ARP FISHING LIMITED
ARP FISHING LIMITED
Company No:
ARP FISHING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 JULY 2021
PAGES FOR FILING WITH THE REGISTRAR
FOR THE FINANCIAL YEAR ENDED 31 JULY 2021
PAGES FOR FILING WITH THE REGISTRAR
UNAUDITED FINANCIAL STATEMENTS
Contents
BALANCE SHEET
BALANCE SHEET (continued)
Note | 2021 | 2020 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
|
|
|
Investments | 4 |
|
|
|
165,962 | 222,672 | |||
Current assets | ||||
Debtors | 5 |
|
|
|
Cash at bank and in hand | 6 |
|
|
|
122,605 | 165,751 | |||
Creditors | ||||
Amounts falling due within one year | 7 | (
|
(
|
|
Net current assets | 102,110 | 136,221 | ||
Total assets less current liabilities | 268,072 | 358,893 | ||
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital | 8 |
|
|
|
Profit and loss account |
|
|
||
Total shareholders' funds |
|
|
Directors' responsibilities:
-
The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476; -
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; and -
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.
The financial statements of ARP Fishing Limited (registered number:
George Pirie
Director |
NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
1. Accounting policies
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
General information and basis of accounting
ARP Fishing Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Bank House, Seaforth Street, Fraserburgh, AB43 9BB, United Kingdom.
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
Going concern
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements, taking into account the continued possible impact of COVID-19. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover
Employee benefits
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Taxation
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible fixed assets
Land and buildings |
|
Computer equipment |
|
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Non-financial assets
Financial assets
Fixed asset investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Cash and cash equivalents
Financial instruments
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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 assets
Basic financial assets, which include debtors and bank balances, are initially measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors, 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.
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.
2. Employees
2021 | 2020 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
|
|
3. Tangible assets
Land and buildings | Computer equipment | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 August 2020 |
|
|
|
||
Additions |
|
|
|
||
At 31 July 2021 |
|
|
|
||
Accumulated depreciation | |||||
At 01 August 2020 |
|
|
|
||
Charge for the financial year |
|
|
|
||
At 31 July 2021 |
|
|
|
||
Net book value | |||||
At 31 July 2021 |
|
|
|
||
At 31 July 2020 |
|
|
|
4. Fixed asset investments
Other investments | Total | ||
£ | £ | ||
Carrying value before impairment | |||
At 01 August 2020 |
|
|
|
Share of limited liability loss | (
|
(
|
|
Drawings | (41,551) | (41,551) | |
At 31 July 2021 |
|
|
|
Provisions for impairment | |||
At 01 August 2020 |
|
|
|
At 31 July 2021 |
|
|
|
Carrying value at 31 July 2021 |
|
|
|
Carrying value at 31 July 2020 |
|
|
5. Debtors
2021 | 2020 | ||
£ | £ | ||
Amounts owed by directors |
|
|
|
VAT recoverable |
|
|
|
Corporation tax |
|
|
|
|
|
6. Cash and cash equivalents
2021 | 2020 | ||
£ | £ | ||
Cash at bank and in hand |
|
|
7. Creditors: amounts falling due within one year
2021 | 2020 | ||
£ | £ | ||
Accruals |
|
|
|
Corporation tax |
|
|
|
Other taxation and social security |
|
|
|
|
|
8. Called-up share capital
2021 | 2020 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
|
|
|
|
|
|
|
|
1,100 | 1,100 |
9. Related party transactions
Transactions with the entity's directors
2021 | 2020 | ||
£ | £ | ||
Loan due from directors | 6,658 | 35,003 |
This loan is interest free and was fully repaid within nine months of the year end.