Registration number:
Ark Energy Limited
for the Year Ended 30 June 2019
Pages for filing with Registrar
Ark Energy Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Ark Energy Limited
Company Information
Director |
G J Swarbrick |
Registered office |
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Registered number |
04466877 |
Accountants |
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Ark Energy Limited
(Registration number: 04466877)
Balance Sheet as at 30 June 2019
Note |
2019 |
2018 |
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Fixed assets |
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Tangible assets |
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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 liabilities |
( |
( |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net (liabilities)/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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Page 2 |
Ark Energy Limited
(Registration number: 04466877)
Balance Sheet as at 30 June 2019 (continued)
For the financial year ending 30 June 2019 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 for issue by the
.........................................
Director
Page 3 |
Ark Energy Limited
Notes to the Financial Statements for the Year Ended 30 June 2019
Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies
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.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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 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;
and specific criteria have been met for each of the company's activities.
Page 4 |
Ark Energy Limited
Notes to the Financial Statements for the Year Ended 30 June 2019 (continued)
2 |
Accounting policies (continued) |
Tax
The tax expense for the period represents the sum of the current tax expense and the deferred tax expense. 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.
Deferred tax
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible fixed assets
Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
33% straight line |
Motor vehicles |
25% reducing balance |
Bikes |
17% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Page 5 |
Ark Energy Limited
Notes to the Financial Statements for the Year Ended 30 June 2019 (continued)
2 |
Accounting policies (continued) |
Trade debtors
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less any 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.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Page 6 |
Ark Energy Limited
Notes to the Financial Statements for the Year Ended 30 June 2019 (continued)
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Taxation |
Tax charged/(credited) in the profit and loss account
2019 |
2018 |
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Current taxation |
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UK corporation tax |
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Deferred taxation |
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Arising from origination and reversal of timing differences |
- |
( |
Tax expense in the profit and loss account |
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Deferred tax
Deferred tax assets and liabilities
2019 |
Liability |
Accelerated capital allowances |
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2018 |
Liability |
Accelerated capital allowances |
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Page 7 |
Ark Energy Limited
Notes to the Financial Statements for the Year Ended 30 June 2019 (continued)
Tangible fixed assets |
Office equipment |
Motor vehicles |
Bikes |
Total |
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Cost |
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At 1 July 2018 |
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- |
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Additions |
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- |
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Disposals |
( |
( |
- |
( |
At 30 June 2019 |
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- |
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Depreciation |
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At 1 July 2018 |
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- |
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Charge for the year |
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Eliminated on disposal |
( |
( |
- |
( |
At 30 June 2019 |
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- |
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Carrying amount |
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At 30 June 2019 |
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- |
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At 30 June 2018 |
- |
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- |
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Debtors: amounts falling due within one year |
2019 |
2018 |
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Trade debtors |
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Prepayments |
419 |
482 |
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Page 8 |
Ark Energy Limited
Notes to the Financial Statements for the Year Ended 30 June 2019 (continued)
Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
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Hire purchase liabilities |
- |
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Trade creditors |
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- |
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Corporation tax |
1,303 |
3,885 |
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VAT |
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Accruals |
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Director's current account |
2,026 |
1,818 |
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Share capital |
Allotted, called up and fully paid shares
2019 |
2018 |
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No. |
£ |
No. |
£ |
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2 |
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2 |
Loans and borrowings |
2019 |
2018 |
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Current loans and borrowings |
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Hire purchase liabilities |
- |
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Director's current account |
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Hire purchase liabilities
Liabilities under hire purchase contracts are secured against the assets to which they relate.
Page 9 |