Arima Leisure Limited - Accounts to registrar (filleted) - small 18.2
Arima Leisure Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 October 2021 |
for |
ARIMA LEISURE LIMITED |
ARIMA LEISURE LIMITED (REGISTERED NUMBER: 03094386) |
Contents of the Financial Statements |
for the year ended 31 October 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
ARIMA LEISURE LIMITED |
Company Information |
for the year ended 31 October 2021 |
Director: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
Chartered Accountants |
3rd Floor |
Marlborough House |
298 Regents Park Road |
Finchley |
London |
N3 2SZ |
ARIMA LEISURE LIMITED (REGISTERED NUMBER: 03094386) |
Balance Sheet |
31 October 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
Current assets |
Debtors | 7 |
Prepayments and accrued income |
Cash at bank |
Creditors |
Amounts falling due within one year | 8 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 11 |
Other reserves |
Retained earnings |
Shareholders' funds |
The director acknowledges his 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. |
ARIMA LEISURE LIMITED (REGISTERED NUMBER: 03094386) |
Balance Sheet - continued |
31 October 2021 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
ARIMA LEISURE LIMITED (REGISTERED NUMBER: 03094386) |
Notes to the Financial Statements |
for the year ended 31 October 2021 |
1. | Statutory information |
Arima Leisure Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
The company has net current liabilities of £573,854 (2020: £745,667) and relies on the support of its director to ensure it meets its liabilities as they fall due. On this basis, the director considers it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of this support by the director. |
Preparation of consolidated financial statements |
The financial statements contain information about Arima Leisure Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Key source of estimation, uncertainty and judgement |
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. |
There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets. |
There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed off. |
There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery | - |
Computer equipment | - |
Investment property |
Investment properties are included in the balance sheet at their open market value and the aggregate surplus or deficit is recognised in the profit and loss account. No depreciation is provided. |
ARIMA LEISURE LIMITED (REGISTERED NUMBER: 03094386) |
Notes to the Financial Statements - continued |
for the year ended 31 October 2021 |
2. | Accounting policies - continued |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are integral part of the company’s cash management. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
3. | Employees and directors |
The average number of employees during the year was |
ARIMA LEISURE LIMITED (REGISTERED NUMBER: 03094386) |
Notes to the Financial Statements - continued |
for the year ended 31 October 2021 |
4. | Tangible fixed assets |
Plant and | Computer |
machinery | equipment | Totals |
£ | £ | £ |
Cost |
At 1 November 2020 |
Additions |
At 31 October 2021 |
Depreciation |
At 1 November 2020 |
Charge for year |
At 31 October 2021 |
Net book value |
At 31 October 2021 |
At 31 October 2020 |
Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows: |
Plant and |
machinery |
£ |
Cost |
At 1 November 2020 |
and 31 October 2021 |
Depreciation |
At 1 November 2020 |
and 31 October 2021 |
Net book value |
At 31 October 2021 |
At 31 October 2020 |
5. | Fixed asset investments |
Other |
investments |
£ |
Cost |
At 1 November 2020 |
and 31 October 2021 |
Net book value |
At 31 October 2021 |
At 31 October 2020 |
ARIMA LEISURE LIMITED (REGISTERED NUMBER: 03094386) |
Notes to the Financial Statements - continued |
for the year ended 31 October 2021 |
6. | Investment property |
Total |
£ |
Fair value |
At 1 November 2020 |
Additions |
At 31 October 2021 |
Net book value |
At 31 October 2021 |
At 31 October 2020 |
Fair value at 31 October 2021 is represented by: |
£ |
Valuation in 2002 | 250,000 |
Valuation in 2003 | 25,000 |
Valuation in 2004 | 78,611 |
Valuation in 2005 | 38,158 |
Valuation in 2006 | 177,184 |
Valuation in 2007 | 70,000 |
Valuation in 2011 | (87,948 | ) |
Valuation in 2015 | 333,903 |
Valuation in 2017 | 4,294,922 |
Cost | 6,874,732 |
12,054,562 |
Investment property has been valued on an open market basis by the company director on 31 October 2021. |
7. | Debtors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Other debtors |
8. | Creditors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
Taxation and social security |
Other creditors |
9. | Creditors: amounts falling due after more than one year |
2021 | 2020 |
£ | £ |
Bank loans |
Other creditors |
ARIMA LEISURE LIMITED (REGISTERED NUMBER: 03094386) |
Notes to the Financial Statements - continued |
for the year ended 31 October 2021 |
10. | Secured debts |
The following secured debts are included within creditors: |
2021 | 2020 |
£ | £ |
Bank loans |
The company's bankers have secured the company bank loans and overdrafts by way of 1st legal charges over all the freehold properties owned by the company. In addition, the director of the company has provided the company bankers with unlimited personal guarantees in respect of the company bank loans and overdrafts. |
11. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
Ordinary | £1 | 2 | 2 |
12. | Director's advances, credits and guarantees |
The following advances and credits to a director subsisted during the years ended 31 October 2021 and 31 October 2020: |
2021 | 2020 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
13. | Related party disclosures |
Included above in Other creditors is an amount of £4,159,505 (2020 : £3,961,198) owed to a related company. |
Both the companies are related by virtue of having common directors and shareholders. |