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Registration number: 09865220

ARTIC DEVELOPMENTS LTD

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2025

 

ARTIC DEVELOPMENTS LTD

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

ARTIC DEVELOPMENTS LTD

Company Information

Directors

Adrian Michael Smith

Tracey Elizabeth Smith

Registered office

Clarence House
279 Helmshore Road
Haslingden
Rossendale
BB4 4DJ

Accountants

Analytia Partners Limited
Licenced AccountantsPiccadilly Business Centre
Unit C Aldow Enterprise Park
Blackett Street
Manchester
M12 6AE

 

ARTIC DEVELOPMENTS LTD

(Registration number: 09865220)
Balance Sheet as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Investment property

4

305,000

305,000

Current assets

 

Debtors

5

-

3,107

Cash at bank and in hand

 

5,788

33,156

 

5,788

36,263

Creditors: Amounts falling due within one year

6

(172,026)

(147,510)

Net current liabilities

 

(166,238)

(111,247)

Total assets less current liabilities

 

138,762

193,753

Creditors: Amounts falling due after more than one year

6

(4,167)

(68,315)

Net assets

 

134,595

125,438

Capital and reserves

 

Called up share capital

7

4

4

Retained earnings

134,591

125,434

Shareholders' funds

 

134,595

125,438

For the financial year ending 31 March 2025 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 24 July 2025 and signed on its behalf by:
 

.........................................
Adrian Michael Smith
Director

 

ARTIC DEVELOPMENTS LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1

General information

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

The address of its registered office is:
Clarence House
279 Helmshore Road
Haslingden
Rossendale
BB4 4DJ

These financial statements were authorised for issue by the Board on 24 July 2025.

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 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 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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers 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.

 

ARTIC DEVELOPMENTS LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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 merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

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 (2024 - 4).

 

ARTIC DEVELOPMENTS LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

4

Investment properties

2025
£

At 1 April

305,000

At 31 March

305,000


Fair value at 31st March 2025 is represented by:

Fair value adjustments: (£66,757)
Cost: £371,757

5

Debtors

Current

2025
£

2024
£

Trade debtors

-

3,107

 

-

3,107

 

ARTIC DEVELOPMENTS LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

6

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

8

10,000

15,341

Trade creditors

 

-

11,000

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

66,392

3,000

Taxation and social security

 

2,148

14,683

Accruals and deferred income

 

857

857

Other creditors

 

92,629

102,629

 

172,026

147,510

Creditors: amounts falling due after more than one year

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

8

4,167

68,315

7

Share capital

Allotted, called up and fully paid shares

2025

2024

No.

£

No.

£

Ordinary A of £1 each

1

1

1

1

Ordinary B of £1 each

1

1

1

1

Ordinary C of £1 each

1

1

1

1

Ordinary D of £1 each

1

1

1

1

4

4

4

4

8

Loans and borrowings

Non-current loans and borrowings

2025
£

2024
£

Bank borrowings

4,167

14,167

Other borrowings

-

54,148

4,167

68,315

 

ARTIC DEVELOPMENTS LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Current loans and borrowings

2025
£

2024
£

Bank borrowings

10,000

10,000

Other borrowings

-

5,341

10,000

15,341