ARC Construction Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 02796885 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

ARC CONSTRUCTION LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

P T D'Arcy

REGISTERED OFFICE:

12 Lower Green Road

Rusthall

Tunbridge Wells

Kent

TN4 8TE

REGISTERED NUMBER:

02796885 (England and Wales)

ACCOUNTANTS:

Wilkins Kennedy LLP

Chartered Accountants

Griffins Court

24-32 London Road

NEWBURY

Berkshire

RG14 1JX

FIXED ASSETS

Tangible assets

4

2,319

1,720

CURRENT ASSETS

Debtors

5

634,978

620,512

Cash at bank

150,674

87,627

785,652

708,139

CREDITORS

Amounts falling due within one year

6

235,969

160,012

NET CURRENT ASSETS

549,683

548,127

TOTAL ASSETS LESS CURRENT LIABILITIES

552,002

549,847

CAPITAL AND RESERVES

Called up share capital

7

3

3

Retained earnings

551,999

549,844

SHAREHOLDERS' FUNDS

552,002

549,847

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 14 November 2017 and were signed by:

P T D'Arcy - Director

1.	STATUTORY INFORMATION

ARC Construction 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The financial statements are presented in sterling which is the functional currency of the company and rounded to the

nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies

have been consistently applied to all years presented unless otherwise stated.

Significant judgements and estimates

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect

the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and

expenses during the period. However, the nature of estimation means that actual outcomes could differ from those

estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts

recognised in the financial statements.

Revenue recognition

The key judgement made by management in respect of revenue is the point at which that revenue should be recognised.

Management consider the underlying contract terms and conclude upon the most appropriate point of the cycle at which

to recognise revenue based upon these terms and in particular where the risks and rewards of ownership transfer.

Management estimate a percentage of the turnover to be deferred over the licence period.

Tangible Fixed Assets

Tangible fixed assets are depreciation over their useful lives taking into account residual values, where appropriate. The

actual lives of the assets and residual values.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.

Turnover relates to sales within the UK market. The policies adopted for the recognition of turnover are as follows:

Rendering of services

When the outcome of a transaction can be estimated reliably, turnover from the rendering of services is recognised by

reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to the

completion of the construction period.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised

that are recoverable.

Tangible fixed assets

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

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% on cost

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 represents the future tax consequence of transactions and events recognised in the financial statements of

current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing

differences are differences between taxable profits and total comprehensive income as stated in the financial statements

that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are

recognised in the financial statements. 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

profit.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance

sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable

tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sales of the

assets.

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.

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme

are charged to the profit or loss in the period to which they relate.

Impairments

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet

date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and

compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is

recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation

decrease.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the report date as a result of a past

event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be

reliably estimated.

Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Short-term employee benefits

Short-term employee benefits are recognised as an expense in the period in which they are incurred.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction

price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2016

33,443

27,065

46,553

107,061

Additions

-

-

2,107

2,107

At 31 March 2017

33,443

27,065

48,660

109,168

DEPRECIATION

At 1 April 2016

33,443

27,065

44,833

105,341

Charge for year

-

-

1,508

1,508

At 31 March 2017

33,443

27,065

46,341

106,849

NET BOOK VALUE

At 31 March 2017

-

-

2,319

2,319

At 31 March 2016

-

-

1,720

1,720

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/17

31/3/16

£

£

Trade debtors

84,607

118,553

Amounts recoverable on contract

392,511

334,564

Other debtors

157,860

167,395

634,978

620,512

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/17

31/3/16

£

£

Trade creditors

155,243

93,416

Taxation and social security

71,168

52,945

Other creditors

9,558

13,651

235,969

160,012

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/3/17

31/3/16

value:

£

£

3

Ordinary

£1

3

3

8.	RELATED PARTY DISCLOSURES

Information about related party transactions and outstanding balances is outlined below:

During the year remuneration to key management totalled £8,040 (2016 - £8,040).

At the year end amounts owed to key management totalled £157 (2016 - £49).

During the year dividends paid to the shareholders totalled £107,000 (2016 - £179,000).

During the year the company received management charges from entities under the control of key management totalling

£33,000 (2016 - £36,000).

At the year end amounts owed from entities under the control of key management totalled £135,000 (2016 - £15,000).

9.	FIRST YEAR ADOPTION

This is the first year that the Company has presented its financial statements under Financial Reporting Standard 102 (FRS

102) issued by the Financial Reporting Council. The last financial statements prepared under the previous UK GAAP were

for the year ended 31 March 2016 and the date of transition was therefore 1 April 2015. As a consequence of adopting

FRS 102 the directors are of the opinion that no changes need to be made upon transitions to this accounting standard as

the effect of any changes are not material.