2023-01-012023-12-312023-12-31false01645802ROYAL ARCADE 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ROYAL ARCADE LIMITED

Registered Number
01645802
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

ROYAL ARCADE LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

Mr T P Flower
Mr K J Flower

Company Secretary

Mrs M A Flower

Registered Address

92 The Esplanade
Weymouth
Dorset
DT4 7AT

Registered Number

01645802 (England and Wales)
ROYAL ARCADE LIMITED
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets31,495,8421,447,362
Investment property44,406,9184,250,000
5,902,7605,697,362
Current assets
Stocks55,0005,000
Debtors276,742120,505
Cash at bank and on hand24,73297,707
306,474223,212
Creditors amounts falling due within one year6(347,968)(314,399)
Net current assets (liabilities)(41,494)(91,187)
Total assets less current liabilities5,861,2665,606,175
Creditors amounts falling due after one year7(2,069,946)(1,873,577)
Provisions for liabilities8(416,711)(377,482)
Net assets3,374,6093,355,116
Capital and reserves
Called up share capital5,9335,933
Share premium10,18510,185
Revaluation reserve2,099,6651,981,976
Profit and loss account1,258,8261,357,022
Shareholders' funds103,374,6093,355,116
The financial statements were approved and authorised for issue by the Board of Directors on 10 October 2024, and are signed on its behalf by:
Mr K J Flower
Director
Mr T P Flower
Director

Registered Company No. 01645802
ROYAL ARCADE LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Current taxation
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
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Reducing balance (%)Straight line (years)
Land and buildings-50
Plant and machinery-7
Fixtures and fittings-10
Vehicles25-
Investment property
Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20232022
Average number of employees during the year1313
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Total

£££££
Cost or valuation
At 01 January 231,186,1651,635,95671,975293,1193,187,215
Additions-133,856--133,856
At 31 December 231,186,1651,769,81271,975293,1193,321,071
Depreciation and impairment
At 01 January 2392,3851,344,88936,586265,9931,739,853
Charge for year7,11765,4538,8473,95985,376
At 31 December 2399,5021,410,34245,433269,9521,825,229
Net book value
At 31 December 231,086,663359,47026,54223,1671,495,842
At 31 December 221,093,780291,06735,38927,1261,447,362
4.Investment property

£
Fair value at 01 January 234,250,000
Fair value adjustments156,918
At 31 December 234,406,918
5.Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow moving or defective items where appropriate.

2023

2022

££
Other stocks5,0005,000
Total5,0005,000
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables166,81527,710
Bank borrowings and overdrafts55,60027,078
Amounts owed to related parties27,045117,719
Taxation and social security65,27873,003
Finance lease and HP contracts18,34523,970
Other creditors199222
Accrued liabilities and deferred income14,68644,697
Total347,968314,399
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts2,069,9461,873,577
Total2,069,9461,873,577
Bank loans and overdrafts have been secured against the company's investment properties. Hire purchase contracts are secured against the company's fixed assets.
8.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)416,711377,482
Total416,711377,482
9.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
Mr K J Flower77,159107,43822,191162,406
Interest free loan repayable on demand
Mr T P Flower(90,895)171,74521,99158,859
Interest free loan repayable on demand
(13,736)279,18344,182221,265
10.Fair value reserve

£
Fair value reserve at 01 January 231,981,776
Transferred in period117,689
At 31 December 232,099,465