Arrow Wire Products Limited Filleted accounts for Companies House (small and micro)

ARROW WIRE PRODUCTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00862601

Arrow Wire Products Limited

Filleted Unaudited Financial Statements

31 July 2020

Arrow Wire Products Limited

Financial Statements

Period from 1 April 2019 to 31 July 2020

Contents	Page

Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements	1

Statement of Financial Position	2

Notes to the Financial Statements	4

Arrow Wire Products Limited

Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Arrow Wire Products Limited

Period from 1 April 2019 to 31 July 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Arrow Wire Products Limited for the period ended 31 July 2020, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.

BROOKS & CO. Chartered Accountants

9 Cheam Road Ewell Epsom Surrey KT17 1SP

28 July 2021

Arrow Wire Products Limited

Statement of Financial Position

31 July 2020

	31 Jul 20		31 Mar 19
Note	£	£	£

Fixed assets

Tangible assets	5		–	1,364

Current assets

Debtors	6	47,940	663,990
Cash at bank and in hand		2,060	1,040
		---------	----------
		50,000	665,030

Creditors: amounts falling due within one year	7	–		262,995
		---------		----------
Net current assets			50,000	402,035
			---------	----------
Total assets less current liabilities			50,000	403,399

Provisions

Taxation including deferred tax	–		259
Other provisions	–		113,050
	----		----------
		–	113,309
		---------	----------
Net assets		50,000	290,090
		---------	----------

Capital and reserves

Called up share capital	50,000	50,000
Profit and loss account	–	240,090
	---------	----------
Shareholders funds	50,000	290,090
	---------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the period ending 31 July 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Arrow Wire Products Limited

Statement of Financial Position (continued)

31 July 2020

These financial statements were approved by the board of directors and authorised for issue on 28 July 2021 , and are signed on behalf of the board by:

G A Darvall
Director

Company registration number: 00862601

Arrow Wire Products Limited

Notes to the Financial Statements

Period from 1 April 2019 to 31 July 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 15 Boulton Road,, Reading,, Berkshire., RG2 0NF.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities.

Going concern

The company ceased trading and entered a Company Voluntary Agreement on 8 January 2019. In the opinion of the Director, there are no values which are significantly impacted by this and an alternative basis for preparing the accounts is not considered necessary.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and Machinery	-	25% straight line
Equipment	-	50% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

The company makes contributions on behalf of one of the directors to a personal pension plan.

4. Employee numbers

The average number of persons employed by the company during the period amounted to 1 (2019: 8 ).

5. Tangible assets

	Plant and machinery	Equipment	Total
	£	£	£
Cost
At 1 April 2019	14,288	6,809	21,097
Disposals	( 14,288)	( 6,809)	( 21,097)
	---------	-------	---------
At 31 July 2020	–	–	–
	---------	-------	---------
Depreciation
At 1 April 2019	12,924	6,809	19,733
Disposals	( 12,924)	( 6,809)	( 19,733)
	---------	-------	---------
At 31 July 2020	–	–	–
	---------	-------	---------
Carrying amount
At 31 July 2020	–	–	–
	---------	-------	---------
At 31 March 2019	1,364	–	1,364
	---------	-------	---------

6. Debtors

	31 Jul 20	31 Mar 19
	£	£
Trade debtors	–	7,549
Amounts owed by group undertakings and undertakings in which the company has a participating interest	5,460	614,073
Other debtors	42,480	42,368
	---------	----------
	47,940	663,990
	---------	----------

7. Creditors: amounts falling due within one year

	31 Jul 20	31 Mar 19
	£	£
Bank loans and overdrafts	–	123,244
Trade creditors	–	99,774
Corporation tax	–	3,474
Social security and other taxes	–	34,006
Other creditors	–	2,497
	----	----------
	–	262,995
	----	----------

8. Related party transactions

The ultimate controlling party is Mr G A Darvall , by virtue of his control of the parent company TIBA Solutions Limited . During the year the management fee payments were £40,000 from TIBA Solutions Limited. As at 31 July 2020 the company was owed £5,460 (2019: £614,073) by TIBA Solutions Limited . The balance owed is interest free and repayable on demand.

9. Controlling party

The ultimate parent company is TIBA Solutions Limited by virtue of owning 100% of the share capital.