2 2 Ark Properties (Spalding) Limited 05176002 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is Development of building projects Digita Accounts Production Advanced 6.30.9574.0 true 05176002 2023-08-01 2024-07-31 05176002 2024-07-31 05176002 bus:OrdinaryShareClass1 2024-07-31 05176002 core:OtherReservesSubtotal 2024-07-31 05176002 core:RetainedEarningsAccumulatedLosses 2024-07-31 05176002 core:ShareCapital 2024-07-31 05176002 core:CurrentFinancialInstruments 2024-07-31 05176002 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 05176002 bus:SmallEntities 2023-08-01 2024-07-31 05176002 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 05176002 bus:FilletedAccounts 2023-08-01 2024-07-31 05176002 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 05176002 bus:RegisteredOffice 2023-08-01 2024-07-31 05176002 bus:Director3 2023-08-01 2024-07-31 05176002 bus:OrdinaryShareClass1 2023-08-01 2024-07-31 05176002 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 05176002 countries:England 2023-08-01 2024-07-31 05176002 2023-07-31 05176002 2022-08-01 2023-07-31 05176002 2023-07-31 05176002 bus:OrdinaryShareClass1 2023-07-31 05176002 core:OtherReservesSubtotal 2023-07-31 05176002 core:RetainedEarningsAccumulatedLosses 2023-07-31 05176002 core:ShareCapital 2023-07-31 05176002 core:CurrentFinancialInstruments 2023-07-31 05176002 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 05176002

Ark Properties (Spalding) Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 July 2024

 

Ark Properties (Spalding) Limited

(Registration number: 05176002)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

1,245,000

1,245,000

Current assets

 

Debtors

5

1,894

1,665

Cash at bank and in hand

 

44,199

177,248

 

46,093

178,913

Creditors: Amounts falling due within one year

6

(752,782)

(927,958)

Net current liabilities

 

(706,689)

(749,045)

Net assets

 

538,311

495,955

Capital and reserves

 

Called up share capital

8

3

3

Other reserves

(42,348)

(42,348)

Retained earnings

580,656

538,300

Shareholders' funds

 

538,311

495,955

For the financial year ending 31 July 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 and 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 18 March 2025 and signed on its behalf by:
 


Mr A P S Keeling
Director

   
 

Ark Properties (Spalding) Limited

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

1

General information

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

The address of its registered office is:
50-54 Oswald Road
Scunthorpe
North Lincolnshire
DN15 7PQ

Registration number: 05176002

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).

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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 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 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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Ark Properties (Spalding) Limited

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price. They are subsequently measured less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised at the transaction price.

Borrowings

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 2 (2023 - 2).

 

Ark Properties (Spalding) Limited

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

4

Investment properties

2024
£

At 1 August

1,245,000

At 31 July

1,245,000

5

Debtors

2024
£

2023
£

Other debtors

1,894

1,665

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

736,960

917,468

Trade payables

 

1,138

-

Social security and other taxes

 

12,044

7,868

Other payables

 

2,640

2,622

 

752,782

927,958

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

736,960

917,468

Other borrowings relate to interest free loans from the directors.

 

Ark Properties (Spalding) Limited

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

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

3

3

3

3