Company Registration No. 08176252 (England and Wales)
ARM PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
ARM PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 6
ARM PROPERTIES LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
3
2,400,000
2,400,000
Current assets
Debtors
69,592
69,592
Cash at bank and in hand
38,782
24,997
108,374
94,589
Creditors: amounts falling due within one year
(919,114)
(1,535,143)
Net current liabilities
(810,740)
(1,440,554)
Total assets less current liabilities
1,589,260
959,446
Creditors: amounts falling due after more than one year
(1,443,000)
(1,443,000)
Net assets/(liabilities)
146,260
(483,554)
Capital and reserves
Called up share capital
4
2,100
2,000
Share premium account
599,900
Fair value reserves
(296,682)
(296,682)
Profit and loss reserves
(159,058)
(188,872)
Total equity
146,260
(483,554)
ARM PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
In accordance with section 444 of the Companies Act 2006 all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (S.I. 2008/409)(b).
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on the date shown below and are signed on its behalf by:
Dr A R Morton
Director
Company Registration No. 08176252
ARM PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Share capital
Share premium account
Fair value reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2022
2,000
(296,682)
(242,160)
(536,842)
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
-
53,288
53,288
Balance at 31 March 2023
2,000
(296,682)
(188,872)
(483,554)
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
-
29,814
29,814
Issue of share capital
4
599,900
-
-
599,900
Conversion of loan to shares
4
100
-
-
100
Balance at 31 March 2024
2,100
599,900
(296,682)
(159,058)
146,260
ARM PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
ARM Properties Limited is a private company limited by shares incorporated in England and Wales. Company Registration No. 08176252 (England and Wales). The registered office is Figurit Niddry Lodge, 51 Holland Street, Kensington, London, United Kingdom, W8 7JB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
Investment properties
Investment property, which is property 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. The surplus or deficit on revaluation is recognised in the profit and loss account.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.
Other financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from associates that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction.
ARM PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 0 (2023 - 3).
3
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
2,400,000
Investment property with a cost and carrying value of £2,766,274 was revalued at £2,400,000 on 6 January 2021 by Pinders Professional & Consultancy Services Limited in accordance with the Royal Institution of Chartered Surveyors (RICS) regulations, on the basis of Market Value and Market Rent subject to any special assumptions. The deficit of £1,238,592 was recognised in other comprehensive income and Fair value reserves resulting in a net deficit of £366,274. A provision of deferred tax of £235,332, being the taxation recoverable if the assets were sold at their fair value, was also recognised on the same basis resulting in a Deferred tax asset of £69,592. If the assets had not been included at fair value, no provision for deferred tax would have been required.
ARM PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
2,100 Ordinary A Shares of £1 each
2,100
2,000