| Arcalian Limited |
| Notes to the Financial statements |
| for the year ended 30 June 2018 |
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| 1 |
Accounting policies |
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Basis of preparation |
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These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 – The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102'), and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis and are presented in Sterling (£). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services, which is recognised by reference to the stage of completion of the contract, and grant income, which is recognised as funds are expended as no profit or loss is expected to arise. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets over their expected useful lives, using the straight-line method. |
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Plant and machinery |
25% per year |
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Debtors |
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Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
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Creditors |
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Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
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Taxation |
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Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that that have been enacted or substantively enacted by the reporting date.
Deferred tax is calculated using the tax rates and laws that that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference and is recognised in respect of all timing differences at the reporting date, except as otherwise indicated. Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Leased assets |
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Rentals payable under operating leases are charged to profit or loss on a straight-line basis over the lease term, unless the rental payments are structured to increase in line with expected general inflation, in which case the company recognises annual rent expense equal to amounts owed to the lessor. |
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Employee benefits |
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Short-term employee benefits and contributions to defined contribution pension plans are recognised as an expense in the period in which they are incurred.
The company operates stakeholder defined contribution pension schemes for the benefit of the employees and directors. The assets of the pension schemes are administered by an independent pensions provider. |
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| 2 |
Tangible fixed assets |
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Plant and machinery |
| £ |
|
Cost |
|
At 1 July 2017 |
7,055 |
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Additions |
- |
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At 30 June 2018 |
7,055 |
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Depreciation |
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At 1 July 2017 |
3,899 |
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Charge for the year |
969 |
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At 30 June 2018 |
4,868 |
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Net book value |
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At 30 June 2018 |
2,187 |
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At 30 June 2017 |
3,156 |
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| 3 |
Debtors |
2018 |
|
2017 |
| £ |
£ |
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Trade debtors |
22,562 |
|
15,415 |
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| 4 |
Creditors: amounts falling due within one year |
2018 |
|
2017 |
| £ |
£ |
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Other creditors |
387 |
|
388 |
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Trade creditors |
9,736 |
|
3,733 |
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Corporation tax |
7,345 |
|
7,157 |
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Other taxes and social security costs |
2,115 |
|
1,549 |
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Accruals and deferred income |
980 |
|
980 |
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20,563 |
|
13,807 |
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| 5 |
Controlling party |
|
C Brawley |
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| 6 |
Other information |
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Arcalian Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
William James House |
|
Cowley Road |
|
Cambridge |
|
CB4 0WX |
