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Arctec Solutions Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

Registration number: 10545047

 

Arctec Solutions Ltd

Contents

Statement of financial position

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Arctec Solutions Ltd

(Registration number: 10545047)
Statement of financial position as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

6,755

8,630

Current assets

 

Debtors

5

271

1,950

Cash at bank and in hand

 

14,049

20,694

 

14,320

22,644

Creditors: Amounts falling due within one year

6

(5,281)

(6,294)

Net current assets

 

9,039

16,350

Total assets less current liabilities

 

15,794

24,980

Creditors: Amounts falling due after more than one year

6

(2,267)

(3,967)

Provisions for liabilities

(1,283)

(1,640)

Net assets

 

12,244

19,373

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

12,144

19,273

Shareholders' funds

 

12,244

19,373

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Arctec Solutions Ltd

(Registration number: 10545047)
Statement of financial position as at 31 January 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income statement.

Approved and authorised by the director on 16 September 2024
 

.........................................
Mr A Coles
Director

 

Arctec Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Solo House
The Courtyard
London Road
Horsham
West Sussex
RH12 1AT

These financial statements were authorised for issue by the director on 16 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Arctec Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% reducing balance

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Arctec Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 3).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 February 2023

19,860

19,860

Additions

377

377

At 31 January 2024

20,237

20,237

Depreciation

At 1 February 2023

11,230

11,230

Charge for the year

2,252

2,252

At 31 January 2024

13,482

13,482

Carrying amount

At 31 January 2024

6,755

6,755

At 31 January 2023

8,630

8,630

 

Arctec Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

5

Debtors

Note

2024
£

2023
£

Trade debtors

 

-

1,950

Income tax asset

271

-

 

271

1,950

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

1,700

1,700

Taxation and social security

 

-

733

Accruals and deferred income

 

1,395

1,082

Other creditors

 

2,186

2,779

 

5,281

6,294

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

2,267

3,967

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100