ACCOUNTS - Final Accounts

ARC HOMES LIMITED - Company Information

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Registered number: 12002369

ARC HOMES LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 MAY 2020

ARC HOMES LIMITED

REGISTERED NUMBER: 12002369

BALANCE SHEET

AS AT 31 MAY 2020

		2020
Note		£


Current assets
Stocks and Work In Progress		483,685
Debtors: amounts falling due within one year	4	3,666
Cash at bank and in hand		8,960
		496,311
Creditors: amounts falling due within one year	5	(507,669)
Net current (liabilities)/assets			(11,358)
Total assets less current liabilities			(11,358)

Net (liabilities)/assets			(11,358)

Capital and reserves
Called up share capital	6	100
Profit and loss account		(11,458)
		(11,358)

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ARC HOMES LIMITED

REGISTERED NUMBER: 12002369

BALANCE SHEET (CONTINUED)

AS AT 31 MAY 2020

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 February 2021.

................................................ R D Craft	................................................ J N Riches
Director	Director

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ARC HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MAY 2020

1.	General information

ARC Homes Limited is a private company, limited by shares, incorporated in England and Wales with the registration number 12002369. The address of the registered office is Anglia House, 6 Central Avenue, St Andrews Business Park, Thorpe St Andrew, Norwich, Norfolk, NR7 0HR.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

Following the year end the company has been affected by restrictions imposed by the UK Government in response to the COVID-19 pandemic. The directors' considers that the resources available to the company will be sufficient for it to be able to continue as a going concern during the restrictions and once the restrictions are lifted. However, there is a high level of uncertainty about how long the restrictions will last and the level of demand once the restrictions have ended which could affect this assessment. The financial statements do not contain any adjustments that would be required if the company were not able to continue as a going concern.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

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ARC HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MAY 2020

2.Accounting policies (continued)

2.5

Stocks and Work In Progress

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.6

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.7

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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ARC HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MAY 2020

2.Accounting policies (continued)

2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Employees

The average monthly number of employees, including directors, during the period was 2.

Debtors

					2020
					£


	Other debtors	3,666

5.	Creditors: Amounts falling due within one year
		2020
		£

	Trade creditors	24,859
	Accruals	11,530
	Other taxation and social security	267
	Other loans	356,133
	Other creditors	114,880
		507,669

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ARC HOMES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MAY 2020

6.	Share capital
		2020
		£

		Allotted, called up and fully paid

		50 A shares shares of £1.00 each	50
		50 B shares shares of £1.00 each	50

			100

On incorporation the company issued 50 £1 A class shares and 50 £1 B class shares which were paid for at par.

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