ACCOUNTS - Final Accounts preparation

Caseware UK (AP4) 2022.0.179 2022.0.179 2022-11-302022-11-30false42021-12-014truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04006438 2021-12-01 2022-11-30 04006438 2020-12-01 2021-11-30 04006438 2022-11-30 04006438 2021-11-30 04006438 c:Director1 2021-12-01 2022-11-30 04006438 d:CurrentFinancialInstruments 2022-11-30 04006438 d:CurrentFinancialInstruments 2021-11-30 04006438 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 04006438 d:CurrentFinancialInstruments d:WithinOneYear 2021-11-30 04006438 d:ShareCapital 2022-11-30 04006438 d:ShareCapital 2021-11-30 04006438 d:RetainedEarningsAccumulatedLosses 2022-11-30 04006438 d:RetainedEarningsAccumulatedLosses 2021-11-30 04006438 c:OrdinaryShareClass1 2021-12-01 2022-11-30 04006438 c:OrdinaryShareClass1 2022-11-30 04006438 c:OrdinaryShareClass2 2021-12-01 2022-11-30 04006438 c:OrdinaryShareClass2 2022-11-30 04006438 c:FRS102 2021-12-01 2022-11-30 04006438 c:AuditExempt-NoAccountantsReport 2021-12-01 2022-11-30 04006438 c:FullAccounts 2021-12-01 2022-11-30 04006438 c:PrivateLimitedCompanyLtd 2021-12-01 2022-11-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04006438

ARONCORP LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2022

ARONCORP LIMITED

CONTENTS

	Page
Balance Sheet	1
Notes to the Financial Statements	2 - 6

ARONCORP LIMITED

REGISTERED NUMBER: 04006438

BALANCE SHEET

AS AT 30 NOVEMBER 2022

		2022		2021
Note		£		£

Fixed assets
Investments	4		-		1
Current assets
Stocks	5	954,442		744,447
Debtors: amounts falling due within one year	6	25,164		10,147
Cash at bank and in hand		1,781,228		1,750,849
		2,760,834		2,505,443
Creditors: amounts falling due within one year	7	(2,508,848)		(2,251,760)
Net current assets			251,986		253,683

Net assets			251,986		253,684

Capital and reserves
Called up share capital	8	200	200
Profit and loss account		251,786	253,484
		251,986	253,684

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:

R L Shah

Director

Date: 27 November 2023

The notes on pages 2 to 6 form part of these financial statements.

Page 1

ARONCORP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2022

1.	GENERAL INFORMATION

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

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

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:

2.2

REVENUE

Turnover represents amounts receivable for the sale of land and completed dwellings within the company's development property.

2.3

TAXATION

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.

2.4

STOCKS

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.

2.5

DEBTORS

Short-term debtors are measured at transaction price.

Page 2

ARONCORP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2022

2.ACCOUNTING POLICIES (CONTINUED)

2.6

CASH AND CASH EQUIVALENTS

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.

2.7

CREDITORS

Short-term creditors are measured at the transaction price.

2.8

FINANCIAL INSTRUMENTS

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the

Page 3

ARONCORP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2022

2.ACCOUNTING POLICIES (CONTINUED)

2.8

FINANCIAL INSTRUMENTS (continued)

risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

2.9

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

EMPLOYEES

The average monthly number of employees, including directors, during the year was 4 (2021 - 4).

4.	FIXED ASSET INVESTMENTS

		Investment in subsidiary company
		£
	COST
	At 1 December 2021	1
	Disposals	(1)
	At 30 November 2022	-

During the year, the company's subsidiary undertaking, Aroncorp Investments Limited, was dissolved on 1 November 2022

5.	STOCKS
		2022	2021
		£	£

	Closing stock of development properties	954,442	744,447

Page 4

ARONCORP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2022

DEBTORS

					2022	2021
					£	£


Amounts owed by group undertakings	-	725
Other debtors	25,164	9,422
	25,164	10,147

7.	CREDITORS: Amounts falling due within one year
		2022	2021
		£	£

Trade creditors	972,076	955,086
Other creditors	1,291,674	1,291,474
Accruals and deferred income	245,098	5,200
	2,508,848	2,251,760

8.	SHARE CAPITAL
		2022	2021
		£	£

Allotted, called up and fully paid

102 'A' ordinary shares of £1 each	102	102
98 'B' ordinary shares of £1 each	98	98

	200	200

Page 5

ARONCORP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2022

9.	RELATED PARTY TRANSACTIONS
	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:

		2022	2021
		£	£

Material shareholder	(2,215,650)	(2,215,650)
Material shareholder	18,740	4,485
Directors	(200)	-

During the year management fees of £120,000 (2021 - £Nil) were charged by a material shareholder of the company. Of these management fees, £120,000 (2021 - £Nil) are included in accruals.
During the year management fees of £120,000 (2021 - £2,300) were charged by a company in which a director is a director of and has a material interest. Of these management fees, £120,000 (2021 - £Nil) are included in accruals.

Page 6