Silverfin false false 31/01/2024 01/02/2023 31/01/2024 Mr Amar Latif 07/01/2008 Mr Atif Latif 11/07/2001 Ms Farah Latif 11/07/2001 Mr Shahid Latif 11/07/2001 Ms Zahid Latif 11/07/2001 30 October 2024 The principal activity of the Company during the financial year was that of property rental. SC214741 2024-01-31 SC214741 bus:Director1 2024-01-31 SC214741 bus:Director2 2024-01-31 SC214741 bus:Director3 2024-01-31 SC214741 bus:Director4 2024-01-31 SC214741 bus:Director5 2024-01-31 SC214741 2023-01-31 SC214741 core:CurrentFinancialInstruments 2024-01-31 SC214741 core:CurrentFinancialInstruments 2023-01-31 SC214741 core:Non-currentFinancialInstruments 2024-01-31 SC214741 core:Non-currentFinancialInstruments 2023-01-31 SC214741 core:ShareCapital 2024-01-31 SC214741 core:ShareCapital 2023-01-31 SC214741 core:RevaluationReserve 2024-01-31 SC214741 core:RevaluationReserve 2023-01-31 SC214741 core:RetainedEarningsAccumulatedLosses 2024-01-31 SC214741 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC214741 bus:OrdinaryShareClass1 2024-01-31 SC214741 2023-02-01 2024-01-31 SC214741 bus:FilletedAccounts 2023-02-01 2024-01-31 SC214741 bus:SmallEntities 2023-02-01 2024-01-31 SC214741 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 SC214741 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 SC214741 bus:Director1 2023-02-01 2024-01-31 SC214741 bus:Director2 2023-02-01 2024-01-31 SC214741 bus:Director3 2023-02-01 2024-01-31 SC214741 bus:Director4 2023-02-01 2024-01-31 SC214741 bus:Director5 2023-02-01 2024-01-31 SC214741 2022-02-01 2023-01-31 SC214741 core:CurrentFinancialInstruments 2023-02-01 2024-01-31 SC214741 core:Non-currentFinancialInstruments 2023-02-01 2024-01-31 SC214741 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 SC214741 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC214741 (Scotland)

ARBITRAGE LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH THE REGISTRAR

ARBITRAGE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024

Contents

ARBITRAGE LIMITED

BALANCE SHEET

AS AT 31 JANUARY 2024
ARBITRAGE LIMITED

BALANCE SHEET (continued)

AS AT 31 JANUARY 2024
Note 2024 2023
£ £
Fixed assets
Investment property 350,000 350,000
350,000 350,000
Current assets
Cash at bank and in hand 7,800 7,541
7,800 7,541
Creditors: amounts falling due within one year 3 ( 72,827) ( 86,405)
Net current liabilities (65,027) (78,864)
Total assets less current liabilities 284,973 271,136
Creditors: amounts falling due after more than one year 4 ( 244,334) ( 206,117)
Net assets 40,639 65,019
Capital and reserves
Called-up share capital 5 1,000 1,000
Revaluation reserve 45,641 45,641
Profit and loss account ( 6,002 ) 18,378
Total shareholders' funds 40,639 65,019

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:

The financial statements of Arbitrage Limited (registered number: SC214741) were approved and authorised for issue by the Board of Directors on 30 October 2024. They were signed on its behalf by:

Mr Atif Latif
Director
ARBITRAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
ARBITRAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Arbitrage Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 227 West George Street, Glasgow, G2 2ND, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover from rental receipts is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. 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:

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

3. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 8,122 8,122
Trade creditors 349 349
Other creditors 64,356 77,934
72,827 86,405

The Bank of Scotland Plc loan is secured by a standard security over the company's investment properties together with a floating charge over the company's assets.

4. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 90,886 99,209
Other creditors 153,448 106,908
244,334 206,117

The Bank of Scotland Plc loan is secured by a standard security over the company's investment properties together with a floating charge over the company's assets.

5. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000

6. Related party transactions

Transactions with the entity's directors

Key management compensation

2024 2023
£ £
Key management compensation 153,449 106,908