8 30 October 2024 false false false false false false false false false false true false false false false false false No description of principal activity 2022-11-01 Sage Accounts Production Advanced 2023 - FRS102_2023 9,948 3,283 13,231 8,657 1,698 10,355 2,876 1,291 xbrli:pure xbrli:shares iso4217:GBP 03751893 2022-11-01 2023-10-31 03751893 2023-10-31 03751893 2022-10-31 03751893 2021-11-01 2022-10-31 03751893 2022-10-31 03751893 2021-10-31 03751893 bus:OrdinaryShareClass1 2022-11-01 2023-10-31 03751893 bus:Director1 2022-11-01 2023-10-31 03751893 core:WithinOneYear 2023-10-31 03751893 core:WithinOneYear 2022-10-31 03751893 core:ShareCapital 2023-10-31 03751893 core:ShareCapital 2022-10-31 03751893 core:RetainedEarningsAccumulatedLosses 2023-10-31 03751893 core:RetainedEarningsAccumulatedLosses 2022-10-31 03751893 bus:SmallEntities 2022-11-01 2023-10-31 03751893 bus:Audited 2022-11-01 2023-10-31 03751893 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 03751893 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 03751893 bus:FullAccounts 2022-11-01 2023-10-31 03751893 bus:OrdinaryShareClass1 2023-10-31 03751893 bus:OrdinaryShareClass1 2022-10-31 03751893 core:OfficeEquipment 2022-11-01 2023-10-31 03751893 core:OfficeEquipment 2022-10-31 03751893 core:OfficeEquipment 2023-10-31
COMPANY REGISTRATION NUMBER: 03751893
ARROWHEAD INDUSTRIAL SERVICES LIMITED
FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 October 2023
ARROWHEAD INDUSTRIAL SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION
31 October 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
2,876
1,291
Current assets
Debtors
6
743,657
921,006
Cash at bank and in hand
1,397,975
1,591,728
-----------
-----------
2,141,632
2,512,734
Creditors: amounts falling due within one year
7
( 350,972)
( 784,592)
-----------
-----------
Net current assets
1,790,660
1,728,142
-----------
-----------
Total assets less current liabilities
1,793,536
1,729,433
Provisions
Taxation including deferred tax
( 719)
( 245)
-----------
-----------
Net assets
1,792,817
1,729,188
-----------
-----------
Capital and reserves
Called up share capital
8
5,000
5,000
Profit and loss account
1,787,817
1,724,188
-----------
-----------
Shareholders funds
1,792,817
1,729,188
-----------
-----------
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 income and retained earnings has not been delivered.
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.
These financial statements were approved by the board of directors and authorised for issue on 26 October 2024 , and are signed on behalf of the board by:
S H Davies
Director
Company registration number: 03751893
ARROWHEAD INDUSTRIAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Crossways Business Centre, Bicester Road, Kingswood, Aylesbury, Bucks, HP18 0RA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest pound. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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 as follows:
Office equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
The company has chosen to adopt sections 11 and 12 of FRS 102 in respect of financial instruments. Basic financial assets, which include trade and other receivables and cash and bank balances, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. Basic financial liabilities, which include trade and other payables, 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year of less. If not, then they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2022: 8 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 November 2022
9,948
9,948
Additions
3,283
3,283
-------
-------
At 31 October 2023
13,231
13,231
-------
-------
Depreciation
At 1 November 2022
8,657
8,657
Charge for the year
1,698
1,698
-------
-------
At 31 October 2023
10,355
10,355
-------
-------
Carrying amount
At 31 October 2023
2,876
2,876
-------
-------
At 31 October 2022
1,291
1,291
-------
-------
6. Debtors
2023
2022
£
£
Trade debtors
494,645
708,110
Amounts owed by group undertakings
147,495
209,820
Other debtors
101,517
3,076
--------
--------
743,657
921,006
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
27,503
52,036
Amounts owed to group undertakings
64,578
99,361
Corporation tax
11,627
139,587
Social security and other taxes
23,251
27,080
Other creditors
224,013
466,528
--------
--------
350,972
784,592
--------
--------
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
5,000
5,000
5,000
5,000
------
------
------
------
9. Summary audit opinion
The auditor's report dated 30 October 2024 was unqualified .
The senior statutory auditor was W J E Kerr , for and on behalf of Xeinadin Audit Limited .
10. Related party transactions
During the year the company acquired professional and consultancy services totalling £6,670 (2022: £67,993) from a company controlled by a director.
11. Controlling party
The ultimate and immediate parent company is The Arrowhead Group Inc, a company incorporated and registered in the United States of America.