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REGISTERED NUMBER: 07503137 (England and Wales)















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: L G Wallman





REGISTERED OFFICE: Fifth Floor
5 New Street Square
London
EC4A 3BF





REGISTERED NUMBER: 07503137 (England and Wales)





ACCOUNTANTS: Krogh & Partners Limited
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
L G Wallman held office during the whole of the period from 1 January 2023 to the date of this report.

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:





L G Wallman - Director


17 November 2024

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.






Krogh & Partners Limited
823 Salisbury House
29 Finsbury Circus
London
EC2M 5QQ


17 November 2024

Arena Property Investment Limited (Registered number: 07503137)

Income Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 38,820 48,529

Direct costs 42,976 32,796
GROSS (LOSS)/PROFIT (4,156 ) 15,733

Administrative expenses 33,921 (18,511 )
OPERATING (LOSS)/PROFIT 4 (38,077 ) 34,244

Interest receivable and similar income 41,834 -
3,757 34,244

Interest payable and similar expenses 52,007 57,466
LOSS BEFORE TAXATION (48,250 ) (23,222 )

Tax on loss 5 - -
LOSS FOR THE FINANCIAL YEAR (48,250 ) (23,222 )

Arena Property Investment Limited (Registered number: 07503137)

Other Comprehensive Income
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

LOSS FOR THE YEAR (48,250 ) (23,222 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(48,250

)

(23,222

)

Arena Property Investment Limited (Registered number: 07503137)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 6 22,581 25,404
Investment property 7 1,574,990 1,574,990
1,597,571 1,600,394

CURRENT ASSETS
Debtors 8 3,963 4,927
Cash at bank 299 1,971
4,262 6,898
CREDITORS
Amounts falling due within one year 9 1,024,015 977,373
NET CURRENT LIABILITIES (1,019,753 ) (970,475 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

577,818

629,919

CREDITORS
Amounts falling due after more than one
year

10

407,322

411,173
NET ASSETS 170,496 218,746

CAPITAL AND RESERVES
Called up share capital 12 10,000 10,000
Retained earnings 13 160,496 208,746
SHAREHOLDERS' FUNDS 170,496 218,746

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 17 November 2024 and were signed by:





L G Wallman - Director


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 10,000 231,968 241,968

Changes in equity
Total comprehensive income - (23,222 ) (23,222 )
Balance at 31 December 2022 10,000 208,746 218,746

Changes in equity
Total comprehensive income - (48,250 ) (48,250 )
Balance at 31 December 2023 10,000 160,496 170,496

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 2,823 2,823

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 28,227
DEPRECIATION
At 1 January 2023 2,823
Charge for year 2,823
At 31 December 2023 5,646
NET BOOK VALUE
At 31 December 2023 22,581
At 31 December 2022 25,404

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 1,574,990
NET BOOK VALUE
At 31 December 2023 1,574,990
At 31 December 2022 1,574,990

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 563 1,528
Tenancy deposits 3,400 3,399
3,963 4,927

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 11) 422,242 419,235
Current account Bergen Eiendom Invest AS 591,773 548,139
Tenancy deposits 3,400 3,399
Accruals 6,600 6,600
1,024,015 977,373

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) 407,322 411,173

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 422,242 419,235

Amounts falling due between one and two years:
Bank loans - 1-2 years 21,724 28,029

Amounts falling due between two and five years:
Bank loans - 2-5 years 86,895 100,410

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: £    £   
10,000 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 208,746
Deficit for the year (48,250 )
At 31 December 2023 160,496

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