Company registration number 03742440 (England and Wales)
ARENAWAY PROPERTIES LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
ARENAWAY PROPERTIES LIMITED
COMPANY INFORMATION
Directors
B L Burton
H A Pearlman
D A Pearlman
Secretary
H A Pearlman
Company number
03742440
Registered office
Quadrant House - Floor 6
4 Thomas More Square
London
E1W 1YW
Business address
1st Floor
9 White Lion Street
London
N1 9PD
Bankers
Lloyds TSB Bank plc
53 King Street
Manchester
M2 4LQ
ARENAWAY PROPERTIES LIMITED
CONTENTS
Page
Directors' report
1
Profit and loss account
2
Balance sheet
3 - 4
Statement of changes in equity
5
Notes to the financial statements
6 - 12
ARENAWAY PROPERTIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
The directors present their annual report and financial statements for the year ended 30 September 2024.
Principal activities
The principal activity of the company continued to be that of property investment.
Results and dividends
The results for the year are set out on page 2. The directors do not recommend payment of a final dividend.
The result for the year and the financial position at the year end were considered satisfactory by the directors.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
B L Burton
H A Pearlman
D A Pearlman
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
D A Pearlman
Director
19 June 2025
ARENAWAY PROPERTIES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
2024
2023
Notes
£
£
Turnover
71,366
68,763
Cost of sales
(34,401)
(33,411)
Gross profit
36,965
35,352
Administrative expenses
(3,571)
(3,281)
Operating profit
33,394
32,071
Interest receivable and similar income
11
Fair value gains and losses on investment properties
5
25,000
(11,966)
Profit before taxation
58,405
20,105
Tax on profit
4
(6,346)
(6,094)
Profit for the financial year
52,059
14,011
The profit and loss account has been prepared on the basis that all operations are continuing operations.
ARENAWAY PROPERTIES LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
30 September 2024
- 3 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
5
775,000
750,000
Current assets
Debtors
6
10,162
23,721
Cash at bank and in hand
47,978
27,746
58,140
51,467
Creditors: amounts falling due within one year
7
(18,398)
(18,784)
Net current assets
39,742
32,683
Total assets less current liabilities
814,742
782,683
Provisions for liabilities
8
(33,444)
(33,444)
Net assets
781,298
749,239
Capital and reserves
Called up share capital
100
100
Other equity reserve
309,004
284,004
Profit and loss reserves
472,194
465,135
Total equity
781,298
749,239
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
ARENAWAY PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 4 -
The financial statements were approved by the board of directors and authorised for issue on 19 June 2025 and are signed on its behalf by:
B L Burton
D A Pearlman
Director
Director
Company Registration No. 03742440
ARENAWAY PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
Share capital
Other equity reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2022
100
295,970
439,158
735,228
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
-
14,011
14,011
Transfers
-
(11,966)
11,966
-
Balance at 30 September 2023
100
284,004
465,135
749,239
Year ended 30 September 2024:
Profit and total comprehensive income for the year
-
-
52,059
52,059
Dividends
-
-
(20,000)
(20,000)
Transfers
-
25,000
(25,000)
-
Balance at 30 September 2024
100
309,004
472,194
781,298
ARENAWAY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
1
Accounting policies
Company information
Arenaway Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Quadrant House - Floor 6, 4 Thomas More Square, London, E1W 1YW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Turnover
Turnover represents gross rents and insurance receivable. Turnover is recognised at the point at which the benefit passes to the customer.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
1.4
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 current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
ARENAWAY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 7 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
ARENAWAY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 8 -
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make
judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not
readily apparent from other sources. The estimates and associated assumptions are based on historical
experience and other factors that are considered to be relevant. Actual results may differ from these
estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised where the revision affects only
that period, or in the period of the revision and future periods where the revision affects both current
and future periods.
Investment properties
Investment properties are valued annually at fair value. Fair value is ascertained through review of a
number of factors and information flows, including market knowledge, recent market movements,
recent sales of similar properties, historical experience, and rent levels and cash flows of cash for the
respective investment property. There is an inevitable degree of judgement involved and value can be
only reliably tested ultimately in the market itself. Given the property market knowledge and expertise
of the directors, no third party valuation has been considered necessary unless required by the lenders.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
ARENAWAY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
4
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
6,347
6,094
Adjustments in respect of prior periods
(1)
Total current tax
6,346
6,094
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
58,405
20,105
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2023: 22.00%)
11,097
4,423
Adjustments in respect of prior years
(1)
Other non-reversing timing differences
1,671
Income not taxable for tax purposes
(4,750)
Taxation charge for the year
6,346
6,094
5
Investment property
2024
£
Fair value
At 1 October 2023
750,000
Revaluations
25,000
At 30 September 2024
775,000
The investment properties were valued on an open market basis at 30 September 2024 by the directors.
ARENAWAY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,978
15,431
Other debtors
4,063
7,026
Prepayments and accrued income
1,121
1,264
10,162
23,721
7
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
6,348
6,096
Other creditors
4,709
4,059
Accruals and deferred income
7,341
8,629
18,398
18,784
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
9
33,444
33,444
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Revaluations
33,444
33,444
There were no deferred tax movements in the year.
ARENAWAY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
10
Equity
Called-up share capital
Represents the nominal value of shares that have been issued.
Other equity reserve
Represents fair value movements in investment property net of deferred tax, recognised in the current and previous reporting period.
Profit and loss account
Includes all current and prior period retained profits and losses.
ARENAWAY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
11
Related party transactions
Included in other debtors are amounts due from related parties includes an amount of £4,000 (2023: £3,500) due from Pearl and Coutts Limited, a company controlled by D A Pearlman. The loan is non-interest bearing and repayable on demand.
12
Parent company
The company is jointly controlled by the directors, B L Burton, H A Pearlman and D A Pearlman.
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