Ark Property Centre Limited 09032980 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is estate agents. Digita Accounts Production Advanced 6.30.9574.0 true true 09032980 2023-06-01 2024-05-31 09032980 2024-05-31 09032980 bus:OrdinaryShareClass1 2024-05-31 09032980 core:RetainedEarningsAccumulatedLosses 2024-05-31 09032980 core:ShareCapital 2024-05-31 09032980 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-05-31 09032980 core:CurrentFinancialInstruments 2024-05-31 09032980 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 09032980 core:Non-currentFinancialInstruments 2024-05-31 09032980 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 09032980 core:FurnitureFittings 2024-05-31 09032980 core:MotorVehicles 2024-05-31 09032980 core:OtherPropertyPlantEquipment 2024-05-31 09032980 bus:SmallEntities 2023-06-01 2024-05-31 09032980 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 09032980 bus:FilletedAccounts 2023-06-01 2024-05-31 09032980 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 09032980 bus:RegisteredOffice 2023-06-01 2024-05-31 09032980 bus:Director1 2023-06-01 2024-05-31 09032980 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 09032980 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 09032980 core:FurnitureFittings 2023-06-01 2024-05-31 09032980 core:MotorVehicles 2023-06-01 2024-05-31 09032980 core:OtherPropertyPlantEquipment 2023-06-01 2024-05-31 09032980 countries:EnglandWales 2023-06-01 2024-05-31 09032980 2023-05-31 09032980 core:FurnitureFittings 2023-05-31 09032980 core:MotorVehicles 2023-05-31 09032980 core:OtherPropertyPlantEquipment 2023-05-31 09032980 2022-06-01 2023-05-31 09032980 2023-05-31 09032980 bus:OrdinaryShareClass1 2023-05-31 09032980 core:RetainedEarningsAccumulatedLosses 2023-05-31 09032980 core:ShareCapital 2023-05-31 09032980 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-05-31 09032980 core:CurrentFinancialInstruments 2023-05-31 09032980 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 09032980 core:Non-currentFinancialInstruments 2023-05-31 09032980 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 09032980 core:FurnitureFittings 2023-05-31 09032980 core:MotorVehicles 2023-05-31 09032980 core:OtherPropertyPlantEquipment 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 09032980

Ark Property Centre Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Ark Property Centre Limited

Contents

Company Information

1

Profit and Loss Account and Statement of Retained Earnings

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Ark Property Centre Limited

Company Information

Director

Mr N P Marshall

Registered office

Albion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD

Accountants

Cannon Williamson
Chartered Certified Accountants
Albion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD

 

Ark Property Centre Limited

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 May 2024

Note

2024
£

2023
£

Turnover

 

1,223,594

1,119,714

Cost of sales

 

28,185

(21,579)

Gross profit

 

1,251,779

1,098,135

Administrative expenses

 

(1,242,142)

(1,036,827)

Operating profit

 

9,637

61,308

Other interest receivable and similar income

 

589

2,562

Interest payable and similar charges

 

(7,907)

(2,036)

 

(7,318)

526

Profit before tax

2,319

61,834

Taxation

 

(1,919)

(13,229)

Profit for the financial year

 

400

48,605

Retained earnings brought forward

 

30,228

23,623

Dividends paid

 

(20,000)

(42,000)

Retained earnings carried forward

 

10,628

30,228

 

Ark Property Centre Limited

(Registration number: 09032980)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed Assets

 

Tangible Assets

4

67,547

83,999

Current assets

 

Stocks

5

40,000

-

Debtors

6

104,705

174,258

Cash at bank and in hand

 

18,461

15,498

 

163,166

189,756

Creditors: Amounts falling due within one year

7

(155,585)

(147,521)

Net current assets

 

7,581

42,235

Total assets less current liabilities

 

75,128

126,234

Creditors: Amounts falling due after more than one year

7

(48,843)

(86,326)

Provisions for liabilities

(15,557)

(9,580)

Net assets

 

10,728

30,328

Capital and Reserves

 

Called up share capital

8

100

100

Retained Earnings

10,628

30,228

Shareholders' funds

 

10,728

30,328

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 23 August 2024
 

 

Ark Property Centre Limited

(Registration number: 09032980)
Balance Sheet as at 31 May 2024 (continued)

.........................................
Mr N P Marshall
Director

 

Ark Property Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Albion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD
United Kingdom

These financial statements were authorised for issue by the director on 23 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Ark Property Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible Assets

Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

33% straight line

Motor vehicles

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade Debtors

Trade Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Ark Property Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

Trade Creditors

Trade Creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Ark Property Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 14 (2023 - 15).

 

Ark Property Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

4

Tangible Assets

Fixtures and fittings
£

Motor vehicles
 £

Other tangible assets
 £

Total
£

Cost or valuation

At 1 June 2023

4,529

116,319

150

120,998

Additions

1,671

13,055

164

14,890

At 31 May 2024

6,200

129,374

314

135,888

Depreciation

At 1 June 2023

2,178

34,749

72

36,999

Charge for the year

1,340

29,927

75

31,342

At 31 May 2024

3,518

64,676

147

68,341

Carrying amount

At 31 May 2024

2,682

64,698

167

67,547

At 31 May 2023

2,351

81,570

78

83,999

5

Stocks

2024
£

2023
£

Work in progress

40,000

-

6

Debtors

Current

2024
£

2023
£

Trade Debtors

4,655

22,403

Prepayments

4,000

4,000

Other debtors

96,050

147,855

 

104,705

174,258

 

Ark Property Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

33,142

35,594

Trade Creditors

 

36,107

72,806

Taxation and social security

 

45,988

29,157

Other creditors

 

40,348

9,964

 

155,585

147,521

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

48,843

86,326

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

17,346

27,982

Hire purchase contracts

31,497

58,344

48,843

86,326

2024
£

2023
£

Current loans and borrowings

HP and finance lease liabilities

33,142

35,594