Arrowband Limited - Accounts to registrar (filleted) - small 18.2

Arrowband Limited - Accounts to registrar (filleted) - small 18.2

ARROWBAND LIMITED - Company Information

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REGISTERED NUMBER: 02327874 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

FOR

ARROWBAND LIMITED
ARROWBAND LIMITED (REGISTERED NUMBER: 02327874)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


ARROWBAND LIMITED


COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2020







DIRECTOR: Mrs P J Norcott





REGISTERED OFFICE: 75 - 83 Leasowe Road
Wallasey
Wirral
CH45 8NZ





REGISTERED NUMBER: 02327874 (England and Wales)





ACCOUNTANTS: Christian Douglass Accountants Limited
Chartered Accountants
2 Jordan Street
Knott Mill
Manchester
M15 4PY
Page 1
ARROWBAND LIMITED (REGISTERED NUMBER: 02327874)


BALANCE SHEET
30 SEPTEMBER 2020

30.9.20 30.9.19
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - -
Investment property 5 4,105,000 2,233,629
4,105,000 2,233,629

CURRENT ASSETS
Debtors 6 397,979 322,932
Cash at bank 909,150 850,965
1,307,129 1,173,897
CREDITORS
Amounts falling due within one year 7 1,113,819 1,006,223
NET CURRENT ASSETS 193,310 167,674
TOTAL ASSETS LESS CURRENT
LIABILITIES
4,298,310
2,401,303

PROVISIONS FOR LIABILITIES 393,022 43,354
NET ASSETS 3,905,288 2,357,949

CAPITAL AND RESERVES
Called up share capital 450 450
Share premium 8 719,550 719,550
Other reserves 8 1,718,869 228,177
Retained earnings 8 1,466,419 1,409,772
3,905,288 2,357,949

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 June 2021 and were signed by:





Mrs P J Norcott - Director


The notes form part of these financial statements

Page 2
ARROWBAND LIMITED (REGISTERED NUMBER: 02327874)


NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020

1. STATUTORY INFORMATION

Arrowband Limited is a private company limited by shares, registered in England and Wales. The company's registered number is 02327874 and its registered office is at 75-83 Leasowe Road, Wallasey, Wirral, CH45 8NZ.

The principal activity of the Company is property investment.

The financial statements are presented in Sterling, which is also the functional currency of the Company.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of rents receivable for the period, excluding discounts or rebates.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Depreciation is not provided in respect of investment properties. Although this accounting policy is in accordance with the Financial Reporting Standard 102, it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Page 3 continued...
ARROWBAND LIMITED (REGISTERED NUMBER: 02327874)


NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2020

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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.

Financial assets, which are measured on a non-discounted basis at transaction price less any necessary impairment, comprise trade debtors plus credit bank balances.

Financial liabilities, which are similarly measured on a non-discounted basis at transaction price less any necessary impairment, comprise related company creditors; other creditors and accruals.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 October 2019
and 30 September 2020 10,384
DEPRECIATION
At 1 October 2019
and 30 September 2020 10,384
NET BOOK VALUE
At 30 September 2020 -

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2019 2,233,629
Additions 31,011
Revaluations 1,840,360
At 30 September 2020 4,105,000
NET BOOK VALUE
At 30 September 2020 4,105,000
At 30 September 2019 2,233,629

If investment properties had not been revalued they would have been included at an historical cost of £2,036,463.

Investment properties were professionally valued on an open market basis on 24 May 2021. The directors consider it appropriate to reflect the valuation as fair value at 30 September 2020.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.20 30.9.19
£    £   
Amounts owed by related undertakings - 308,314
Other debtors 397,979 14,618
397,979 322,932

Page 4 continued...
ARROWBAND LIMITED (REGISTERED NUMBER: 02327874)


NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2020

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.20 30.9.19
£    £   
Amounts owed to related undertakings 54,285 -
Taxation and social security 13,288 18,402
Other creditors 1,046,246 987,821
1,113,819 1,006,223

8. RESERVES

Reserves include other reserves, which are non-distributable profit reserves representing fair valuation gains on investment property. A provision for deferred tax has been recognised in respect of the gains.

Page 5