Arkwell Homes Limited Filleted accounts for Companies House (small and micro)

Arkwell Homes Limited Filleted accounts for Companies House (small and micro)

ARKWELL HOMES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC696734
Arkwell Homes Limited
Filleted Unaudited Financial Statements
30 April 2022
Arkwell Homes Limited
Statement of Financial Position
30 April 2022
30 Apr 22
Note
£
£
Fixed assets
Tangible assets
4
82,020
Current assets
Debtors
5
24
Cash at bank and in hand
547
----
571
Creditors: amounts falling due within one year
6
27,165
--------
Net current liabilities
26,594
--------
Total assets less current liabilities
55,426
Creditors: amounts falling due after more than one year
7
56,410
--------
Net liabilities
( 984)
--------
Capital and reserves
Called up share capital
1
Profit and loss account
( 985)
----
Shareholders deficit
( 984)
----
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 comprehensive income has not been delivered.
For the period ending 30 April 2022 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 .
Arkwell Homes Limited
Statement of Financial Position (continued)
30 April 2022
These financial statements were approved by the board of directors and authorised for issue on 11 January 2023 , and are signed on behalf of the board by:
Mr S. Stewart
Director
Company registration number: SC696734
Arkwell Homes Limited
Notes to the Financial Statements
Period from 23 April 2021 to 30 April 2022
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 41 Dundee Road West, Broughty Ferry, Dundee, DD5 1NB.
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 and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
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:
Fixtures and fittings
-
20% reducing balance
Computer Equipment
-
20% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Tangible assets
Freehold property
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 23 April 2021
–
–
–
–
Additions
79,921
450
2,174
82,545
--------
----
-------
--------
At 30 April 2022
79,921
450
2,174
82,545
--------
----
-------
--------
Depreciation
At 23 April 2021
–
–
–
–
Charge for the period
–
90
435
525
--------
----
-------
--------
At 30 April 2022
–
90
435
525
--------
----
-------
--------
Carrying amount
At 30 April 2022
79,921
360
1,739
82,020
--------
----
-------
--------
The director valued the property at the period end and there is no significant change in the period.
5. Debtors
30 Apr 22
£
Other debtors
24
----
6. Creditors: amounts falling due within one year
30 Apr 22
£
Other creditors
27,165
--------
7. Creditors: amounts falling due after more than one year
30 Apr 22
£
Bank loans and overdrafts
56,410
--------