REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 March 2024 |
for |
Arc Building Solutions Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 March 2024 |
for |
Arc Building Solutions Limited |
Arc Building Solutions Limited (Registered number: 06338081) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company information | 1 |
Strategic report | 2 |
Report of the directors | 3 | to | 4 |
Report of the independent auditors | 5 | to | 8 |
Statement of comprehensive income | 9 |
Statement of financial position | 10 |
Statement of changes in equity | 11 |
Statement of cash flows | 12 |
Notes to the financial statements | 13 | to | 21 |
Arc Building Solutions Limited |
Company Information |
for the Year Ended 31 March 2024 |
Directors: |
Registered office: |
Registered number: |
Auditors: |
Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
Arc Building Solutions Limited (Registered number: 06338081) |
Strategic Report |
for the Year Ended 31 March 2024 |
The directors present their strategic report for the year ended 31 March 2024. |
The directors are pleased to present another successful year's financial statements. |
Review of business |
Turnover for the period ended 31 March 2024 was £20.2m compared with £19.3m for the year ended 31 March 2023. |
Gross profit has increased to 38.9% compared to 39.7% in 2023. |
The company has continued to develop the trade throughout the year, operating in the construction industry, manufacturing cavity fire barriers and cavity closures for the UK. |
With cash reserves of £1.7m and net assets of £12.1m at the balance sheet date, the company has a strong financial base to fund the anticipated future growth. |
The directors believe the financial statements show a true and fair view of the company's position at the year end and adequately represent the business moving forward and look forward to reporting further success in the future. |
Principal risks and uncertainties |
Despite the challenges in some parts of the construction industry, the industry is still buoyant and we have seen no downturn in trade. |
The Directors continuously assess the impact on the changing economic conditions and minimise the risks to the business to ensure business continuity. The company has remained fully operational throughout the recent pandemic and the demand for services remains high. As a result, the Directors conclude that the group remains a Going Concern. |
On behalf of the board: |
Director |
22 August 2024 |
Arc Building Solutions Limited (Registered number: 06338081) |
Report of the Directors |
for the Year Ended 31 March 2024 |
The directors present their report with the financial statements of the company for the year ended 31 March 2024. |
Dividends |
No dividends will be distributed for the year ended 31 March 2024. |
Research and development |
The company is continuously developing new fire resistant products and researching ways to improve machinery. |
Future developments |
The directors regularly review the current markets and the company's position within those markets looking for any changes in strategy either required or which would be beneficial to the company. Plans are revised as required at each review. The strategic planning will enable long term continuance of the company in terms of its reliability and results. |
Directors |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
Statement of directors' responsibilities |
The directors are responsible for preparing the Strategic report, the Report of the directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Arc Building Solutions Limited (Registered number: 06338081) |
Report of the Directors |
for the Year Ended 31 March 2024 |
Statement as to disclosure of information to auditors |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
Auditors |
The auditors, Moore Thompson, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
On behalf of the board: |
Report of the Independent Auditors to the Members of |
Arc Building Solutions Limited |
Opinion |
We have audited the financial statements of Arc Building Solutions Limited (the 'company') for the year ended 31 March 2024 which comprise the Statement of comprehensive income, Statement of financial position, Statement of changes in equity, Statement of cash flows and Notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
_ |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic report and the Report of the directors, but does not include the financial statements and our Report of the auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic report and the Report of the directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic report and the Report of the directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Arc Building Solutions Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Report of the directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of directors' responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Arc Building Solutions Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- | the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- | we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the client company's sector. |
- | we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company. |
- | we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
- | identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- | making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; |
- | considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
- | performed analytical procedures to identify any unusual or unexpected relationships; |
- | tested journals entries to identify unusual transactions; |
- | investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- | agreeing financial statement disclosures to underlying supporting documentation; |
- | reading the minutes of meetings of those charged with governance; |
- | enquiring of management as to actual and potential litigation and claims; |
- | reviewing correspondence with HMRC and the company's legal advisors. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatement that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
Report of the Independent Auditors to the Members of |
Arc Building Solutions Limited |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Bank House |
Broad Street |
Spalding |
Lincolnshire |
PE11 1TB |
Arc Building Solutions Limited (Registered number: 06338081) |
Statement of Comprehensive Income |
for the Year Ended 31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
Turnover | 4 |
Cost of sales |
Gross profit |
Administrative expenses |
Operating profit | 7 |
Interest receivable and similar income |
Profit before taxation |
Tax on profit | 8 |
Profit for the financial year |
Other comprehensive income | - | - |
Total comprehensive income for the year |
Arc Building Solutions Limited (Registered number: 06338081) |
Statement of Financial Position |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 9 |
Tangible assets | 10 |
Current assets |
Stock and work in progress | 11 |
Debtors | 12 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 13 |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities | 15 |
Net assets |
Capital and reserves |
Called up share capital | 16 |
Capital redemption reserve | 17 |
Retained earnings | 17 |
Shareholders' funds |
The financial statements were approved by the Board of Directors and authorised for issue on |
Arc Building Solutions Limited (Registered number: 06338081) |
Statement of Changes in Equity |
for the Year Ended 31 March 2024 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 March 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 March 2024 |
Arc Building Solutions Limited (Registered number: 06338081) |
Statement of Cash Flows |
