0 false false false false false false false false false true false false false false false false No description of principal activity 2022-10-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 08151304 2022-10-01 2023-09-30 08151304 2023-09-30 08151304 2022-09-30 08151304 2022-09-30 08151304 core:FurnitureFittings 2022-10-01 2023-09-30 08151304 bus:Director1 2022-10-01 2023-09-30 08151304 core:FurnitureFittings 2022-09-30 08151304 core:LandBuildings core:OwnedOrFreeholdAssets 2023-09-30 08151304 core:FurnitureFittings 2023-09-30 08151304 core:WithinOneYear 2023-09-30 08151304 core:WithinOneYear 2022-09-30 08151304 core:LandBuildings core:OwnedOrFreeholdAssets 2022-09-30 08151304 core:AfterOneYear 2023-09-30 08151304 core:AfterOneYear 2022-09-30 08151304 core:ShareCapital 2023-09-30 08151304 core:ShareCapital 2022-09-30 08151304 core:OtherReservesSubtotal 2023-09-30 08151304 core:OtherReservesSubtotal 2022-09-30 08151304 core:RetainedEarningsAccumulatedLosses 2023-09-30 08151304 core:RetainedEarningsAccumulatedLosses 2022-09-30 08151304 core:FurnitureFittings 2022-09-30 08151304 bus:SmallEntities 2022-10-01 2023-09-30 08151304 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 08151304 bus:FullAccounts 2022-10-01 2023-09-30 08151304 bus:SmallCompaniesRegimeForAccounts 2022-10-01 2023-09-30 08151304 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30
COMPANY REGISTRATION NUMBER: 08151304
ARCK PROPERTIES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 September 2023
ARCK PROPERTIES LIMITED
FINANCIAL STATEMENTS
Year ended 30 September 2023
CONTENTS
PAGE
Balance sheet
1
Notes to the financial statements
2
ARCK PROPERTIES LIMITED
BALANCE SHEET
30 September 2023
2023
2022
Note
£
£
FIXED ASSETS
Tangible assets
4
463,288
463,654
CURRENT ASSETS
Debtors
5
15,000
Cash at bank and in hand
13,581
18,598
--------
--------
13,581
33,598
CREDITORS: amounts falling due within one year
6
( 114,507)
( 73,955)
---------
--------
NET CURRENT LIABILITIES
( 100,926)
( 40,357)
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
362,362
423,297
CREDITORS: amounts falling due after more than one year
7
( 190,422)
( 243,020)
PROVISIONS
( 8,885)
( 9,310)
---------
---------
NET ASSETS
163,055
170,967
---------
---------
CAPITAL AND RESERVES
Called up share capital
100
100
Fair value reserve
42,435
42,435
Profit and loss account
120,520
128,432
---------
---------
SHAREHOLDERS FUNDS
163,055
170,967
---------
---------
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 profit and loss account has not been delivered.
For the year ending 30 September 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 year 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 were approved by the board of directors and authorised for issue on 25 September 2024 , and are signed on behalf of the board by:
Mr R C Hunt
Director
Company registration number: 08151304
ARCK PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 30 September 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Cwmrhuddan Mansion, Llandovery, SA20 0DX.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Investment property
Property that is held for long-term rental yields or for capital appreciation is classified as investment property. Investment property is measured initially at cost, including related transaction costs and where applicable borrowing costs. After initial recognition, investment property is carried at fair value. Fair value is based on active market prices, adjusted, if necessary for differences in nature, location or condition of the specific asset. If this information is not available, the company uses alternative valuation methods, such as recent prices on less active markets on discounted cash flow projections. Valuations are performed as of the balance sheet date by directors who have recent experience in the location and category of the investment property being valued.
Turnover
The turnover shown in the profit and loss account is derived from ordinary activities and represents the value of rental income receivable in the financial period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Fixtures, fittings and equipment
-
20% straight line
Investment property
Investment property is initially recorded 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. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 balance sheet 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 as a finance cost 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. TANGIBLE ASSETS
Investment properties
Fixtures, fittings and equipment
Total
£
£
£
Cost
At 1 October 2022 and 30 September 2023
462,634
1,832
464,466
---------
-------
---------
Depreciation
At 1 October 2022
812
812
Charge for the year
366
366
---------
-------
---------
At 30 September 2023
1,178
1,178
---------
-------
---------
Carrying amount
At 30 September 2023
462,634
654
463,288
---------
-------
---------
At 30 September 2022
462,634
1,020
463,654
---------
-------
---------
The investment properties have been valued by the directors at the balance sheet date on the basis of open market value.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Investment properties
£
At 30 September 2023
Aggregate cost
411,634
Aggregate depreciation
---------
Carrying value
411,634
---------
At 30 September 2022
Aggregate cost
411,634
Aggregate depreciation
---------
Carrying value
411,634
---------
5. DEBTORS
2023
2022
£
£
Other debtors
15,000
----
--------
6. CREDITORS: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
85,284
44,559
Corporation tax
521
Other creditors
29,223
28,875
---------
--------
114,507
73,955
---------
--------
7. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Other creditors
190,422
243,020
---------
---------
8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
Included within other creditors is a balance of £215,156 (2022 - £267,754) due to directors. A balance of £24,734 (2022 - £24,734) is due for repayment within one year. This loan is interest free.
9. RELATED PARTY TRANSACTIONS
The company has taken advantage of the exemption provided by Section 33 of Financial Reporting Standard 102 from the requirement to disclose transactions between wholly owned members of the same group.
10. CONTROLLING PARTY
The ultimate parent company is RCH (Wales) Limited, registered in England & Wales, which owns 100% of the allotted share capital. The registered office of RCH (Wales) Limited is Cwmrhuddan Mansion, Llandovery, SA20 0DX.