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Company registration number: 08370782
Arens Investments Ltd
Unaudited filleted financial statements
30 November 2023
Arens Investments Ltd
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Arens Investments Ltd
Directors and other information
Directors Mr Richard Charles Arens
Mr Richard Arens
Company number 08370782
Registered office Amba House, 4th Floor
15 College Road
Harrow
HA1 1BA
Accountants Nagle James Associates Limited
Amba House, 4th Floor
15 College Road
Harrow
HA1 1BA
Arens Investments Ltd
Statement of financial position
30 November 2023
30/11/23 31/12/22
Note £ £ £ £
Fixed assets
Tangible assets 5 - 1,065,025
Investments 6 1,750,000 -
_______ _______
1,750,000 1,065,025
Current assets
Debtors 7 321,794 477,651
Cash at bank and in hand 2,258 -
_______ _______
324,052 477,651
Creditors: amounts falling due
within one year 8 ( 175,761) ( 263,061)
_______ _______
Net current assets 148,291 214,590
_______ _______
Total assets less current liabilities 1,898,291 1,279,615
Creditors: amounts falling due
after more than one year 9 ( 754,100) ( 772,211)
Provisions for liabilities 10 ( 115,579) -
_______ _______
Net assets 1,028,612 507,404
_______ _______
Capital and reserves
Called up share capital 4 4
Fair value reserve 492,730 -
Profit and loss account 535,878 507,400
_______ _______
Shareholders funds 1,028,612 507,404
_______ _______
For the period 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 period 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 August 2024 , and are signed on behalf of the board by:
Mr Richard Charles Arens
Director
Company registration number: 08370782
Arens Investments Ltd
Statement of changes in equity
Period ended 30 November 2023
Called up share capital Fair value reserve Profit and loss account Total
£ £ £ £
At 1 January 2022 4 - 577,042 577,046
Profit/(loss) for the period ( 7,642) ( 7,642)
_______ _______ _______ _______
Total comprehensive income for the period - - ( 7,642) ( 7,642)
Dividends paid and payable ( 62,000) ( 62,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 62,000) ( 62,000)
_______ _______ _______ _______
At 31 December 2022 and 1 January 2023 4 - 507,399 507,403
Profit/(loss) for the period 571,209 571,209
Other comprehensive income for the period:
Non Distributable profit - 492,730 ( 492,730) -
_______ _______ _______ _______
Total comprehensive income for the period - 492,730 78,479 571,209
Dividends paid and payable ( 50,000) ( 50,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 50,000) ( 50,000)
_______ _______ _______ _______
At 30 November 2023 4 492,730 535,878 1,028,612
_______ _______ _______ _______
Arens Investments Ltd
Notes to the financial statements
Period 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 Arens Investments Limited, Amba House, 4th Floor, 15 College Road, Harrow, HA1 1BA.
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 represents rent receviable in respect of investment properties net of Value Added Tax.
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:
Freehold property - Straight line over 50 years on the building cost
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.
Investment property
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.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.
4. Employee numbers
The average number of persons employed by the company during the period amounted to Nil (2022: 48 ).
5. Tangible assets
Freehold property Total
£ £
Cost
At 1 January 2023 1,141,692 1,141,692
Transfers ( 1,141,692) ( 1,141,692)
_______ _______
At 30 November 2023 - -
_______ _______
Depreciation
At 1 January 2023 76,667 76,667
Charge for the year ( 76,667) ( 76,667)
_______ _______
At 30 November 2023 - -
_______ _______
Carrying amount
At 30 November 2023 - -
_______ _______
At 31 December 2022 1,065,025 1,065,025
_______ _______
6. Investments
Investment property Total
£ £
Cost or valuation
At 1 January 2023 - -
Transfer from freehold property 1,141,692 1,141,692
Revaluations 608,308 608,308
_______ | _______ |
At 30 November 2023 1,750,000 1,750,000
_______ | _______ |
Impairment
At 1 January 2023 and 30 November 2023 - -
_______ | _______ |
Carrying amount
At 30 November 2023 1,750,000 1,750,000
_______ | _______ |
At 31 December 2022 - -
_______ | _______ |
The investment property has been reclassified during the period from freehold property. The investment property has been valued by the directors on an open market value basis as at 30 November 2023.
7. Debtors
30/11/23 31/12/22
£ £
Amounts owed by connected company 321,794 477,651
_______ _______
8. Creditors: amounts falling due within one year
30/11/23 31/12/22
£ £
Bank loans and overdrafts 63,852 63,852
Accruals and deferred income 1,875 36,788
Corporation tax 54,867 95,367
Social security and other taxes 4,908 18,647
Director loan accounts 50,259 304
_______ _______
175,761 263,061
_______ _______
The bank loan is secured by a fixed and floating charge over all the company's assets. The directors have also given personal guarantee on the outstanding amount.
9. Creditors: amounts falling due after more than one year
30/11/23 31/12/22
£ £
Bank loans and overdrafts 754,100 772,211
_______ _______
10. Provisions
Deferred tax (note 11) Total
£ £
At 1 January 2023 - -
Charges against provisions 115,579 115,579
_______ _______
At 30 November 2023 115,579 115,579
_______ _______
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
30/11/23 31/12/22
£ £
Included in provisions (note 10) 115,579 -
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
30/11/23 31/12/22
£ £
Revaluation of tangible assets 115,579 -
_______ _______
12. Directors advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
Period ended 30/11/23
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Richard Charles Arens ( 304) ( 49,955) ( 50,259)
_______ _______ _______
Year ended 31/12/22
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Richard Charles Arens ( 10,549) 10,245 ( 304)
_______ _______ _______