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Registration number: 08955915

Arcteq Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Arcteq Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Arcteq Limited

(Registration number: 08955915)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

234,773

253,680

Current assets

 

Stocks

5

33,220

19,315

Debtors

6

289,130

142,044

Cash at bank and in hand

 

739

726

 

323,089

162,085

Creditors: Amounts falling due within one year

7

(357,608)

(200,715)

Net current liabilities

 

(34,519)

(38,630)

Total assets less current liabilities

 

200,254

215,050

Creditors: Amounts falling due after more than one year

7

(146,835)

(157,101)

Provisions for liabilities

(12,978)

(12,316)

Net assets

 

40,441

45,633

Capital and reserves

 

Called up share capital

8

2,500

2,500

Retained earnings

37,941

43,133

Shareholders' funds

 

40,441

45,633

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.

Directors' responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 4 December 2024 and signed on its behalf by:
 

.........................................
Mr S Wrightham
Director

.........................................
Mr R Stratford
Director

 
     
 

Arcteq Limited

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

1

General information

The Company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Moody Lane
Humber Gate Ind Est
Main Street
Grimsby
N. E. Lincolnshire
DN31 2TT
United Kingdom

These financial statements were authorised for issue by the Board on 4 December 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

These financial statements cover the individual entity, Arcteq Limited.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Arcteq Limited

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

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Buildings

5% Straight Line

Plant and Machinery

20% Reducing Balance

Fixtures and Fittings

20% Reducing Balance

Motor Vehicles

25% Reducing Balance

Computer

33% Straight Line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Arcteq Limited

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 15 (2023 - 14).

 

Arcteq Limited

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

4

Tangible assets

Freehold Property
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

183,579

109,309

126,021

418,909

Additions

-

6,600

-

6,600

At 31 March 2024

183,579

115,909

126,021

425,509

Depreciation

At 1 April 2023

17,680

64,070

83,479

165,229

Charge for the year

3,672

11,200

10,635

25,507

At 31 March 2024

21,352

75,270

94,114

190,736

Carrying amount

At 31 March 2024

162,227

40,639

31,907

234,773

At 31 March 2023

165,899

45,239

42,542

253,680

5

Stocks

2024
£

2023
£

Work in progress

22,969

14,201

Other inventories

10,251

5,114

33,220

19,315

6

Debtors

Current

2024
£

2023
£

Trade debtors

285,410

102,901

Prepayments

3,720

9,805

Other debtors

-

29,338

 

289,130

142,044

 

Arcteq Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

100,973

57,934

Trade creditors

 

104,514

81,135

Amounts owed to Company undertakings and undertakings in which the Company has a participating interest

279

7,298

Taxation and social security

 

80,384

32,880

Accruals and deferred income

 

23,511

21,288

Other creditors

 

47,947

180

 

357,608

200,715

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £39,230 (2023 - £35,315). The liabilities associated with the hire purchase contracts are secured against the assets that they finance. The bank loan and overdraft is secured by a fixed and floating charge over the company.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

146,835

157,101

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £146,835 (2023 - £157,101). The liabilities associated with the hire purchase contracts are secured against the assets that they finance. The bank loan and overdraft is secured by a fixed and floating charge over the company.

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

Preference of £1 each

1,500

1,500

1,500

1,500

2,500

2,500

2,500

2,500

9

Parent and ultimate parent undertaking

The Company's immediate parent is The Arcteq Group Limited, incorporated in United Kingdom.

  These financial statements are available upon request from the registered office.