Arrowedge Properties Ltd - Period Ending 2022-04-30

Arrowedge Properties Ltd

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 6

Arrowedge Properties Ltd

(Registration number: 08123895)
Balance Sheet as at 30 April 2022

	Note	2022 £	2021 £
Fixed assets
Investment property	4	671,551	671,551
Current assets
Debtors	5	250,900	253,369
Cash at bank and in hand		9,076	2,836
		259,976	256,205
Creditors: Amounts falling due within one year	6	(630,982)	(640,203)
Net current liabilities		(371,006)	(383,998)
Total assets less current liabilities		300,545	287,553
Provisions for liabilities		(38,176)	(38,176)
Net assets		262,369	249,377
Capital and reserves
Called up share capital		100	100
Profit and loss account		262,269	249,277
Shareholders' funds		262,369	249,377

Arrowedge Properties Ltd

(Registration number: 08123895)
Balance Sheet as at 30 April 2022

For the financial year ending 30 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 15 December 2022 and signed on its behalf by:
 

......................................... Mr U M Patel Director

Arrowedge Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
62 Poole Road
Westbourne
Bournemouth
Dorset
BH4 9DZ

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover is made up of rents receivable.

Tax

The tax expense for the period comprises current tax payable.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estates. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Arrowedge Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2021 - 2).

4	Investment properties

	2022 £
At 1 May	671,551
At 30 April	671,551

The directors have revalued investment properties at open market value as at 30 April 2022. The historic cost of investment properties is £470,624.

There has been no valuation of investment property by an independent valuer.

5

Debtors

	2022 £	2021 £
Trade debtors	-	3,369
Other debtors	250,900	250,000
	250,900	253,369

Arrowedge Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

6

Creditors

Creditors: amounts falling due within one year

	2022 £	2021 £
Due within one year
Loans and borrowings	550,000	490,000
Taxation and social security	3,047	3,330
Other creditors	77,935	146,873
	630,982	640,203

Arrowedge Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

7	Loans and borrowings

	2022 £	2021 £
Current loans and borrowings
Other borrowings	550,000	490,000

8	Related party transactions

Other transactions with directors

U M Patel is also a director of Arrowedge Limited. Arrowedge Limited has made a loan to Arrowedge Properties Limited. At the balance sheet date the amount owed to Arrowedge Limited is £550,000 (2021: £490,000).