Company No:
Contents
Note | 2023 | 2022 | ||
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Fixed assets | ||||
Tangible assets | 3 |
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Investment property | 4 |
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621,257 | 786,496 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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242,401 | 25,730 | |||
Creditors: amounts falling due within one year | 6 | (
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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 | (
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Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Fair value reserve |
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Profit and loss account |
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Total shareholder's funds |
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Director's responsibilities:
The financial statements of Arish Properties Ltd (registered number:
Mr J P Manley
Director |
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.
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 is recognised when the significant risks and rewards are considered to have been transferred to the customer.
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.
Plant and machinery |
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Vehicles |
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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.
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.
The fair value is determined annually by the director, on an open market value for existing use basis.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Plant and machinery | Vehicles | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 November 2022 |
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At 31 October 2023 |
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Accumulated depreciation | |||||
At 01 November 2022 |
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Charge for the financial year |
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At 31 October 2023 |
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Net book value | |||||
At 31 October 2023 |
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At 31 October 2022 |
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Investment property | |
£ | |
Valuation | |
As at 01 November 2022 |
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Disposals | (150,000) |
As at 31 October 2023 |
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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.
2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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£ | £ | ||
Taxation and social security |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans |
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Obligations under finance leases and hire purchase contracts |
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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.