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Company registration number: 13467812
(England and Wales)
Arbenneck Developments Limited
Unaudited filleted financial statements
for the year ended
31 March 2024
Arbenneck Developments Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Arbenneck Developments Limited
Directors and other information
Directors
Mrs E A Dunn
Mr J R J Dunn
Mr R J Kennett
Secretary Mrs A E Holmes
Company number 13467812
Registered office Office Services
3 Avenue St.Nicholas
Harpenden
AL5 2DE
Accountants Griffin Chapman
4 & 5 The Cedars, Apex 12
Old Ipswich Road
Colchester
Essex
CO7 7QR
Arbenneck Developments Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Arbenneck Developments Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Arbenneck Developments Limited for the year ended 31 March 2024 which comprise the statement of financial position and 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 Arbenneck Developments Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Arbenneck Developments Limited and state those matters that we have agreed to state to the board of directors of Arbenneck Developments 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 Arbenneck Developments Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Arbenneck Developments 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 Arbenneck Developments Limited. You consider that Arbenneck Developments 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 Arbenneck Developments 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.
Griffin Chapman
Chartered Accountants
4 & 5 The Cedars, Apex 12
Old Ipswich Road
Colchester
Essex
CO7 7QR
8 October 2024
Arbenneck Developments Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Current assets
Stocks 889,792 727,454
Debtors 5 - 1,710
Cash at bank and in hand 584,524 765,464
_______ _______
1,474,316 1,494,628
Creditors: amounts falling due
within one year 6 ( 1,413,807) ( 1,414,285)
_______ _______
Net current assets 60,509 80,343
_______ _______
Total assets less current liabilities 60,509 80,343
_______ _______
Net assets 60,509 80,343
_______ _______
Capital and reserves
Called up share capital 7 100,001 100,001
Profit and loss account ( 39,492) ( 19,658)
_______ _______
Shareholders funds 60,509 80,343
_______ _______
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered 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 in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 October 2024 , and are signed on behalf of the board by:
Mr R J Kennett
Director
Company registration number: 13467812
Arbenneck Developments Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Office Services, 3 Avenue St.Nicholas, Harpenden, AL5 2DE.
The principal activity of the company continues to be that of property development.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
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 stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023: Nil).
5. Debtors
2024 2023
£ £
Other debtors - 1,710
_______ _______
6. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 17,180 -
Amounts owed to group undertakings and undertakings in which the company has a participating interest 1,395,527 1,413,285
Other creditors 1,100 1,000
_______ _______
1,413,807 1,414,285
_______ _______
7. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 100,001 100,001 100,001 100,001
_______ _______ _______ _______
8. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
Valency Limited - ( 1) - -
Amalgamated Properties Limited 17,758 ( 695,840) ( 1,395,527) ( 1,413,285)
_______ _______ _______ _______
9. Controlling party
The company is controlled by its parent company Valency Ltd who own 75% of the share capital. The registered office of Valency Ltd is 3 Avenue St.Nicholas, Harpenden, AL5 2DE.
10. Contingent assets and liabilities
The company is included in the group VAT election and is therefore liable for the group liability should the other member of the group default on the payment. At the year end the VAT liability of the other group member amounted to £Nil (2023:£231).