Arena Development Limited - Accounts to registrar (filleted) - small 18.2

Arena Development Limited - Accounts to registrar (filleted) - small 18.2

ARENA DEVELOPMENT LIMITED - Company Information

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REGISTERED NUMBER: 03588007 (England and Wales)














FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

FOR

ARENA DEVELOPMENT LIMITED
ARENA DEVELOPMENT LIMITED (REGISTERED NUMBER: 03588007)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ARENA DEVELOPMENT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2021







DIRECTORS: A Jaggard
M Shepherd





SECRETARY: A Jaggard





REGISTERED OFFICE: 11 Ferens Park
Durham
DH1 1NU





REGISTERED NUMBER: 03588007 (England and Wales)





ACCOUNTANTS: Ribchesters
Chartered Accountants
Finchale House
Belmont Business Park
Durham
DH1 1TW
Page 1
ARENA DEVELOPMENT LIMITED (REGISTERED NUMBER: 03588007)

BALANCE SHEET
31 MARCH 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,249 2,733
Investment property 5 345,000 345,000
347,249 347,733

CURRENT ASSETS
Cash at bank 28,274 26,727

CREDITORS
Amounts falling due within one year 6 217,248 226,379
NET CURRENT LIABILITIES (188,974 ) (199,652 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
158,275
148,081

PROVISIONS FOR LIABILITIES 7 13,806 13,806
NET ASSETS 144,469 134,275

CAPITAL AND RESERVES
Called up share capital 8 2 2
Retained earnings 9 144,467 134,273
SHAREHOLDERS' FUNDS 144,469 134,275

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

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.

The notes form part of these financial statements

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ARENA DEVELOPMENT LIMITED (REGISTERED NUMBER: 03588007)

BALANCE SHEET - continued
31 MARCH 2021


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 December 2021 and were signed on its behalf by:





A Jaggard - Director


The notes form part of these financial statements

Page 3
ARENA DEVELOPMENT LIMITED (REGISTERED NUMBER: 03588007)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021

1. STATUTORY INFORMATION

Arena Development 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Property furnishings - 20% on cost
Fixtures and fittings - 15% on reducing balance
Computer equipment - 25% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 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).

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ARENA DEVELOPMENT LIMITED (REGISTERED NUMBER: 03588007)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2021

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2020
and 31 March 2021 15,012
DEPRECIATION
At 1 April 2020 12,279
Charge for year 484
At 31 March 2021 12,763
NET BOOK VALUE
At 31 March 2021 2,249
At 31 March 2020 2,733

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2020
and 31 March 2021 345,000
NET BOOK VALUE
At 31 March 2021 345,000
At 31 March 2020 345,000

Fair value at 31 March 2021 is represented by:
£   
Valuation in 2021 345,000

If the investment property had not been revalued it would have been included at the following historical cost:

2021 2020
£    £   
Cost 237,311 237,311

The investment property was valued on an open market basis on 31 March 2021 by the director, A Jaggard .

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Taxation and social security 3,570 3,333
Other creditors 213,678 223,046
217,248 226,379

Page 5 continued...
ARENA DEVELOPMENT LIMITED (REGISTERED NUMBER: 03588007)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2021

7. PROVISIONS FOR LIABILITIES
2021 2020
£    £   
Deferred tax
Other timing differences 13,806 13,806

Deferred
tax
£   
Balance at 1 April 2020 13,806
Charge/ (credit) on deferred
tax due on fair value change
of investment property
Balance at 31 March 2021 13,806

8. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £    £   
2 Ordinary £1 2 2

9. RESERVES

Included within retained earnings is £93,883 of non-distributable reserves, which relates to the increase in fair value of the investment properties, less deferred tax, which under FRS102 is recognised through the profit and loss account.

10. RELATED PARTY DISCLOSURES

During the year the directors maintained an interest free loan to the company. As at 31 March 2021 the balance on the loan was £208,479 (2020: £218,447).

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