Company registration number 10245846 (England and Wales)
ARNWOOD RESIDENTIAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ARNWOOD RESIDENTIAL LIMITED
COMPANY INFORMATION
Directors
Mr M Gupta
Mrs S Gupta
Company number
10245846
Registered office
The Framing Building,
Spring Road
Ettingshall
Wolverhampton
WV4 6JX
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
National Westminster Bank PLC
PO Box 35
10 Southwark Street
London
SE1 1TJ
ARNWOOD RESIDENTIAL LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
ARNWOOD RESIDENTIAL LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ARNWOOD RESIDENTIAL LIMITED FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Arnwood Residential Limited for the year ended 31 December 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Arnwood Residential Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Arnwood Residential Limited and state those matters that we have agreed to state to the board of directors of Arnwood Residential Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Arnwood Residential Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Arnwood Residential Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Arnwood Residential Limited. You consider that Arnwood Residential Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Arnwood Residential Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
9 April 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
ARNWOOD RESIDENTIAL LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,141
9,528
Investment property
4
1,195,563
1,195,563
1,202,704
1,205,091
Current assets
Debtors
5
216,902
224,205
Cash at bank and in hand
66,922
33,655
283,824
257,860
Creditors: amounts falling due within one year
6
(647,351)
(698,150)
Net current liabilities
(363,527)
(440,290)
Total assets less current liabilities
839,177
764,801
Creditors: amounts falling due after more than one year
7
(817,477)
(744,545)
Provisions for liabilities
9
(1,357)
(1,810)
Net assets
20,343
18,446
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
20,243
18,346
Total equity
20,343
18,446
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 December 2023 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 Companies Act 2006 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.
ARNWOOD RESIDENTIAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 9 April 2024 and are signed on its behalf by:
Mr M Gupta
Director
Company registration number 10245846 (England and Wales)
ARNWOOD RESIDENTIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
Arnwood Residential Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Framing Building,, Spring Road, Ettingshall, Wolverhampton, WV4 6JX.
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 have been prepared under the historical cost convention. 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 rents provided in the normal course of business. The fair value of consideration takes into account any lease premiums or rent free periods, which are recognised on a straight line basis over the lease term.
Revenue from the provision of property rental is recognised by reference to the period of its occupancy and where the amount of rent can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% on reducing balance
1.4
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 other reserves.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
ARNWOOD RESIDENTIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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:
2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 January 2023 and 31 December 2023
27,896
Depreciation and impairment
At 1 January 2023
18,368
Depreciation charged in the year
2,387
At 31 December 2023
20,755
Carrying amount
At 31 December 2023
7,141
At 31 December 2022
9,528
4
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
1,195,563
ARNWOOD RESIDENTIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Investment property
(Continued)
- 6 -
The directors have assessed the fair value of the investment property at the year end and consider there has been no significant change in the value as disclosed in the financial statements.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
4,160
1,504
Other debtors
212,742
222,701
216,902
224,205
6
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
899
4,368
Other creditors
646,452
693,782
647,351
698,150
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
817,477
744,545
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable other than by instalments
817,477
744,545
8
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank loans
817,477
744,545
Bank loans are secured by way of a fixed and floating charge over the investment property.
ARNWOOD RESIDENTIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
9
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
1,357
1,810
10
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
15 Ordinary Shares of £1 each
15
15
16 Ordinary Deferred Shares of £1 each
16
16
16 Ordinary Preferred Shares of £1 each
16
16
16 Ordinary A Shares of £1 each
16
16
16 Ordinary B Shares of £1 each
16
16
7 Ordinary C Shares of £1 each
7
7
7 Ordinary D Shares of £1 each
7
7
7 Ordinary E Shares of £1 each
7
7
100
100
11
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
12
Control
Ultimate parent company
The ultimate parent company is Arnwood Investments Group Limited, a company registered in England and Wales.
Ultimate controlling party
There is no ultimate controlling party by virtue of no controlling interest in the ultimate parent company.
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