Arrowmere Capital 8 Limited - Accounts to registrar (filleted) - small 18.2
Arrowmere Capital 8 Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2019 |
for |
Arrowmere Capital 8 Limited |
Arrowmere Capital 8 Limited (Registered number: 05500802) |
Contents of the Financial Statements |
for the Year Ended 31 December 2019 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Arrowmere Capital 8 Limited |
Company Information |
for the Year Ended 31 December 2019 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
The Glades |
Festival Way |
Stoke on Trent |
Staffordshire |
ST1 5SQ |
Arrowmere Capital 8 Limited (Registered number: 05500802) |
Balance Sheet |
31 December 2019 |
2019 | 2018 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS/(LIABILITIES) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
Arrowmere Capital 8 Limited (Registered number: 05500802) |
Notes to the Financial Statements |
for the Year Ended 31 December 2019 |
1. | STATUTORY INFORMATION |
Arrowmere Capital 8 Limited is a |
Wales. The company's registered number and registered office address can be found on the |
Company Information page. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention and are presented |
in Pounds Sterling (£) being the functional currency. |
The financial statements have been prepared on the assumption that the company is able to carry |
on business as a going concern, which the directors consider appropriate having regard to the |
company's current and expected performance and the continued support of the parent company. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. |
Cost compromises direct materials and, where applicable, direct labour costs and those overheads |
that have been incurred in bringing the stocks to their present location and condition. |
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount |
of stocks over its estimated selling price less costs to complete and sell is recognised as an |
impairment loss in profit and loss. Reversals of impairment losses are also recognised in the profit |
and loss. |
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 balance sheet 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. |
Arrowmere Capital 8 Limited (Registered number: 05500802) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
3. | ACCOUNTING POLICIES - continued |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at |
transaction price including transaction costs and are subsequently carried at amortised cost using |
the effective interest method unless the arrangement constitutes a financing transaction, where the |
transaction is measured at the present value of the future receipts discounted at a market rate of |
interest. Financial assets classified as receivable within one year are not amortised. |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for |
indicators of impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more |
events that occurred after the initial recognition of the financial asset, the estimated future cash |
flows have been affected. If an asset is impaired, the impairment loss is the difference between the |
carrying amount and the present value of the estimated cash flows discounted at the asset's original |
effective interest rate. The impairment loss is recognised in profit or loss. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment |
was recognised, the impairment is reversed. The reversal is such that the current carrying amount |
does not exceed what the carrying amount would have been, had the impairment not previously |
been recognised. The impairment reversal is recognised in profit or loss. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset |
expire or are settled, or when the company transfers the financial asset and substantially all the |
risks and rewards of ownership to another entity, or if some significant risks and rewards of |
ownership are retained but control of the asset has transferred to another party that is able to sell |
the asset in its entirety to an unrelated third party. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the |
contractual arrangements entered into. An equity instrument is any contract that evidences a |
residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, |
are initially recognised at transaction price unless the arrangement constitutes a financing |
transaction, where the debt instrument is measured at the present value of the future payments |
discounted at a market rate of interest. Financial liabilities classified as payable within one year |
are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate |
method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary |
course of business from suppliers. Amounts payable are classified as current liabilities if payment is |
due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are |
recognised initially at transaction price and subsequently measured at amortised cost using the |
effective interest method. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are |
discharged or cancelled. |
Arrowmere Capital 8 Limited (Registered number: 05500802) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
3. | ACCOUNTING POLICIES - continued |
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. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2018 - NIL). |
5. | STOCKS |
2019 | 2018 |
£ | £ |
Stocks |
Included within stocks are capitalised borrowing costs of £45,969. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Amounts owed by group undertakings |
Amounts owed by related undertakings |
Other debtors |
Arrowmere Capital 8 Limited (Registered number: 05500802) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans |
Bank loans of £1,501,853 (2018: £Nil) disclosed under creditors falling due after more than one year |
are secured by way of a legal charge over the property held as stock and all assets debenture. |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
Ordinary Shares | £1 | 100 | 100 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
We draw attention to Note 13 of the financial statements which describes the impact of post |
balance sheet events on the company and the directors' assessment of the going concern status of |
the company. Our opinion is not modified in this respect. |
for and on behalf of |
11. | RELATED PARTY DISCLOSURES |
The directors have provided personal guarantees totalling £225,278 as at year end, in respect of |
bank loan facilities. |
12. | ULTIMATE PARENT COMPANY |
The company is a 100% owned subsidiary of Arrowmere Holdings Limited, which is the ultimate |
parent company. The ultimate parent company prepares consolidated financial statements as at 31 |
December 2019 and these financial statements may be obtained from Bridge Street Chambers, 72 |
Bridge Street, Manchester, M3 2RJ. |
Arrowmere Capital 8 Limited (Registered number: 05500802) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
13. | POST BALANCE SHEET EVENTS |
Following the year end, additional funds of £158,753 have been drawn down on the loan facility. |
The property held in stock has been transferred to a group undertaking, Arrowmere Capital 9 |
Limited. The property was transferred for proceeds of £2,850,000 which was deemed the market |
value at the time of the transfer. The loan outstanding in relation to the property was settled when |
the property transfer took place. |
POST BALANCE SHEET EVENTS - CORONAVIRUS |
In March 2020 the UK was impacted by the outbreak of the Coronavirus. In order to manage the |
spread of the virus the Government has imposed restrictions on the movement of people and the |
ability of businesses to continue to trade. The company has determined that these events are |
non-adjusting subsequent events. Accordingly, the financial position and results of operations as of |
and for the year ended 31 December 2019 have not been adjusted. |
The duration and impact of the Coronavirus pandemic, as well as the effectiveness of government |
and central bank responses, remains unclear at this time. It is not possible to reliably estimate the |
duration and severity of these consequences, as well as their impact on the financial position and |
results of the company for future periods. |