Registration number:
Arcwhiz 2000 Limited
for the Year Ended 31 January 2024
Arcwhiz 2000 Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Arcwhiz 2000 Limited
Company Information
Directors |
Mr Robert Pattinson Mr Stevie-Lee Pattinson |
Registered office |
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Accountants |
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Arcwhiz 2000 Limited
(Registration number: 03903860)
Balance Sheet as at 31 January 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
1,068,572 |
1,240,000 |
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Share premium reserve |
1,121,430 |
1,550,000 |
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Revaluation reserve |
188,000 |
188,000 |
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Retained earnings |
(389,768) |
(453,643) |
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Shareholders' funds |
1,988,234 |
2,524,357 |
Arcwhiz 2000 Limited
(Registration number: 03903860)
Balance Sheet as at 31 January 2024 (continued)
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.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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 directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Arcwhiz 2000 Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Statement of compliance
These financial statements have been prepared 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 to the UK and the Republic of Ireland'.
Basis of preparation
These 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 and loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents licensed bar and restaurant income, excluding value added tax.
Arcwhiz 2000 Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)
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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 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 recognise in profit or loss. A decrease in the carrying amount of an asset as a 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. The directors consider that the net realisable value for land and buildings is not materially different from the costs of those assets, consequently the depreciation rate for this category of assets is nil. Depreciation rates for other categories of assets are as follows;
Asset class |
Depreciation method and rate |
Fixtures and fittings |
20% reducing balance |
Motor vehicles |
25% reducing balance |
Computer equipment |
20% straight line |
Stocks
Stocks are measured at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Staff numbers |
The average number of persons employed by the company during the year, amounted to
Arcwhiz 2000 Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)
Tangible assets |
Land and buildings |
Fixtures and fittings |
Office equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 February 2023 |
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Additions |
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Disposals |
- |
( |
( |
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( |
At 31 January 2024 |
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Depreciation |
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At 1 February 2023 |
- |
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Charge for the year |
- |
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Eliminated on disposal |
- |
( |
( |
- |
( |
At 31 January 2024 |
- |
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Carrying amount |
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At 31 January 2024 |
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At 31 January 2023 |
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Revaluation
The fair value of the company's land and buildings was revalued on 31st January 2022. The directors have revalued the building to £600,000, which is the original cost.
The directors consider the carrying value of this property to be equal to its current market value which is not materially different to cost.
Debtors |
Current |
Note |
2024 |
2023 |
Amounts owed by related parties |
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Prepayments |
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Other debtors |
- |
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Arcwhiz 2000 Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
Revaluation reserve |
Total |
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Property revaluation |
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Arcwhiz 2000 Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)
Related party transactions |
Included in debtors is £1,160,000 (2023: £1,160,000) owed by companies in which the directors, or their close family members, have an interest.
Included in creditors due within one year is £292,725 (2023: £3,487) owed to the company directors and their close family members.
During the year the company bought back 171,428 of £1 ordinary shares from Mr Pattinson, a shareholder and director, for £600,000. As a consequence of this transaction the Called Up Share Capital has been reduced by £171,428 and the Share Premium Reserve has decreased by £428,570.