estimate of fair value at the year end.

£
Fair value at 01 December 221,227,183
At 30 November 231,227,183
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables2,0387,383
Other debtors40,38430,450
Prepayments and accrued income45,15853,982
Total87,58091,815
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables14,02014,244
Bank borrowings and overdrafts31,64430,902
Taxation and social security16,55519,143
Other creditors237,622231,819
Accrued liabilities and deferred income9,76314,868
Total309,604310,976
The bank loans are secured on the freehold investment properties properties.
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts960,985997,538
Total960,985997,538
The bank loans are secured by charges on the freehold investment properties.
8.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)852808
Total852808
9.Related party transactions
Other creditors, shown in note 7, includes loans of £226,507 (2022: £219,538) from Grand Hotel Ltd, a company of which Mr D Kohli is also a director. The loans are interest bearing and repayable on demand. Other debtors, shown in note 6, includes loan of £40,384 (2022: £30,450) to United Property Developments Limited, a company of which Mr R Kohli and Mrs K Kohli are also directors. This loan is not interest bearing and is repayable on demand. No further transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard, FRS 102.