Registered number:
Unaudited
For the Year Ended
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Arca Homes (Collingwood) Limited
Company Information
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Arca Homes (Collingwood) Limited
Contents
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Arca Homes (Collingwood) Limited
Directors' report
For the Year Ended 31 March 2018
The directors present their report and the financial statements for the year ended 31 March 2018.
The directors are responsible for preparing the directors' report and the
financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year
. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
∙
select suitable accounting policies for the company's financial statements and then apply them consistently;
∙
make judgments and accounting estimates that are reasonable and prudent;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors who served during the year were:
Small companies note
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board on
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Arca Homes (Collingwood) Limited
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Arca Homes (Collingwood) Limited for the Year Ended 31 March 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Arca Homes (Collingwood) Limited for the year ended 31 March 2018 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and the related notes from the company accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/
members/regulations-standards-and-guidance/
.
This report is made solely to the board of directors of Arca Homes (Collingwood) Limited, as a body, in accordance with the terms of our engagement letter dated
31 July 2017. Our work has been undertaken solely
to prepare for your approval the financial statements of Arca Homes (Collingwood) Limited and state those matters that we have agreed to state to the board of directors of Arca Homes (Collingwood) Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Arca Homes (Collingwood) Limited and its board of directors, as a body, for our work or for this report.
It is your duty to ensure that Arca Homes (Collingwood) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit or loss of Arca Homes (Collingwood) Limited. You consider that Arca Homes (Collingwood) Limited is exempt from the statutory audit requirement for the year.
Chartered Accountants
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Arca Homes (Collingwood) Limited
Statement of comprehensive income
For the Year Ended 31 March 2018
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Arca Homes (Collingwood) Limited
Registered number:
05910066
Balance sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 6 to 10 form part of these financial statements.
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Arca Homes (Collingwood) Limited
Statement of changes in equity
For the Year Ended
31 March 2018
Statement of changes in equity
For the Year Ended
31 March 2017
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Arca Homes (Collingwood) Limited
Notes to the financial statements
For the Year Ended 31 March 2018
Arca Homes (Collingwood) Limited a limited liability company incorporated in England and Wales.
The company's registered office is Woolyard, 54 Bermondsey Street, London, SE1 3UD. The company number is 05910066.
2.
Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The company's functional and presentational currency is Pound Sterling.
The company's financial statements are presented to the nearest thousand.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:
In order to meet its day to day working capital requirements the company will rely upon support provided by fellow group companies, as and when the need arises.
After making enquiries, the directors believe that the company will have adequate resources together with the continued support of fellow group companies to continue in operational existence for the foreseeable future. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.
Turnover comprises property sales from its property development operations and rental income receivable by the company, exclusive of Value Added Tax.
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the statement of comprehensive income.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Arca Homes (Collingwood) Limited
Notes to the financial statements
For the Year Ended 31 March 2018
2.
Accounting policies (continued)
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Financial assets that are 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 statement of comprehensive income.
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.
Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse. Deferred tax assets and liabilities are not discounted.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Arca Homes (Collingwood) Limited
Notes to the financial statements
For the Year Ended 31 March 2018
The preparation of the financial statements requires the directors to make judgements, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year. The nature of estimation is such though that actual outcomes could differ significantly from those estimates.
The following are the company’s key sources of estimation uncertainty: Investment properties The company holds investment property with fair value of £905,000 at the year end (see note 5). In order to determine the fair value of investment property the company has engaged independent valuation specialists with experience in the location and nature of the property being valued. They have used a valuation technique based on comparable market data. The determined fair value of the investment property is most sensitive to fluctuations in the property market.
The 2018 valuations were made by the directors, informed by the company's external valuers and advisers, on a fair value basis.
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Arca Homes (Collingwood) Limited
Notes to the financial statements
For the Year Ended 31 March 2018
Profit & loss account
This reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the company’s shareholders.
Non-distributable reserve To assist with the identification of profits available for distribution this reserve represents changes in the fair value of the company’s investment properties to the extent that they are not considered to be distributable to the company’s shareholders, less any related provision for current or deferred tax.
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Arca Homes (Collingwood) Limited
Notes to the financial statements
For the Year Ended 31 March 2018
The company is a wholly owned subsidiary undertaking of Opus Property Finance Limited, a company incorporated in England and Wales.
The ultimate parent undertaking is Opus Trust Investments Limited, a company incorporated in England and Wales.
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