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Registered number: 00989743
ARKLEY ESTATES LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2022
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ARKLEY ESTATES LIMITED
REGISTERED NUMBER: 00989743
BALANCE SHEET
AS AT 31 MARCH 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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ARKLEY ESTATES LIMITED
REGISTERED NUMBER: 00989743
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2022
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
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 statement of income and retained earnings 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 by:
The notes on pages 3 to 10 form part of these financial statements.
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ARKLEY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Arkley Estates Ltd is a private company limited by shares incorporated in England and Wales within the United Kingdom. The address of the registered office is Tennyson House, Cambridge Business Park, Cambridgeshire, CB4 0WZ. The principal place of business is Arkley Residential Park, Barnet Road, Barnet, EN5 3JQ.
The Company is part of the Monte Carlo Parks Ltd group.
2.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.
The Company's functional and presentational currency is pound Sterling.
The level of rounding is to the nearest £.
The following principal accounting policies have been applied:
The Director has considered the going concern basis in preparing these financial statements. The Company is reliant on the continued support of its' parent company, Monte Carlo Parks Ltd and the support is expected to continue for the foreseeable future. On this basis, the director considers it appropriate to prepare financial statements on a going concern basis. The director has considered a period of not less than 12 months from the date of the approval of these financial statements. Accordingly the financial statements have been prepared on a going concern basis and do not contain any adjustments that would result if the Company was not able to continue as a going concern.
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ARKLEY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.ACCOUNTING POLICIES (CONTINUED)
Turnover is recognised by the Company to the extent that it obtains the right to consideration in exchange for its performance. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes. Monies received in advance are treated as deferred income and held as payments on account.
Pitch Fees
Pitch fees are recognised on an accruals basis in the period to which they relate.
Sales of Mobile Homes
Sales of mobile homes are recognised when the risks and rewards of ownership are transferred to the customer, usually on occupation when the park home agreement is signed or legal completion takes place.
Recharge of expenses
The recharge of expenses are recognised on an accruals basis in the period to which they relate.
Commissions
Commissions are recognised on an accruals basis in the period to which they relate.
Interest income is recognised in profit or loss using the effective interest method.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
No depreciation has been provided on freehold property as the property is maintained in such a state of repair that its residual value is at least equal to its net book value. As a result the corresponding depreciation would not be material, and therefore is not charged to the profit and loss account.
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ARKLEY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.ACCOUNTING POLICIES (CONTINUED)
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REVALUATION OF TANGIBLE FIXED ASSETS
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Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
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STOCKS AND WORK IN PROGRESS
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Stocks and work in progress are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
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.
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.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
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PROVISIONS FOR LIABILITIES
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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ARKLEY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
2.ACCOUNTING POLICIES (CONTINUED)
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CORPORATION AND DEFERRED TAXATION
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The tax expense for the period comprises corporation and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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The average monthly number of employees, including directors, during the year was 1 (2021 - 1).
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ARKLEY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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At 1 April 2021 (unaudited)
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At 1 April 2021 (unaudited)
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At 31 March 2021 (unaudited)
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The property was professionally revalued in April 2021 by professional valuers, Colliers, at market value. The directors chose to adopt this valuation at 31 March 2022.
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Cost or valuation at 31 March 2022 is as follows:
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If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
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ARKLEY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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Work in progress (goods to be sold)
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Finished goods and goods for resale
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Amounts owed by group undertakings
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Prepayments and accrued income
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CREDITORS: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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ARKLEY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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Charged to revaluation reserve
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The provision for deferred taxation is made up as follows:
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Deferred tax on revaluation of freehold property
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Allotted, called up and fully paid
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1,000 (2021 - 1,000) Ordinary Share Capital shares of £1.00 each
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The Company has given a guarantee in respect of the bank borrowings of its parent company, which amounted to £15,875,032 (2021 - £6,726,377). The guarantee is secured by a fixed charge over the Company's freehold property and a debenture over all other assets of the Company.
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RELATED PARTY TRANSACTIONS
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During the year the Company entered into intercompany loans with its fellow subsidiaries and parent. The balances are interest free, repayable on demand and shown within other creditors and other debtors totalling £607,841 (2021 - £158,569).
During the year the Company paid management charges of £9,600 (2021 - £nil) and IT support/consultancy fees of £4,860 (2021 - £nil) to its parent company, Monte Carlo Parks Ltd. The Company also paid £13,866 (2021 - £nil ) in respect of salaries and employer's National Insurance to Monte Carlo Parks Ltd.
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ARKLEY ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
The Controlling Party is Monte Carlo Parks Ltd by virtue of its 100% shareholding. The address of the parent company's registered office is Tennyson House, Cambridge Business Park, Cambridge, CB4 0WZ.
The Ultimate Controlling Party is M C Annis by virtue of his 100% shareholding in Monte Carlo Parks Ltd.
The auditors' report on the financial statements for the year ended 31 March 2022 was unqualified.
The audit report was signed on 18 November 2022 by Andrew Hookway (Senior Statutory Auditor) on behalf of Menzies LLP.
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