ARB Assets Limited - Period Ending 2018-10-31

Registration number: 08629525

ARB Assets Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2018

ARB Assets Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 6

ARB Assets Limited

(Registration number: 08629525)
Balance Sheet as at 31 October 2018

	Note	2018 £	2017 £
Fixed assets
Investments	3	150	150
Current assets
Debtors	4	142,535	31,708
Cash at bank and in hand		1,738,009	1,336,996
		1,880,544	1,368,704
Creditors: Amounts falling due within one year	5	(23,302)	(147,271)
Net current assets		1,857,242	1,221,433
Net assets		1,857,392	1,221,583
Capital and reserves
Called up share capital		300	300
Profit and loss account		1,857,092	1,221,283
Total equity		1,857,392	1,221,583

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 1

ARB Assets Limited

(Registration number: 08629525)
Balance Sheet as at 31 October 2018

For the financial year ending 31 October 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their 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 by the Board on 31 July 2019 and signed on its behalf by:
 

.........................................

R A Walker
Director

.........................................

A W Sumner
Director

.........................................

B P Sutton
Director

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 2

ARB Assets Limited

Notes to the Financial Statements for the Year Ended 31 October 2018

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
United Kingdom

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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 except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable.

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.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Page 3

ARB Assets Limited

Notes to the Financial Statements for the Year Ended 31 October 2018

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

Page 4

ARB Assets Limited

Notes to the Financial Statements for the Year Ended 31 October 2018

3	Investments

	2018 £	2017 £
Investments in subsidiaries	150	150

Subsidiaries	£
Cost or valuation
At 1 November 2017	150
Provision
Carrying amount
At 31 October 2018	150
At 31 October 2017	150

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2018	2017
Subsidiary undertakings
Adaptive Cooling Limited	2 Old Bath Road Newbury Berkshire	Ordinary	100%	100%
	England

The principal activity of Adaptive Cooling Limited is Mechanical services installation

4

Debtors

	2018 £	2017 £
Other debtors	142,535	31,708
	142,535	31,708

Page 5

ARB Assets Limited

Notes to the Financial Statements for the Year Ended 31 October 2018

5

Creditors

Creditors: amounts falling due within one year

	2018 £	2017 £
Due within one year
Trade creditors	-	73
Amounts owed to group undertakings and undertakings in which the company has a participating interest	22,655	145,867
Taxation and social security	647	1,331
	23,302	147,271

6	Related party transactions

Transactions with directors

2018	At 1 November 2017 £	Advances to directors £	At 31 October 2018 £
R A Walker
Had a loan with the company	566	17	583
B P Sutton
Had a loan with the company	646	19	665
A W Sumner
Had a loan with the company	5,496	125,790	131,286

Summary of transactions with subsidiaries

Adaptive Cooling Limited - provided a loan to the company. At the balance sheet date the amount due to Adaptive Cooling Limited was £22,655 (2017 - £145,867).

 

7	Transition to FRS 102

There were no changes required as a result of transition to FRS 102.

Page 6