Company registration number 10579634 (England and Wales)
ARIANA SOCIAL COMMUNITY MANAGEMENT (UK) LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
ARIANA SOCIAL COMMUNITY MANAGEMENT (UK) LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Notes to the financial statements
5 - 7
ARIANA SOCIAL COMMUNITY MANAGEMENT (UK) LIMITED
COMPANY INFORMATION
Directors
Simon Sze Yin Shek
Andrew Wah Wai Chiu
Tsz Yeung Li
Company number
10579634
Registered office
73 Cornhill
London
EC3V 3QQ
Accountants
Gerald Edelman LLP
73 Cornhill
London
EC3V 3QQ
ARIANA SOCIAL COMMUNITY MANAGEMENT (UK) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
The directors present their annual report and financial statements for the year ended 31 March 2024.
Principal activities
The principal activity of the company is to act as the general partner for the business of student accommodation.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Simon Sze Yin Shek
Andrew Wah Wai Chiu
Tsz Yeung Li
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Tsz Yeung Li
Director
30 September 2024
ARIANA SOCIAL COMMUNITY MANAGEMENT (UK) LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ARIANA SOCIAL COMMUNITY MANAGEMENT (UK) LIMITED FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ariana Social Community Management (UK) Limited for the year ended 31 March 2024 which comprise the profit and loss account, 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 http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the board of directors of Ariana Social Community Management (UK) Limited, as a body, in accordance with the terms of our engagement letter dated 31 May 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Ariana Social Community Management (UK) Limited and state those matters that we have agreed to state to the board of directors of Ariana Social Community Management (UK) 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 Ariana Social Community Management (UK) Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Ariana Social Community Management (UK) 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 loss of Ariana Social Community Management (UK) Limited. You consider that Ariana Social Community Management (UK) 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 Ariana Social Community Management (UK) 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.
Gerald Edelman LLP
30 September 2024
Chartered Accountants
73 Cornhill
London
EC3V 3QQ
ARIANA SOCIAL COMMUNITY MANAGEMENT (UK) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
2024
2023
Notes
£
£
Administrative expenses
(1,863)
(2,436)
Interest receivable/(payable) and similar income
3
9
(1)
Loss before taxation
(1,854)
(2,437)
Tax on loss
Loss for the financial year
(1,854)
(2,437)
ARIANA SOCIAL COMMUNITY MANAGEMENT (UK) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 4 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
1
1
Cash at bank and in hand
3,038
2,298
3,039
2,299
Current liabilities
5
(13,966)
(11,372)
Net current liabilities
(10,927)
(9,073)
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
(10,928)
(9,074)
Total equity
(10,927)
(9,073)
For the financial year ended 31 March 2024 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 in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 30 September 2024 and are signed on its behalf by:
Tsz Yeung Li
Director
Company Registration No. 10579634
ARIANA SOCIAL COMMUNITY MANAGEMENT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
1
Accounting policies
Company information
Ariana Social Community Management (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 73 Cornhill, London, EC3V 3QQ.
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. At the time of approving the financial statements, the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. The directors have reasonable expectations that the company is able to settle its liabilities as they fall due and the company is able to continue as a going concern.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.4
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
ARIANA SOCIAL COMMUNITY MANAGEMENT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The company had no employees during the year.
3
Interest (payable)/receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
11
3
Loss from fixed asset investments
Loss from participating interests
(2)
(4)
Total
9
(1)
ARIANA SOCIAL COMMUNITY MANAGEMENT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1
1
5
Current liabilities
2024
2023
£
£
Amounts due to group undertakings
12,456
9,662
Other creditors
1,510
1,710
13,966
11,372
6
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary of £1 each
1
1
7
Financial commitments, guarantees and contingent liabilities
The company has given guarantees and charges over its property in favour of other group companies in support of certain borrowings of those companies.
8
Parent company
The company’s immediate parent company is Ariana Social Community Management Limited, a company incorporated in the British Virgin Islands, by virtue of its 100% ownership of the company’s share capital. The ultimate parent company is Tiger Force Global Limited, a company incorporated in the British Virgin Islands. The directors do not consider there to be an ultimate controlling party.
9
Related party transactions
Transactions with related parties
The company has taken advantage of the exemption in paragraph 1AC.35 within Section 1A of FRS 102 not to disclose transactions entered into between two or more members of a group, provided that any subsidiary which is which is party to the transactions is wholly-owned by such a member.