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REGISTERED NUMBER: 04399498 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Out Of The Ark Limited

Out Of The Ark Limited (Registered number: 04399498)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Out Of The Ark Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: M Johnson
Mrs H E Johnson
C R Sherwood
Ms S M Cook



REGISTERED OFFICE: 62 The Street
Rustington
West Sussex
BN16 3NR



REGISTERED NUMBER: 04399498 (England and Wales)



ACCOUNTANTS: Hills & Peeks
Accountants, Business & Tax Advisers
62 The Street
Rustington
West Sussex
BN16 3NR



BANKERS: Barclays Bank plc
8/12 Church Street
Walton-on-Thames
Surrey
KT12 2YW

Out Of The Ark Limited (Registered number: 04399498)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 638,405 763,149

CURRENT ASSETS
Stocks 120,535 132,611
Debtors 5 829,607 727,341
Cash at bank and in hand 967,118 1,086,283
1,917,260 1,946,235
CREDITORS
Amounts falling due within one year 6 (1,344,202 ) (952,906 )
NET CURRENT ASSETS 573,058 993,329
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,211,463

1,756,478

CREDITORS
Amounts falling due after more than one
year

7

(377,824

)

(1,030,723

)
NET ASSETS 833,639 725,755

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 833,637 725,753
SHAREHOLDERS' FUNDS 833,639 725,755

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Out Of The Ark Limited (Registered number: 04399498)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2024 and were signed on its behalf by:




M Johnson - Director



Mrs H E Johnson - Director


Out Of The Ark Limited (Registered number: 04399498)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

Out Of The Ark 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 as modified by the revaluation of certain assets.

The financial statements have been prepared on a going concern basis on the assumption that the company will continue to receive the support of its directors and creditors. The directors have considered the consequences of COVID-19 and other events and conditions, and it has determined that they do not create a material uncertainty that casts significant doubt upon the company’s ability to continue as a going concern.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business has been fully amortised in the current year.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - not provided
Plant and machinery etc - 33% on cost and 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


Out Of The Ark Limited (Registered number: 04399498)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2023 - 22 ) .

Out Of The Ark Limited (Registered number: 04399498)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 April 2023 750,000 222,535 972,535
Revaluations (120,000 ) - (120,000 )
At 31 March 2024 630,000 222,535 852,535
DEPRECIATION
At 1 April 2023 - 209,386 209,386
Charge for year - 4,744 4,744
At 31 March 2024 - 214,130 214,130
NET BOOK VALUE
At 31 March 2024 630,000 8,405 638,405
At 31 March 2023 750,000 13,149 763,149

Cost or valuation at 31 March 2024 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2020 196,669 - 196,669
Valuation in 2024 (120,000 ) - (120,000 )
Cost 553,331 222,535 775,866
630,000 222,535 852,535

If had not been revalued would have been included at the following historical cost:

31.3.24 31.3.23
£    £   
Cost 553,331 553,331

Value of land in freehold land and buildings 630,000 750,000

Out Of The Ark Limited (Registered number: 04399498)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 736,643 676,059
Amounts owed by group undertakings 33,973 22,456
Other debtors 58,991 28,826
829,607 727,341

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 546,250 42,314
Trade creditors 332,665 495,148
Taxation and social security 95,991 85,485
Other creditors 369,296 329,959
1,344,202 952,906

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans - 537,458
Trade creditors 377,824 493,265
377,824 1,030,723

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The company paid royalties during the year of £441,716 (2023: £337,203) to Arketype Limited, a company in which Mr & Mrs Johnson are directors and hold 100% of the issued share capital.

9. RELATED PARTY DISCLOSURES

During the year the company made sales to Same Boat Music Limited, a company within its group, of £790 (2023: £619).

10. POST BALANCE SHEET EVENTS

The freehold land and buildings were sold on 26 June 2024 for £630,000.

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Out of the Ark Group Limited.