Company Registration No. 10740392 (England and Wales)
ARACH ESTATES LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
LB GROUP
The Octagon Suite E2
2nd Floor Middleborough
Colchester
Essex
CO1 1TG
ARACH ESTATES LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
ARACH ESTATES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investment properties
3
551,565
551,159
Current assets
Debtors
4
102
Cash at bank and in hand
643
4,342
745
4,342
Creditors: amounts falling due within one year
5
(205,070)
(194,094)
Net current liabilities
(204,325)
(189,752)
Total assets less current liabilities
347,240
361,407
Creditors: amounts falling due after more than one year
6
(362,804)
(374,595)
Net liabilities
(15,564)
(13,188)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(15,664)
(13,288)
Total equity
(15,564)
(13,188)
The director of the company has elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
The financial statements were approved and signed by the director and authorised for issue on 19 December 2022
Mr M Bloomfield
Director
Company Registration No. 10740392
ARACH ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 2 -
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 statement of financial position 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.
ARACH ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 3 -
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
2
2
3
Investment property
2022
£
Fair value
At 1 April 2021
551,159
Additions
406
At 31 March 2022
551,565
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
102
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
102
1,213
Other creditors
204,968
192,881
205,070
194,094
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.
A fixed charge created on 3 December 2020 is secured over land at 38 Upland Drive, Colchester, Essex under title EX104923 by Onesavings Bank PLC
ARACH ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 4 -
6
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Bank loans and overdrafts
362,804
374,595
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.
A fixed charge created on 3 December 2020 is secured over land at 38 Upland Drive, Colchester, Essex under title EX104923 by Onesavings Bank PLC
Amounts included above which fall due after five years are as follows:
Payable other than by instalments
362,804
374,595
7
Operating lease commitments
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2022
2021
£
£
25,300
23,650
8
Directors' transactions
No guarantees have been given or received in the year.