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 2023

Arkwell Homes Limited

Statement of Financial Position

30 April 2023

	2023		2022
Note	£	£	£

Fixed assets

Tangible assets	4		81,600	82,020

Current assets

Debtors	5	12	24
Cash at bank and in hand		1,557	547
		-------	----
		1,569	571

Creditors: amounts falling due within one year	6	26,690		27,165
		--------		--------
Net current liabilities			25,121	26,594
			--------	--------
Total assets less current liabilities			56,479	55,426

Creditors: amounts falling due after more than one year	7	56,410	56,410
		--------	--------
Net assets/(liabilities)		69	( 984)
		--------	--------

Capital and reserves

Called up share capital	1	1
Profit and loss account	68	( 985)
	----	----
Shareholders funds/(deficit)	69	( 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 year ending 30 April 2023 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 year 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 2023

These financial statements were approved by the board of directors and authorised for issue on 29 January 2024 , 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

Year ended 30 April 2023

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 1 May 2022 and 30 April 2023	79,921	450	2,174	82,545
	--------	----	-------	--------
Depreciation
At 1 May 2022	–	90	435	525
Charge for the year	–	72	348	420
	--------	----	-------	--------
At 30 April 2023	–	162	783	945
	--------	----	-------	--------
Carrying amount
At 30 April 2023	79,921	288	1,391	81,600
	--------	----	-------	--------
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

	2023	2022
	£	£
Other debtors	12	24
	----	----

6. Creditors: amounts falling due within one year

	2023	2022
	£	£
Other creditors	26,690	27,165
	--------	--------

7. Creditors: amounts falling due after more than one year

	2023	2022
	£	£
Bank loans and overdrafts	56,410	56,410
	--------	--------