Arrowedge Properties Limited Company Accounts

ARROWEDGE PROPERTIES LTD - Company Information

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COMPANY REGISTRATION NUMBER: 08123895

ARROWEDGE PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

30 April 2017

LAWRENCE & CO

Chartered Accountants

2 Albany Park

Cabot Lane

Poole, Dorset

BH17 7BX

ARROWEDGE PROPERTIES LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 30 APRIL 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

ARROWEDGE PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION

30 April 2017

	2017		2016
Note	£	£	£	£

Fixed assets

Tangible assets	6		439,418		439,418

Current assets

Debtors	7	1,814	11,995
Cash at bank and in hand		9,562	11,509
		---------	---------
		11,376	23,504

Creditors: amounts falling due within one year	8	31,603		32,556
		---------		---------
Net current liabilities			20,227		9,052
			----------		----------
Total assets less current liabilities			419,191		430,366

Creditors: amounts falling due after more than one year	9	369,340	391,823
		----------	----------
Net assets		49,851	38,543
		----------	----------

Capital and reserves

Called up share capital	100	100
Profit and loss account	49,751	38,443
	---------	---------
Members funds	49,851	38,543
	---------	---------

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 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 income and retained earnings has not been delivered.

For the year ending 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

ARROWEDGE PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

30 April 2017

These financial statements were approved by the board of directors and authorised for issue on 27 November 2017 , and are signed on behalf of the board by:

Mr U M Patel

Director

Company registration number: 08123895

ARROWEDGE PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 APRIL 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 62 Poole Road, Westbourne, Bournemouth, Dorset, BH4 9DZ.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, '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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 May 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

The turnover shown in the profit and loss account comprises rental income.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

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.

4. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to 2 (2016: 2).

5. Interest payable and similar expenses

	2017	2016
	£	£
Other interest payable and similar charges	12,500	12,500
	---------	---------

6. Tangible assets

	Freehold investment property	Long leasehold investment property	Freehold reversion	Total
	£	£	£	£
Cost
At 1 May 2016 and 30 Apr 2017	55,747	377,120	6,551	439,418
	---------	----------	-------	----------
Depreciation
At 1 May 2016 and 30 Apr 2017	–	–	–	–
	---------	----------	-------	----------
Carrying amount
At 30 April 2017	55,747	377,120	6,551	439,418
	---------	----------	-------	----------

Tangible assets held at valuation

The directors do not consider that investment property revaluations are required.

7. Debtors

	2017	2016
	£	£
Trade debtors	1,814	1,995
Director's current account	–	10,000
	-------	---------
	1,814	11,995
	-------	---------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Accruals and deferred income	27,015	28,429
Corporation tax	2,813	2,352
Other creditors	1,775	1,775
	---------	---------
	31,603	32,556
	---------	---------

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

	2017	2016
	£	£
Director loan accounts	95,000	–
Frank Wainwright & Son Limited	250,000	250,000
Arrowedge Limited	24,340	141,823
	----------	----------
	369,340	391,823
	----------	----------

The loans are repayable by arrangement.

10. Directors' advances, credits and guarantees

The director's current account overdrawn at 31 March 2016 was repaid during the financial year.

11. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 May 2015.

No transitional adjustments were required in equity or profit or loss for the year.