Arax Properties Limited - Filleted accounts

Arax Properties Limited
Registered number:		05686995
Balance Sheet
as at 31 December 2024

Notes			2024			2023
£				£
Fixed assets
Intangible assets	3		84,000			-
Tangible assets	4		41,108			65,433
Investments	5		41,199			41,199
			166,307			106,632

Current assets
Debtors due within 1 year	6	532,855			994,014
Debtors due after more than 1 year	6	121,812			121,812
Cash at bank and in hand		8,875,827			6,201,320
		9,530,494			7,317,146

Creditors: amounts falling due within one year	7	(6,762,920)			(5,552,203)

Net current assets			2,767,574			1,764,943

Total assets less current liabilities			2,933,881			1,871,575

Net assets			2,933,881			1,871,575

Capital and reserves
Called up share capital			100			100
Profit and loss account			2,933,781			1,871,475

Shareholder's funds			2,933,881			1,871,575

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




C Chan
Director
Approved by the board on 23 December 2025

Arax Properties Limited
Notes to the Accounts
for the year ended 31 December 2024

1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this company is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not as a group.

	The financial statements are presented in £ sterling which is the functional currency of the company.

	Turnover
	Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and turnover can be reliably measured. Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services and is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Intangible fixed assets
	Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

	Tangible fixed assets
	Tangible fixed assets are measured at historical cost less accumulative depreciation and any accumulative impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Leasehold property	over the lease term
	Fixtures, fittings and office equipment	over 3 years

	Investments
	Investments in subsidiaries are measured at cost less any accumulated impairment losses.

	Financial instruments
	The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

	Financial assets and financial liabilities are recognised when the group becomes party to the contractual provisions of the instrument.

	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 group after deducting all of its liabilities.


	Financial instruments (continued)
	Financial assets
	Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

	Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

	Financial liabilities
	Basic financial liabilities, including trade and other creditors and loans from fellow group companies 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

	Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

	Impairment of financial assets
	Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

	For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the group would receive for the asset if it were to be sold at the reporting date.

	For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

	If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

	Derecognition of financial assets and financial liabilities
	Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

	Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

	Financial instruments (continued)
	Offsetting of financial assets and financial liabilities
	Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.


	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Employees			2024		2023
Number					Number

	Average number of persons employed by the company			17		18





3	Intangible fixed assets					£

	Cost
	At 1 January 2024					-
	Additions					84,000
	At 31 December 2024					84,000

	Amortisation
	At 1 January 2024					-
	At 31 December 2024					-

	Net book value
	At 31 December 2024					84,000
	At 31 December 2023					-

	The company purchased cryptocurrency in the year. The directors have applied the cost model and have assessed that the assets have an indefinite useful life.

4	Tangible fixed assets
		Leasehold Improvements		Fixtures, Fittings & Office equipment		Total
£			£		£
	Cost
	At 1 January 2024	285,805		309,441		595,246
	Additions	-		18,851		18,851
	Disposals	-		(1,931)		(1,931)
	At 31 December 2024	285,805		326,361		612,166

	Depreciation
	At 1 January 2024	285,702		244,111		529,813
	Charge for the year	103		42,790		42,893
	On disposals	-		(1,648)		(1,648)
	At 31 December 2024	285,805		285,253		571,058

	Net book value
	At 31 December 2024	-		41,108		41,108
	At 31 December 2023	103		65,330		65,433











5	Investments
Investments in
subsidiary
undertakings					Total
£					£
	Cost
	At 1 January 2024			41,199		41,199

	At 31 December 2024			41,199		41,199


	Subsidiary undertakings
	The following were subsidiary undertakings of the company:

	Name	Registered office				Holding
	Arax Properties GmbH	Knesebeckstraße 68/69, 10623 Berlin, Germany				100%
	Arax Properties S.a.r.l.	1, rue Louvigny, L-1946, Luxembourg				100%
	Arax Properties SAS	104 boulevard de Sébastopol, 75003 Paris, France				100%
	Clarian GP S.a.r.l.*	1, rue Louvigny, L-1946, Luxembourg				100%
	* - held indirectly via Arax Properties S.a.r.l

	The principal activities of the above companies is real estate asset and investment management consultancy.


6	Debtors			2024		2023
£					£

	Trade debtors			20,141		434,336
	Other debtors			512,714		559,678
				532,855		994,014

	Amounts due after more than one year included above			121,812		121,812



7	Creditors: amounts falling due within one year			2024		2023
£					£

	Payments on account			1,749,137		711,428
	Trade creditors			112,416		67,135
	Amounts owed to group undertakings and undertakings in which the company has a participating interest			676,306		677,997
	Taxation and social security costs			669,903		700,405
	Other creditors			3,555,158		3,395,238
				6,762,920		5,552,203


8	Other financial commitments			2024		2023
£					£

	Total future minimum payments under non-cancellable operating leases			498,319		854,695


9	Related party transactions

	During the year a loan of £107,430 (2023: £103,670) was advanced to F Varoqui. At 31 December 2024, £17,081 (2023: £92,656) was outstanding, which was repaid prior to signature of these accounts.

	The company has taken advantage of the exemption contained in FRS 102 Section 33 'Related Party Disclosures' from disclosing transactions with entities which are a wholly owned part of the group.

10	Controlling party

	The company's ultimate controlling party is F Varoqui.


11	Other information

	Arax Properties Limited is a private company limited by shares and incorporated in England. Its registered office is:
	Carrington House
	126 -130 Regent Street
	London
	W1B 5SE