Company Registration No. 10740392 (England and Wales)
ARACH ESTATES LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
LB GROUP
The Octagon Suite E2
2nd Floor Middleborough
Colchester
Essex
CO1 1TG
ARACH ESTATES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
ARACH ESTATES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Investment properties
3
264,854
264,854
Current assets
Debtors
4
-
130
Cash at bank and in hand
4,879
1,240
4,879
1,370
Creditors: amounts falling due within one year
5
(112,185)
(111,402)
Net current liabilities
(107,306)
(110,032)
Total assets less current liabilities
157,548
154,822
Creditors: amounts falling due after more than one year
6
(168,750)
(168,750)
Net liabilities
(11,202)
(13,928)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(11,302)
(14,028)
Total equity
(11,202)
(13,928)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2020 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.
T
he 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ARACH ESTATES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2020
31 March 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 February 2021 and are signed on its behalf by:
Mr M Bloomfield
Director
Company Registration No. 10740392
ARACH ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 3 -
1
Accounting policies
Company information
Arach Estates Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Cottage, Ipswich Road, Dedham, Colchester, Essex, CO7 6HU.
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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
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 a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.3
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.
1.4
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.
1.5
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.
1.6
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
ARACH ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
2
2
3
Investment property
2020
£
Fair value
At 1 April 2019 and 31 March 2020
264,854
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
-
130
5
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
943
160
Other creditors
111,242
111,242
112,185
111,402
A fixed charge created on 24 August 2018 is secured over property held at 3 Rudkin Road, Colchester, Essex, CO4 5LT by Paratus Amc Limited.
A fixed charge created on 24 August 2018 is secured over land at 3 Rudkin Road, Colchester, Essex under title EX182869 by Paratus Amc Limited.
6
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
168,750
168,750
ARACH ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
6
Creditors: amounts falling due after more than one year
(Continued)
- 5 -
A fixed charge created on 24 August 2018 is secured over property held at 3 Rudkin Road, Colchester, Essex, CO4 5LT by Paratus Amc Limited.
A fixed charge created on 24 August 2018 is secured over land at 3 Rudkin Road, Colchester, Essex under title EX182869 by Paratus Amc Limited.
Creditors which fall due after five years are as follows:
2020
2019
£
£
Payable other than by instalments
168,750
168,750
7
Operating lease commitments
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2020
2019
£
£
11,000
-
8
Directors' transactions
No guarantees have been given or received in the year.