Arena Development Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 03588007 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

ARENA DEVELOPMENT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

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

FIXED ASSETS

Tangible assets

4

1,577

1,983

Investment property

5

370,000

365,000

371,577

366,983

CURRENT ASSETS

Stocks

765

-

Debtors

6

6,118

-

Cash at bank

37,557

30,312

44,440

30,312

CREDITORS

Amounts falling due within one year

7

210,912

209,670

NET CURRENT LIABILITIES

(166,472

)

(179,358

)

TOTAL ASSETS LESS CURRENT LIABILITIES

205,105

187,625

PROVISIONS FOR LIABILITIES

8

24,416

23,166

NET ASSETS

180,689

164,459

CAPITAL AND RESERVES

Called up share capital

9

2

2

Retained earnings

10

180,687

164,457

SHAREHOLDERS' FUNDS

180,689

164,459

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 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 19 December 2023 and were signed on its behalf by:

A Jaggard - Director

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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

-

15% on reducing balance

Rowing boat

-

25% on reducing balance and 15% on reducing balance

Computer equipment

-

33.33% 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.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 (2022 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2022

and 31 March 2023

11,236

DEPRECIATION

At 1 April 2022

9,253

Charge for year

406

At 31 March 2023

9,659

NET BOOK VALUE

At 31 March 2023

1,577

At 31 March 2022

1,983

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2022

365,000

Revaluations

5,000

At 31 March 2023

370,000

NET BOOK VALUE

At 31 March 2023

370,000

At 31 March 2022

365,000

Fair value at 31 March 2023 is represented by:

£

Valuation in 2021

345,000

Valuation in 2022

20,000

Valuation in 2023

5,000

370,000

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

2023

2022

£

£

Cost

237,311

237,311

The investment property was valued on an open market basis on 31 March 2023 by the director, A Jaggard .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Other debtors

6,118

-

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

3,867

-

Taxation and social security

3,684

3,146

Other creditors

203,361

206,524

210,912

209,670

8.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

Other timing differences

24,416

23,166

Deferred

tax

£

Balance at 1 April 2022

23,166

Charge/ (credit) on deferred

1,250

tax due on fair value change

of investment property

Balance at 31 March 2023

24,416

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

2

Ordinary

£1

2

2

10.

RESERVES

Included within retained earnings is £108,273 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.

11.	RELATED PARTY DISCLOSURES

During the year the directors maintained an interest free loan to the company. As at 31 March 2023 the balance on the loan was £196,827 (2022: £202,552).