Arrowband Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02327874 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2019

FOR

ARROWBAND LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mrs P J Norcott

REGISTERED OFFICE:

75 - 83 Leasowe Road

Wallasey

Wirral

CH45 8NZ

REGISTERED NUMBER:

02327874 (England and Wales)

ACCOUNTANTS:

Christian Douglass Accountants Limited

Chartered Accountants

2 Jordan Street

Knott Mill

Manchester

M15 4PY

FIXED ASSETS

Tangible assets

4

-

-

Investment property

5

2,233,629

2,150,449

2,233,629

2,150,449

CURRENT ASSETS

Debtors

6

322,932

5,463

Cash at bank

850,965

1,156,134

1,173,897

1,161,597

CREDITORS

Amounts falling due within one year

7

1,006,223

1,059,482

NET CURRENT ASSETS

167,674

102,115

TOTAL ASSETS LESS CURRENT LIABILITIES

2,401,303

2,252,564

PROVISIONS FOR LIABILITIES

43,354

26,840

NET ASSETS

2,357,949

2,225,724

CAPITAL AND RESERVES

Called up share capital

450

450

Share premium

8

719,550

719,550

Other reserves

8

228,177

157,885

Retained earnings

8

1,409,772

1,347,839

2,357,949

2,225,724

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 June 2020 and were signed by:

Mrs P J Norcott - Director

1.	STATUTORY INFORMATION

Arrowband Limited is a private company limited by shares, registered in England and Wales. The company's

registered number is 02327874 and its registered office is at 75-83 Leasowe Road, Wallasey, Wirral, CH45 8NZ.

The principal activity of the Company is property investment.

The financial statements are presented in Sterling, which is also the functional currency of the Company.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of rents receivable for the period, excluding discounts or rebates.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Depreciation is not provided in respect of investment properties. Although this accounting policy is in accordance

with the Financial Reporting Standard 102, it is a departure from the general requirement of the Companies Act

2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is

necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of

many factors reflected in the annual valuation and the amount of this which might otherwise have been charged

cannot be separately identified or quantified.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual

arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract

that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Financial assets, which are measured on a non-discounted basis at transaction price less any necessary

impairment, comprise trade debtors plus credit bank balances.

Financial liabilities, which are similarly measured on a non-discounted basis at transaction price less any

necessary impairment, comprise related company creditors; other creditors and accruals.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2018

and 30 September 2019

10,384

DEPRECIATION

At 1 October 2018

and 30 September 2019

10,384

NET BOOK VALUE

At 30 September 2019

-

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2018

2,150,449

Additions

12,888

Revaluations

70,292

At 30 September 2019

2,233,629

NET BOOK VALUE

At 30 September 2019

2,233,629

At 30 September 2018

2,150,449

If investment properties had not been revalued they would have been included at an historical cost of

£2,005,452.

Investment properties were valued on an open market basis on 30 September 2019 by the director.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.19

30.9.18

£

£

Amounts owed by related undertakings

308,314

-

Other debtors

14,618

5,463

322,932

5,463

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.19

30.9.18

£

£

Amounts owed to related undertakings

-

115,931

Taxation and social security

18,402

14,815

Other creditors

987,821

928,736

1,006,223

1,059,482

8.

RESERVES

Reserves include other reserves, which are non-distributable profit reserves representing fair valuation gains on

investment property. A provision for deferred tax has been recognised in respect of the gains.