Registered Number SC214741
ARBITRAGE LIMITED
Abbreviated Accounts
31 January 2015
Notes | 2015 | 2014 | |
---|---|---|---|
£ | £ | ||
Called up share capital not paid |
|
|
|
Fixed assets | |||
Intangible assets |
|
|
|
Tangible assets | 2 |
|
|
Investments |
|
|
|
|
|
||
Current assets | |||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Prepayments and accrued income |
|
|
|
Creditors: amounts falling due within one year | 3 |
( |
( |
Net current assets (liabilities) |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: amounts falling due after more than one year | 3 |
( |
( |
Total net assets (liabilities) |
|
|
|
Capital and reserves | |||
Called up share capital | 4 |
|
|
Revaluation reserve |
|
|
|
Profit and loss account |
|
|
|
Shareholders' funds |
|
|
Approved by the Board on
And signed on their behalf by:
1 Accounting Policies
Basis of measurement and preparation of accounts
Turnover policy
Tangible assets depreciation policy
property is held for long term investment and must be included in the Balance Sheet at its open market value. The deficit/surplus on revaluation of this property is transferred to the investment revaluation reserve. Depreciation is not provided in respect of freehold investment properties. This policy does not fall within the requirements of the Companies Act 2006 statutory accounting principles, which require depreciation to be provided on all fixed assets. The directors consider that this policy is necessary in order that the Financial Statements may give a true and fair view, because current values and changes in current values are of prime importance rather than the calculation of systematic annual depreciation.
Depreciation is only one of many factors reflected in the valuation and the amount which might
otherwise have been shown cannot be separately identified or quantified. The Directors consider that this policy results in the Accounts giving a true and fair view.
£ | |
---|---|
Cost | |
At 1 February 2014 |
|
Additions |
|
Disposals |
|
Revaluations |
|
Transfers |
|
At 31 January 2015 |
|
Depreciation | |
At 1 February 2014 |
|
Charge for the year |
|
On disposals |
|
At 31 January 2015 |
|
Net book values | |
At 31 January 2015 | 350,000 |
At 31 January 2014 | 350,000 |
2015
£ |
2014
£ |
|
---|---|---|
Secured Debts |
|
|
5 Transactions with directors
Name of director receiving advance or credit: |
|
|
---|---|---|
Description of the transaction: |
|
|
Balance at 1 February 2014: | £ |
|
Advances or credits made: | £ |
|
Advances or credits repaid: | £ |
|
Balance at 31 January 2015: | £ |
Shahid Latif is owed £84,189 (31 January 2014 - £83,347) in respect of property acquired from him by the Company together with expenses met on the Company's behalf.
Amar Latif is owed £19,993 (31 January 2014 - £17,587) and Atif Latif is owed £10 (31 January 2014 - £nil) in respect of funds introduced and expenses met on the Company's behalf.
The loans which are interest free have no fixed repayment date.
The partnership of Latif Properties, of which the directors are partners, owed Arbitrage Limited £5,400 at the year end date. (31 January 2014 - Arbitrage Limited owed Latif Properties £3,563).
At the year-end Amar Latif owed the company £nil (31 January 2014 - £18,000).