Registration number:
Arcade Plus Ltd
for the Year Ended 29 January 2020
Arcade Plus Ltd
(Registration number: 04629773)
Balance Sheet as at 29 January 2020
Note |
2020 |
2019 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 29 January 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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The director acknowledges his 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 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Arcade Plus Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 January 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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 are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.
Going concern
In light of the rapid global spread of the Coronavirus 'Covid-19' in early 2020, the director has reviewed the Compay's income projections for the next twelve months. Following this review, the director considers there to be little impact on the Company's ability to act as a going concern, and that the Company has adequate resources in place to continue trading for the next twelve months.
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;
- the costs incurred or to be incurred in respect of the transaction can be reliably measured; and
- specific criteria have been met for each of the company's activities.
Rental income is included on a straight line basis over the life of the lease.
Arcade Plus Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 January 2020
Finance income and costs policy
Finance income and expenses are recognised using the effective interest method.
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
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 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
Arcade Plus Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 January 2020
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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases.
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year was
Investment properties |
2020 |
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At 30 January 2019 |
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At 29 January 2020 |
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There has been an internal valuation of the investment properties during the period by the director. The director has deemed that there has been no material change to the market value from the carrying value as stated in the financial statements at 29 January 2019.
There are fixed and floating charges over the properties held by the company.
Debtors |
Note |
2020 |
2019 |
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Trade debtors |
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Amounts owed by related parties |
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Arcade Plus Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 January 2020
Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
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Due within one year |
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Trade creditors |
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- |
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Taxation and social security |
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Amounts owed to related parties |
- |
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Accruals and deferred income |
5,600 |
5,400 |
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Creditors: amounts falling due after more than one year
Note |
2020 |
2019 |
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Due after one year |
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Loans and borrowings |
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Arcade Plus Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 January 2020
Related party transactions |
Loans to related parties
2020 |
Other related parties |
Total |
At start of period |
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Advanced |
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At end of period |
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2019 |
Other related parties |
Total |
At start of period |
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Advanced |
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At end of period |
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Terms of loans to related parties
Loans from related parties
2020 |
Key management |
Other related parties |
Total |
At start of period |
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Repaid |
( |
( |
( |
At end of period |
|
- |
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2019 |
Key management |
Other related parties |
Total |
At start of period |
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- |
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Advanced |
- |
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Repaid |
( |
- |
( |
At end of period |
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Terms of loans from related parties
Arcade Plus Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 January 2020
Non adjusting events after the financial period |
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