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Company No: 07003094 (England and Wales)

ARISH PROPERTIES LTD

Unaudited Financial Statements
For the financial year ended 31 October 2023
Pages for filing with the registrar

ARISH PROPERTIES LTD

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

ARISH PROPERTIES LTD

BALANCE SHEET

As at 31 October 2023
ARISH PROPERTIES LTD

BALANCE SHEET (continued)

As at 31 October 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 46,257 61,496
Investment property 4 575,000 725,000
621,257 786,496
Current assets
Debtors 5 234,077 18,717
Cash at bank and in hand 8,324 7,013
242,401 25,730
Creditors: amounts falling due within one year 6 ( 95,242) ( 24,645)
Net current assets 147,159 1,085
Total assets less current liabilities 768,416 787,581
Creditors: amounts falling due after more than one year 7 ( 301,012) ( 310,635)
Provision for liabilities ( 44,762) ( 53,952)
Net assets 422,642 422,994
Capital and reserves
Called-up share capital 292 292
Fair value reserve 179,760 260,689
Profit and loss account 242,590 162,013
Total shareholder's funds 422,642 422,994

For the financial year ending 31 October 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Arish Properties Ltd (registered number: 07003094) were approved and authorised for issue by the Director on 30 October 2024. They were signed on its behalf by:

Mr J P Manley
Director
ARISH PROPERTIES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
ARISH PROPERTIES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
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

Arish Properties Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Leanne House, 6 Avon Close, Weymouth, DT4 9UX, 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 £.

Turnover

Turnover is recognised at the fair value of the 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

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:

Plant and machinery 20 % reducing balance
Vehicles 25 % reducing balance

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.

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 director, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

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 creditors: amounts falling due within one year.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery Vehicles Total
£ £ £
Cost
At 01 November 2022 12,132 78,400 90,532
At 31 October 2023 12,132 78,400 90,532
Accumulated depreciation
At 01 November 2022 9,436 19,600 29,036
Charge for the financial year 539 14,700 15,239
At 31 October 2023 9,975 34,300 44,275
Net book value
At 31 October 2023 2,157 44,100 46,257
At 31 October 2022 2,696 58,800 61,496

4. Investment property

Investment property
£
Valuation
As at 01 November 2022 725,000
Disposals (150,000)
As at 31 October 2023 575,000

Valuation

The investment properties class of fixed assets have been valued by the director who is internal to the company. The basis of this valuation was open market value.
The class of asset has a current value of £575,000 (2022 - £725,000) and a carrying amount at historical cost of £362,042 (2022 - £420,966). The depreciation on this historical cost is £nil (2022 - £nil).
There has been no valuation of investment property by an independent valuer.

5. Debtors

2023 2022
£ £
Trade debtors 250 219
Other debtors 233,827 18,498
234,077 18,717

6. Creditors: amounts falling due within one year

2023 2022
£ £
Taxation and social security 78,853 55
Obligations under finance leases and hire purchase contracts 9,623 8,078
Other creditors 6,766 16,512
95,242 24,645

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

2023 2022
£ £
Bank loans 258,419 258,419
Obligations under finance leases and hire purchase contracts 42,593 52,216
301,012 310,635

There are no amounts included above in respect of which any security has been given by the small entity.

8. Related party transactions

Transactions with the entity's director

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 November 2022, the balance owed by the director was £18,238. During the year, £171,503 was advanced to the director, and £18,550 was repaid by the director. At 31 October 2023, the balance owed by the director was £171,503.

At 1 November 2021, the balance owed to the director was £3,630. During the year, £78,180 was advanced to the director, and £56,312 was repaid by the director. At 31 October 2022, the balance owed by the director was £18,238.