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REGISTERED NUMBER: 02253624 (England and Wales)















ARKAS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024






ARKAS LIMITED (REGISTERED NUMBER: 02253624)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ARKAS LIMITED

COMPANY INFORMATION
for the year ended 31 May 2024







DIRECTORS: D Streeter
Mrs B L R Streeter





SECRETARY: D Streeter





REGISTERED OFFICE: Headcorn Road
Sutton Valence
Maidstone
Kent
ME17 3EH





REGISTERED NUMBER: 02253624 (England and Wales)





ACCOUNTANTS: Busbys
Chartered Accountants
Unit 7
Pickhill Business Centre
Smallhythe Road
Tenterden
Kent
TN30 7LZ

ARKAS LIMITED (REGISTERED NUMBER: 02253624)

BALANCE SHEET
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 805,669 780,608
Investment property 5 246,816 378,000
1,052,485 1,158,608

CURRENT ASSETS
Stock and work in progress 165,387 135,665
Debtors 6 448,818 405,397
Cash at bank 104,844 11,512
719,049 552,574
CREDITORS
Amounts falling due within one year 7 560,185 539,041
NET CURRENT ASSETS 158,864 13,533
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,211,349

1,172,141

CREDITORS
Amounts falling due after more than one
year

8

(455,978

)

(385,153

)

PROVISIONS FOR LIABILITIES (42,144 ) (50,555 )
NET ASSETS 713,227 736,433

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 12 713,127 736,333
SHAREHOLDERS' FUNDS 713,227 736,433

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

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.

ARKAS LIMITED (REGISTERED NUMBER: 02253624)

BALANCE SHEET - continued
31 May 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2024 and were signed on its behalf by:





D Streeter - Director


ARKAS LIMITED (REGISTERED NUMBER: 02253624)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 May 2024

1. STATUTORY INFORMATION

Arkas Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents net invoiced sales of goods and supply of services, excluding value added tax and adjusted for work in progress.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Improvements to property - 2% on cost
Plant and machinery - 25% on reducing balance
Office equipment - 25% on reducing balance
Motor vehicles - 30% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stock and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

ARKAS LIMITED (REGISTERED NUMBER: 02253624)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2023 - 28 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 June 2023 696,213 249,864 63,511
Additions 26,673 - 1,870
Disposals (25,000 ) - (10,314 )
Transfer to ownership 67,247 - -
At 31 May 2024 765,133 249,864 55,067
DEPRECIATION
At 1 June 2023 244,739 30,794 43,946
Charge for year 15,304 4,996 5,141
Eliminated on disposal (9,110 ) - (9,432 )
At 31 May 2024 250,933 35,790 39,655
NET BOOK VALUE
At 31 May 2024 514,200 214,074 15,412
At 31 May 2023 451,474 219,070 19,565

ARKAS LIMITED (REGISTERED NUMBER: 02253624)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024

4. TANGIBLE FIXED ASSETS - continued

Office Motor
equipment vehicles Totals
£    £    £   
COST
At 1 June 2023 25,694 206,926 1,242,208
Additions 3,283 - 31,826
Disposals (3,156 ) (15,295 ) (53,765 )
Transfer to ownership - - 67,247
At 31 May 2024 25,821 191,631 1,287,516
DEPRECIATION
At 1 June 2023 17,781 124,340 461,600
Charge for year 2,621 23,203 51,265
Eliminated on disposal (2,427 ) (10,049 ) (31,018 )
At 31 May 2024 17,975 137,494 481,847
NET BOOK VALUE
At 31 May 2024 7,846 54,137 805,669
At 31 May 2023 7,913 82,586 780,608

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 June 2023 165,684
Transfer to ownership (84,689 )
At 31 May 2024 80,995
DEPRECIATION
At 1 June 2023 94,009
Charge for year 19,929
Transfer to ownership (62,782 )
At 31 May 2024 51,156
NET BOOK VALUE
At 31 May 2024 29,839
At 31 May 2023 71,675

ARKAS LIMITED (REGISTERED NUMBER: 02253624)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023 378,000
Revaluations (63,937 )
Transfer to ownership (67,247 )
At 31 May 2024 246,816
NET BOOK VALUE
At 31 May 2024 246,816
At 31 May 2023 378,000

Fair value at 31 May 2024 is represented by:
£   
Valuation in 2017 174,886
Valuation in 2020 (14,373 )
Valuation in 2021 (97,200 )
Valuation in 2023 32,400
Valuation in 2024 (63,937 )
Cost 215,040
246,816

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 415,871 374,278
Other debtors - 155
Arkas FM Limited 500 -
Prepayments 32,447 30,964
448,818 405,397

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans - 10,000
Mortgage - 10,749
Hire purchase contracts (see note 9) 15,370 31,014
Trade creditors 362,277 328,495
Corporation tax 34,407 15,379
Social security and other taxes 18,980 17,390
VAT 50,196 36,980
Other creditors 16,605 26,092
Directors' current accounts 22,669 26,537
Accrued expenses 39,681 36,405
560,185 539,041

ARKAS LIMITED (REGISTERED NUMBER: 02253624)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Bank loans - 20,833
Mortgage - 318,332
Directors' loans 441,097 15,737
Hire purchase contracts (see note 9) 14,881 30,251
455,978 385,153

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.5.24 31.5.23
£    £   
Net obligations repayable:
Within one year 15,370 31,014
Between one and five years 14,881 30,251
30,251 61,265

Non-cancellable operating leases
31.5.24 31.5.23
£    £   
Within one year 88,546 23,533
Between one and five years 123,082 -
211,628 23,533

10. SECURED DEBTS

The following secured debts are included within creditors:

31.5.24 31.5.23
£    £   
Mortgage - 329,081
Hire purchase contracts 30,251 61,265
Directors' loans 328,549 42,274
358,800 432,620

D Streeter provides a personal guarantee for the bank overdraft facility. Mrs B L R Streeter has a charge on the company's premises. The hire purchase contracts are secured on the assets concerned.

ARKAS LIMITED (REGISTERED NUMBER: 02253624)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
100 Ordinary £1 100 100

12. RESERVES

Included within retained earnings are non-distributable reserves of £31,776 (2023 : £95,713) relating to the revaluation of the investment property. This leaves distributable reserves of £681,351 (2023 : £640,620).

13. RELATED PARTY DISCLOSURES

Interest of £3,385 (2023 : £8,810) has been paid to the directors in respect of their loans to the company.

Included within directors' loans is a mortgage loaned by one of the directors of £328,549 (2023 : £Nil). Interest was charged on this mortgage of £6,549 (2023 : £Nil).