for the Year Ended 31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 20 |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
) |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Amounts withdrawn by group undertakings | (1,986,643 | ) | (3,709,365 | ) |
Net cash from financing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
21 |
1,154,488 |
Cash and cash equivalents at end of year |
21 |
1,743,786 |
935,314 |
Arc Building Solutions Limited (Registered number: 06338081) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | Statutory information |
Arc Building Solutions Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
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. |
Going concern |
The Directors have reviewed whether the Company has adequate resources to continue in operational existence for the foreseeable future, which is considered to be at least 12 months from the date of approval of the financial statements. |
In performing their review, the Directors have considered a range of factors including customer demand for their products, any impacts on future operations, mitigation available, if required and the overall financing and availability of funding to the Company. Additional information has also been included in the Directors report. |
The Directors have concluded that the business has a Going Concern status. The Company has direct access to its own cash resources, which, together with the trading performance to date and forecast expectations, will allow the company to have sufficient financial resources to meet its obligations as they fall due for the next 12 months. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually when goods have arrived with customers); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Arc Building Solutions Limited (Registered number: 06338081) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
3. | Accounting policies - continued |
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 |
Plant and machinery | - |
Fixtures and fittings | - |
Equipment | - |
The carrying values of tangible fixed assets are reviewed for impairment annually by the directors without revaluing the assets. Where the aggregate value of those assets is less than the aggregate that they are stated in the company's accounts, a provision will be made for any material impairment. |
Impairment of fixed assets |
The carrying values of tangible fixed assets are reviewed for impairment annually by the directors without revaluing the assets. Where the aggregate value of those assets is less than the aggregate that they are stated in the company's accounts, a provision will be made for any material impairment. |
Operating leases |
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. |
Stocks |
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date. |
Arc Building Solutions Limited (Registered number: 06338081) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
3. | Accounting policies - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Defined contribution plans |
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. |
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 statement of financial position 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 |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. |
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. |
Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
Arc Building Solutions Limited (Registered number: 06338081) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
4. | Turnover |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
5. | Employees and directors |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Management | 7 | 8 |
Administration | 22 | 17 |
Production | 92 | 98 |
6. | Directors' emoluments |
2024 | 2023 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director for the year ended 31 March 2024 is as follows: |
2024 |
£ |
Emoluments etc |
Arc Building Solutions Limited (Registered number: 06338081) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
7. | Operating profit |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Computer software amortisation |
Auditors remuneration |
8. | Taxation |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax |
Under provision of tax | 19,553 | - |
Group relief component of |
current year tax expense | 899,834 | 785,897 |
Total current tax |
Deferred tax | ( |
) |
Tax on profit |
UK corporation tax has been charged at 25% . |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Adjustments to tax charge in respect of previous periods |
Research and development net tax credit | (29,511 | ) | (19,554 | ) |
Deferred tax movement | 54,463 | (2,350 | ) |
Total tax charge | 1,037,253 | 783,547 |
Arc Building Solutions Limited (Registered number: 06338081) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
9. | Intangible fixed assets |
Computer |
software |
£ |
Cost |
At 1 April 2023 |
Additions |
At 31 March 2024 |
Amortisation |
At 1 April 2023 |
Amortisation for year |
At 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 March 2023 |
10. | Tangible fixed assets |
Fixtures |
Plant and | and |
machinery | fittings | Equipment | Totals |
£ | £ | £ | £ |
Cost |
At 1 April 2023 |
Additions |
At 31 March 2024 |
Depreciation |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 March 2023 |
11. | Stock and work in progress |
2024 | 2023 |
£ | £ |
Finished goods |
Arc Building Solutions Limited (Registered number: 06338081) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
12. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors | 596,967 | 160,065 |
Tax |
Prepayments and accrued income |
13. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade creditors |
Social security and other taxes |
VAT | 347,243 | 238,280 |
Other creditors |
Accruals and deferred income |
14. | Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
15. | Provisions for liabilities |
2024 | 2023 |
£ | £ |
Deferred tax | 164,164 | 109,701 |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Provided during year |
Balance at 31 March 2024 |
16. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary shares | £1 | 100 | 100 |
Arc Building Solutions Limited (Registered number: 06338081) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
17. | Reserves |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2023 | 8,923,270 |
Profit for the year |
At 31 March 2024 | 12,056,052 |
18. | Ultimate parent company |
The company's parent company is Newable Niagara Limited. The ultimate controlling party is Newable Partnership Limited. |
19. | Related party disclosures |
As at 31 March 2024, an amount totalling £8,511,849 (2023 - £6,525,206) was due from the parent company. Interest is not charged on this loan in the current year (historically 2.2% plus the Bank of England base rate). This loan is repayable on demand. |
20. | Reconciliation of profit before taxation to cash generated from operations |
2024 | 2023 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss on disposal of fixed assets |
Finance income | (2,243 | ) | (105,243 | ) |
4,305,939 | 4,252,194 |
Increase in stock and work in progress | ( |
) | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations |
21. | Cash and cash equivalents |
The amounts disclosed on the Statement of cash flows in respect of cash and cash equivalents are in respect of these Statement of financial position amounts: |
Year ended 31 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 1,743,786 | 935,314 |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 935,314 | 1,154,488 |
Arc Building Solutions Limited (Registered number: 06338081) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
22. | Analysis of changes in net funds |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 935,314 | 808,472 | 1,743,786 |
935,314 | 1,743,786 |
Total | 935,314 | 808,472 | 1,743,786 |