REGISTERED NUMBER: |
Report of the Director and |
Financial Statements for the Year Ended 31 December 2023 |
for |
Arena Property Investment Limited |
REGISTERED NUMBER: |
Report of the Director and |
Financial Statements for the Year Ended 31 December 2023 |
for |
Arena Property Investment Limited |
Arena Property Investment Limited (Registered number: 07503137) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Report of the Director | 2 |
Chartered Accountants' Report | 3 |
Income Statement | 4 |
Other Comprehensive Income | 5 |
Balance Sheet | 6 |
Statement of Changes in Equity | 8 |
Notes to the Financial Statements | 9 |
Arena Property Investment Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
823 Salisbury House |
29 Finsbury Circus |
London |
EC2M 5QQ |
Arena Property Investment Limited (Registered number: 07503137) |
Report of the Director |
for the Year Ended 31 December 2023 |
The director presents his report with the financial statements of the company for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of letting and buying and selling of real estate. |
REVIEW OF BUSINESS |
The results for the year and the financial position at the year end, were considered satisfactory by the directors. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2023. |
DIRECTOR |
RESULTS |
The Company's loss for the year amounted to £ (48,250). |
AUDITORS |
The director has with reference to the exemptions in the Companies Act elected not to appoint auditors. |
POST BALANCE SHEET EVENTS |
No post balance sheet events have occured since 31 December 2023 which requires reporting or disclosing in the accounts. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
ON BEHALF OF THE BOARD: |
Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Arena Property Investment Limited (Registered number: 07503137) |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Arena Property Investment Limited for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the director of Arena Property Investment Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Arena Property Investment Limited and state those matters that we have agreed to state to the director of Arena Property Investment Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Arena Property Investment Limited and its director for our work or for this report. |
It is your duty to ensure that Arena Property Investment Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Arena Property Investment Limited. You consider that Arena Property Investment Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Arena Property Investment Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
823 Salisbury House |
29 Finsbury Circus |
London |
EC2M 5QQ |
Arena Property Investment Limited (Registered number: 07503137) |
Income Statement |
for the Year Ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Direct costs |
GROSS (LOSS)/PROFIT | ( |
) |
Administrative expenses | ( |
) |
OPERATING (LOSS)/PROFIT | 4 | ( |
) |
Interest receivable and similar income |
3,757 | 34,244 |
Interest payable and similar expenses |
LOSS BEFORE TAXATION | ( |
) | ( |
) |
Tax on loss | 5 |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
Arena Property Investment Limited (Registered number: 07503137) |
Other Comprehensive Income |
for the Year Ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
LOSS FOR THE YEAR | ( |
) | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
( |
) |
Arena Property Investment Limited (Registered number: 07503137) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
Investment property | 7 |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings | 13 |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Arena Property Investment Limited (Registered number: 07503137) |
Balance Sheet - continued |
31 December 2023 |
The financial statements were approved by the director and authorised for issue on |
Arena Property Investment Limited (Registered number: 07503137) |
Statement of Changes in Equity |
for the Year Ended 31 December 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 December 2022 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 December 2023 |
Arena Property Investment Limited (Registered number: 07503137) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Arena Property Investment Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents rental income for the period. |
Tangible fixed assets |
Tangible fixed assets are measured at cost less accumulated depreciation and impairment losses. Depreciation is provided on a straight-line basis over the expected useful life of the assets. The expected useful life is: |
Plant & Machinery - 10 years |
Investment property |
Investment properties are included in the balance sheet at their fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Current tax and deferred taxation, including UK corporation tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred taxation is provided in full on an undiscounted basis, on all timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in tax computations in periods different from those in which they are included in the financial statements. |
Deferred tax assets are recognised where it is considered more likely than not that future profits will be available for offset. |
Debtors |
Debtors are valued individually and there are made provision according to this valuation. |
Current assets investments |
Current assets investments are stated at market value as per the balance sheet date. |
Creditors |
Creditors are carried at payment or settlement amounts. Where the time value of money is material, creditors are carried at amortized cost. |
Financial reporting standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
- the requirements of Section 7 Statement of Cash Flows. |
Arena Property Investment Limited (Registered number: 07503137) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | OPERATING (LOSS)/PROFIT |
The operating loss (2022 - operating profit) is stated after charging: |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
5. | TAXATION |
Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 31 December 2023 nor for the year ended 31 December 2022. |
6. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
7. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The company's directors have made an assessment of the fair value of the investment property and believe that the carrying amount of the investment property at 31 December 2023 does not differ materially from the fair value at the end of the reporting period. |
Arena Property Investment Limited (Registered number: 07503137) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
Tenancy deposits | 3,400 | 3,399 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 11) |
Current account Bergen Eiendom Invest AS |
Tenancy deposits | 3,400 | 3,399 |
Accruals |
The bank loans and overdrafts are secured by a fixed and floating charge over the undertaking and all property and assets present and future including all investments property. |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 11) |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 298,703 | 282,734 |
11. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans and overdrafts |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
Arena Property Investment Limited (Registered number: 07503137) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
11. | LOANS - continued |
2023 | 2022 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 298,703 | 282,734 |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1 | 10,000 | 10,000 |
10,000 Ordinary shares of £1 each were allotted and fully paid for cash at par during the period. |
13. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2023 |
Deficit for the year | ( |
) |
At 31 December 2023 |
14. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
15. | PARENT UNDERTAKINGS AND RELATED PARTIES |
The ultimate parent undertaking is Bergen Eiendom Invest AS |
Bergen Eiendom Invest AS prepares group financial statements and copies can be obtained from: |
Bergen Eiendom Invest AS |
Sandbrekkevegen 100 |
5225 Nesttun |
Norway |