REGISTERED NUMBER: |
Financial Statements For The Year Ended 31 March 2024 |
for |
Arcweld (Property) Ltd. |
REGISTERED NUMBER: |
Financial Statements For The Year Ended 31 March 2024 |
for |
Arcweld (Property) Ltd. |
Arcweld (Property) Ltd. (Registered number: SC234968) |
Contents of the Financial Statements |
For The Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Abridged Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Arcweld (Property) Ltd. |
Company Information |
For The Year Ended 31 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Regent Court |
70 West Regent Street |
Glasgow |
G2 2QZ |
Arcweld (Property) Ltd. (Registered number: SC234968) |
Abridged Statement of Financial Position |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Other reserves |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Arcweld (Property) Ltd. (Registered number: SC234968) |
Abridged Statement of Financial Position - continued |
31 March 2024 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Arcweld (Property) Ltd. (Registered number: SC234968) |
Notes to the Financial Statements |
For The Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Arcweld (Property) Ltd. is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net invoiced rental income, excluding value added tax. |
Tangible fixed assets |
Fixed plant and equipment | - |
Fixtures and fittings | - |
Motor vehicles | - |
Comp Software | - |
Investment property |
Investment property, which is held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss. |
Financial instruments |
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Arcweld (Property) Ltd. (Registered number: SC234968) |
Notes to the Financial Statements - continued |
For The Year Ended 31 March 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 April 2023 |
Disposals | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
Disposals | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2024 | 617,630 |
If investment property had not been revalued 2022 would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 603,367 | 603,367 |
Investment property was valued on an open market basis on 31 March 2022 by the Directors. . |
Arcweld (Property) Ltd. (Registered number: SC234968) |
Notes to the Financial Statements - continued |
For The Year Ended 31 March 2024 |
6. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
The Bank of Scotland hold a floating charge over the assets of the company. |
7. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
8. | RELATED PARTY DISCLOSURES |
Included within other debtors as at 31 March 2024 is an amount of £ and Stainless Ltd, a company which is owned and controlled by a close family member. Also included within other debtors are amounts of £6,516 (2023: £7.345) due from Curlers Limited, £1,130 (2023: £2,830) due from LCD Bookkeeping Services Ltd, which are all companies under common control. |
Included within other creditors at 31 March 2024 is an amount of £ Structural Systems Limited a company under common control. Also included within other creditors is an amount of £52,580 (2023: £52,580) due to GLD Property Ltd a company owned and controlled by a close family member. There is also an amount of £513 (2023: £513) due to R Dickson, a close family member. |
The above amounts are unsecured, interest free and repayable upon demand. |