Registered number
08382103
Arete Stories Limited
Filleted Accounts
31 March 2024
Arete Stories Limited
Registered number: 08382103
Balance Sheet
as at 31 March 2024
Notes 2024 2023
USD $ USD $
Fixed assets
Tangible assets 3 21,853 29,138
Investments 4 2 2
21,855 29,140
Current assets
Stocks 161,943 123,810
Debtors 5 895,192 357,865
Cash at bank and in hand 368,967 584,189
1,426,102 1,065,864
Creditors: amounts falling due within one year 6 (207,567) (167,680)
Net current assets 1,218,535 898,184
Total assets less current liabilities 1,240,390 927,324
Creditors: amounts falling due after more than one year 7 (17,612) (29,853)
Provisions for liabilities (4,114) (5,535)
Net assets 1,218,664 891,936
Capital and reserves
Called up and fully paid share capital 1 1
Profit and loss account 1,218,663 891,935
Shareholder's funds 1,218,664 891,936
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
K Holt
Director
Approved by the board on and authorised for issue on 25 October 2024
Arete Stories Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The accounts are prepared and reported in US dollars.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer Equipment 25% Reducing Balance
Fixtures & fittings 25% Reducing Balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Computer Equipment Fixtures & Fittings Total
USD $ USD $ USD $
Cost
At 1 April 2023 3,654 33,869 37,523
At 31 March 2024 3,654 33,869 37,523
Depreciation
At 1 April 2023 1,434 6,951 8,385
Charge for the year 555 6,730 7,285
At 31 March 2024 1,989 13,681 15,670
Net book value
At 31 March 2024 1,665 20,188 21,853
At 31 March 2023 2,220 26,918 29,138
4 Investments
Investments in
subsidiary
undertakings
USD $
Cost
At 1 April 2023 2
At 31 March 2024 2
5 Debtors 2024 2023
USD $ USD $
Trade debtors 34,466 81,538
Amounts owed by group undertakings and undertakings in which the company has a participating interest 756,705 240,993
Other debtors 104,021 35,334
895,192 357,865
6 Creditors: amounts falling due within one year 2024 2023
USD $ USD $
Bank loans and overdrafts 12,829 12,271
Trade creditors 35,942 38,637
Taxation and social security costs 122,054 101,009
Other creditors 36,742 15,763
207,567 167,680
7 Creditors: amounts falling due after one year 2024 2023
USD $ USD $
Bank loans 17,612 29,853
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
USD $ USD $ USD $ USD $
Directors loan account 33,130 218,930 (152,477) 99,583
33,130 218,930 (152,477) 99,583
The loan is unsecured and repayable on demand. Interest is charged on the loan at the statutory rate. The loan has since been repaid.
9 Other information
Arete Stories Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
The Old School House
West Street
Southwick, Fareham
Hampshire
PO17 6EA
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