Artic Estates Limited - Accounts to registrar (filleted) - small 18.2
Artic Estates Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| ARTIC ESTATES LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JULY 2021 |
| ARTIC ESTATES LIMITED (REGISTERED NUMBER: 03224187) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JULY 2021 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 | to | 3 |
| Notes to the Financial Statements | 4 | to | 7 |
| ARTIC ESTATES LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 JULY 2021 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 3 New Mill Court |
| Swansea Enterprise Park |
| Swansea |
| SA7 9FG |
| ARTIC ESTATES LIMITED (REGISTERED NUMBER: 03224187) |
| BALANCE SHEET |
| 31 JULY 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Investment property | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Fair value reserve | 8 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their 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. |
| ARTIC ESTATES LIMITED (REGISTERED NUMBER: 03224187) |
| BALANCE SHEET - continued |
| 31 JULY 2021 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| ARTIC ESTATES LIMITED (REGISTERED NUMBER: 03224187) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JULY 2021 |
| 1. | STATUTORY INFORMATION |
| Artic Estates Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| Monetary amounts in these financial statements are rounded to nearest £. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| The directors believe that the company is well placed to manage its business risks successfully, despite the current uncertain economic outlook and have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors have adopted the going concern basis in preparing the financial statements. |
| Significant judgements and estimates |
| In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors which are considered to be relevant. Actual results may differ from these estimates. |
| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision only effects that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
| The following are the critical judgements that the directors have made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. |
| Impairment of assets |
| Assets are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the income statement. |
| Provisions and contingencies |
| Provisions are recognised when the company has a present obligation as a result of a past event and a reliable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities are disclosed unless a transfer of economic benefits is considered remote. Contingent assets are only disclosed if an inflow of economic benefits is probable. |
| ARTIC ESTATES LIMITED (REGISTERED NUMBER: 03224187) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Turnover |
| Turnover represents amounts derived from the rental income which falls within the company's ordinary activities after deduction of value added tax. |
| Revenue recognition |
| Revenue relating to rental income is recognised evenly over the period to which it relates. |
| Financial instruments |
| Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price 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. |
| Basic financial liabilities, including trade and other creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
| 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 |
| 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 is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| 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 profits. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2020 - NIL). |
| ARTIC ESTATES LIMITED (REGISTERED NUMBER: 03224187) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2021 |
| 4. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 August 2020 |
| and 31 July 2021 |
| NET BOOK VALUE |
| At 31 July 2021 |
| At 31 July 2020 |
| The company's property was valued by the directors at the balance sheet date based on an opinion provided by Savills (UK) Limited, Chartered Surveyors, to the Principality Building Society during December 2017. |
| The basis of the valuation is the aggregate value of the estimated realisable amounts of the individual flats comprising the company's freehold investment property, given a period of up to 12 months within which to negotiate completion. |
| The cost of the property is £1,749,970 (2020 - £1,749,970). |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Bank loans and overdrafts |
| Other creditors |
| 7. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2021 | 2020 |
| £ | £ |
| Bank loans |
| The company's bank loans are secured by a legal charge dated 19 April 2005 in favour of The Principality Building Society. |
| ARTIC ESTATES LIMITED (REGISTERED NUMBER: 03224187) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JULY 2021 |
| 8. | RESERVES |
| Fair |
| value |
| reserve |
| £ |
| At 1 August 2020 |
| and 31 July 2021 |
| 9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| Other creditors £255,949 (2020 - £255,949) relate to amounts owing to the director T J O Theakston. |
| The balance is interest free and repayable on demand |