Arrowstone Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 04589428 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 April 2022

for

Arrowstone Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr W Wolfson

Mr S Brandez

REGISTERED OFFICE:

1st Floor

314 Regents Park Road

Finchley

London

N3 2LT

REGISTERED NUMBER:

04589428 (England and Wales)

ACCOUNTANTS:

Wolfson Associates Limited

1st Floor

314 Regents Park Road

Finchley

London

N3 2LT

FIXED ASSETS

Intangible assets

4

32,500

65,000

Tangible assets

5

113,229

313,656

145,729

378,656

CURRENT ASSETS

Stocks

10,250

44,500

Debtors

6

47,103

110,465

Cash at bank and in hand

202,255

15,040

259,608

170,005

CREDITORS

Amounts falling due within one year

7

446,836

324,319

NET CURRENT LIABILITIES

(187,228

)

(154,314

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(41,499

)

224,342

CREDITORS

Amounts falling due after more than one year

8

168,715

343,443

NET LIABILITIES

(210,214

)

(119,101

)

CAPITAL AND RESERVES

Called up share capital

101

101

Retained earnings

(210,315

)

(119,202

)

SHAREHOLDERS' FUNDS

(210,214

)

(119,101

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 28 January 2023 and were signed on its behalf by:

Mr W Wolfson - Director

1.	STATUTORY INFORMATION

Arrowstone Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

4% on cost

Improvements to property

-

4% on cost

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

25% on cost

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the performance model.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2021 - 48 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 May 2021

and 30 April 2022

650,000

AMORTISATION

At 1 May 2021

585,000

Charge for year

32,500

At 30 April 2022

617,500

NET BOOK VALUE

At 30 April 2022

32,500

At 30 April 2021

65,000

5.	TANGIBLE FIXED ASSETS

Improvements

Short

to

Plant and

leasehold

property

machinery

£

£

£

COST

At 1 May 2021

118,851

81,270

233,259

Additions

-

-

5,607

Disposals

(108,390

)

(45,050

)

(160,000

)

At 30 April 2022

10,461

36,220

78,866

DEPRECIATION

At 1 May 2021

42,787

17,368

151,164

Charge for year

418

1,448

7,596

Eliminated on disposal

(34,837

)

(3,604

)

(122,941

)

Charge written back

-

11,876

-

At 30 April 2022

8,368

27,088

35,819

NET BOOK VALUE

At 30 April 2022

2,093

9,132

43,047

At 30 April 2021

76,064

63,902

82,095

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 May 2021

324,890

75,795

834,065

Additions

1,183

1,464

8,254

Disposals

(92,175

)

(1,041

)

(406,656

)

At 30 April 2022

233,898

76,218

435,663

DEPRECIATION

At 1 May 2021

241,115

67,975

520,409

Charge for year

10,021

6,596

26,079

Eliminated on disposal

(74,028

)

(520

)

(235,930

)

Charge written back

-

-

11,876

At 30 April 2022

177,108

74,051

322,434

NET BOOK VALUE

At 30 April 2022

56,790

2,167

113,229

At 30 April 2021

83,775

7,820

313,656

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.22

30.4.21

£

£

Trade debtors

13,683

11,328

Other debtors

109

58,180

Prepayments and accrued income

33,311

40,957

47,103

110,465

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.22

30.4.21

£

£

Bank loans and overdrafts

80,937

41,334

Trade creditors

115,379

89,668

Tax

419

-

Social security and other taxes

15,462

6,308

VAT

149,590

149,792

Other creditors

9,178

9,284

Directors' current accounts

-

576

Accruals and deferred income

75,871

27,357

446,836

324,319

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.22

30.4.21

£

£

Bank loans - more than 1 year

41,861

122,926

Directors' loan accounts

126,854

220,517

168,715

343,443

The bank loans are secured by a legal charge over the leasehold property and floating charge over the company's assets. Repayment is by instalments and interest is payable at variable rates.

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

30.4.22

30.4.21

£

£

Within one year

67,000

125,000

Between one and five years

63,329

295,329

In more than five years

-

522,000

130,329

942,329

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At 1 May 2021, the director's loan account had a credit balance of £576. During the year the director paid to the company £161,878 and was repaid £162,454. As a result,at the year end, the company owed £NIL.

The company also owed a balance of £126,854 [2021: £220,517] due after more than 1 year to the director.

11.	ULTIMATE CONTROLLING PARTY

The controlling party of the company is the director, W Wolfson, by virtue of his 100% holding of the issued share capital.