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Company No: 03348540 (England and Wales)

ARS (UK) LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

ARS (UK) LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

ARS (UK) LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
ARS (UK) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 2,419 1,871
2,419 1,871
Current assets
Stocks 122,695 28,737
Debtors 4 422,132 420,977
Cash at bank and in hand 5 229,126 517,823
773,953 967,537
Creditors: amounts falling due within one year 6 ( 645,945) ( 866,952)
Net current assets 128,008 100,585
Total assets less current liabilities 130,427 102,456
Net assets 130,427 102,456
Capital and reserves
Called-up share capital 7 2 2
Profit and loss account 130,425 102,454
Total shareholder's funds 130,427 102,456

For the financial year ending 31 March 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 financial statements of ARS (UK) Limited (registered number: 03348540) were approved and authorised for issue by the Director. They were signed on its behalf by:

A Linton
Director

17 September 2024

ARS (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
ARS (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

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.

General information and basis of accounting

ARS (UK) Limited (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 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discount.

Revenue is recognised from sales upon completion of the terms of the contract and within the period to which it relates.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks and work in progress are valued at the lower of cost and net realizable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including the director 35 35

3. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 April 2023 19,339 19,339
Additions 1,244 1,244
At 31 March 2024 20,583 20,583
Accumulated depreciation
At 01 April 2023 17,468 17,468
Charge for the financial year 696 696
At 31 March 2024 18,164 18,164
Net book value
At 31 March 2024 2,419 2,419
At 31 March 2023 1,871 1,871

4. Debtors

2024 2023
£ £
Trade debtors 360,575 401,764
Prepayments 25,519 19,213
VAT recoverable 36,038 0
422,132 420,977

5. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 229,126 517,823

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 22,101 27,301
Amounts owed to parent undertakings 508,426 719,983
Accruals 2,751 4,697
Taxation and social security 112,667 114,971
645,945 866,952

Secured loans

There is a Debenture dated 13 August 2012 over the fixed and floating assets of the company held by Barclays Bank PLC.

There are also two Debenture's dated 29 September 2015 and 20 September 2016 respectively over the fixed and floating assets of the company held by Farrier Holdings Limited.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

8. Financial commitments

Commitments

Capital commitments are as follows:

2024 2023
£ £
Contracted for but not provided for:
Other 21,000 21,000