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COMPANY REGISTRATION NUMBER: 04424463
ARK CONSULTANTS UK LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
29 February 2024
ARK CONSULTANTS UK LTD
STATEMENT OF FINANCIAL POSITION
29 February 2024
2024
2023
Note
£
£
£
FIXED ASSETS
Tangible assets
6
559,727
547,304
CURRENT ASSETS
Stocks
1,479,390
1,190,149
Debtors
7
268,534
132,839
Cash at bank and in hand
7,700
59,062
--------------
--------------
1,755,624
1,382,050
CREDITORS: amounts falling due within one year
8
1,696,381
1,288,336
--------------
--------------
NET CURRENT ASSETS
59,243
93,714
-----------
-----------
TOTAL ASSETS LESS CURRENT LIABILITIES
618,970
641,018
CREDITORS: amounts falling due after more than one year
9
513,388
568,148
-----------
-----------
NET ASSETS
105,582
72,870
-----------
-----------
CAPITAL AND RESERVES
Called up share capital
210
200
Share premium account
14,586
9,597
Capital redemption reserve
66
66
Profit and loss account
90,720
63,007
-----------
---------
SHAREHOLDERS FUNDS
105,582
72,870
-----------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
ARK CONSULTANTS UK LTD
STATEMENT OF FINANCIAL POSITION (continued)
29 February 2024
For the year ending 29th February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 28 November 2024 , and are signed on behalf of the board by:
Mr T A Williams
Director
Company registration number: 04424463
ARK CONSULTANTS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 29th FEBRUARY 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 20 Mannin Way, Lancaster Business Park, Caton Road, Lancaster, LA1 3SW.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
5% straight line
Motor vehicles
-
25% reducing balance
Equipment
-
20% straight line
stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 22 (2023: 16 ).
5. DIVIDENDS
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
163,526
123,181
-----------
-----------
6. TANGIBLE ASSETS
Land and buildings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1st March 2023
574,719
53,465
45,456
673,640
Additions
5,112
48,163
53,275
Disposals
( 41,784)
( 41,784)
-----------
---------
---------
-----------
At 29th February 2024
579,831
59,844
45,456
685,131
-----------
---------
---------
-----------
Depreciation
At 1st March 2023
41,422
39,458
45,456
126,336
Charge for the year
19,732
13,683
33,415
Disposals
( 34,347)
( 34,347)
-----------
---------
---------
-----------
At 29th February 2024
61,154
18,794
45,456
125,404
-----------
---------
---------
-----------
Carrying amount
At 29th February 2024
518,677
41,050
559,727
-----------
---------
---------
-----------
At 28th February 2023
533,297
14,007
547,304
-----------
---------
---------
-----------
7. DEBTORS
2024
2023
£
£
Trade debtors
261,804
107,714
Prepayments and accrued income
4,398
13,668
Corporation tax repayable
5,310
Other debtors
2,332
6,147
-----------
-----------
268,534
132,839
-----------
-----------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
117,033
82,222
Trade creditors
329,084
328,304
Accruals and deferred income
81,087
28,808
Corporation tax
49,537
Social security and other taxes
103,136
61,377
Obligations under finance leases and hire purchase contracts
4,373
Director loan accounts
80,748
188,657
Factoring overdraft
132,820
66,648
Other creditors
798,563
532,320
--------------
--------------
1,696,381
1,288,336
--------------
--------------
9. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
108,863
178,148
Obligations under finance leases and hire purchase contracts
12,025
Other loans
392,500
390,000
-----------
-----------
513,388
568,148
-----------
-----------
10. RELATED PARTY TRANSACTIONS
Within other creditors is an amount of £743,563 (2023 : £477,320) owed to OMM Ltd, a company associated by virtue of mutual shareholders.