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Registered number: 04006438
ARONCORP LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 NOVEMBER 2020
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ARONCORP LIMITED
CONTENTS
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Notes to the Financial Statements
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ARONCORP LIMITED
REGISTERED NUMBER: 04006438
BALANCE SHEET
AS AT 30 NOVEMBER 2020
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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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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
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 2 to 6 form part of these financial statements.
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ARONCORP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2020
Aroncorp Limited is a private company, limited by shares, incorporated in England and Wales. The address of its registered office is 3rd Floor, 24 Old Bond Street, London, W1S 4BH.
The financial statements are presented in GBP which is the functional currency of the Company.
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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
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EXEMPTION FROM PREPARING CONSOLIDATED FINANCIAL STATEMENTS
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The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
While the company has remained active during the year the company continues to be affected by restrictions imposed by the UK Government's response to the COVID-19 pandemic. The directors consider that the resources available to the company will be sufficient for it to be able to continue as a going concern meeting its own obligations, during the restrictions and as the restrictions are lifted.
However, there is a high level of uncertainty about how long the restrictions will last and the financial statements do not contain any adjustments that would be required if the company were not able to continue as a going concern.
Interest income is recognised in profit or loss using the effective interest method.
Tax is recognised in the Statement of Income and Retained Earnings, 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 current 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.
Investments in subsidiaries are measured at cost less accumulated impairment.
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ARONCORP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2020
2.ACCOUNTING POLICIES (CONTINUED)
Stock comprises property in the course of development and is stated at the lower of cost and net realisable value.
Cost includes all fees relating to the purchase of land, site development costs and project management fees incurred on the acquisition and development of the property. Interest costs and loan arrangement fees are written off as incurred. Net realisable value is based on estimated selling price less any future costs expected to be incurred prior to disposal.
Property acquisitions are accounted for when legally binding contracts, which are irrevocable and effectively unconditional, are exchanged.
Development sales are recognised when legal completion has taken place before the year end.
Any proceeds derived from the imposition of social planning conditions on the company are recognised when all work that is necessary to fulfil the conditions has been performed and are deducted as a contribution towards the cost of the company's property developments. Such proceeds are not treated as separate, apportionable elements of the development concerned and, beyond offset of the amount receivable, no other profit or loss is recognised on such amounts.
Short term debtors are measured at transaction price.
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CASH AND CASH EQUIVALENTS
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price.
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.
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The average monthly number of employees, including directors, during the year was 2 (2019 - 2).
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ARONCORP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2020
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Investment in subsidiary company
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Work in progress (property developments)
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ARONCORP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2020
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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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Accruals and deferred income
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Allotted, called up and fully paid
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102 'A' ordinary shares of £1.00 each
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98 'B' ordinary shares of £1.00 each
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ARONCORP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2020
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RELATED PARTY TRANSACTIONS
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The company has taken advantage the exemption afforded by FRS 102 not to disclose transactions or balances with other wholly owned members of the group.
At the balance sheet date the following balances were (owed to)/owed by the related parties stated:
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During the year management fees of £35,000 (2019 - £40,000) were charged by a material shareholder of the company. Of these management fees, £35,000 (2019 - £25,000) are included in accruals.
During the year management fees of £35,000 (2019 - £40,000) were charged by a company in which a director is a director of and has a material interest. Of these management fees, £35,000 (2019 - £25,000) are included in accruals.
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POST BALANCE SHEET EVENTS
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Since the year end the company has voted dividends of £1,100,000.
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