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Unaudited Financial Statements for the Year Ended 31 March 2022 |
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ARCH WEDDINGS LIMITED |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 March 2022 |
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for |
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ARCH WEDDINGS LIMITED |
ARCH WEDDINGS LIMITED (REGISTERED NUMBER: 09483917) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2022 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Chartered Accountants' Report | 10 |
ARCH WEDDINGS LIMITED |
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Company Information |
for the Year Ended 31 March 2022 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
& Business Advisors |
Vantage House Euxton Lane |
Euxton |
Chorley |
Lancashire |
PR7 6TB |
ARCH WEDDINGS LIMITED (REGISTERED NUMBER: 09483917) |
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Balance Sheet |
31 March 2022 |
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31.3.22 | 31.3.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks | 6 |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Share premium | 12 |
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Retained earnings | 12 | ( |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his 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. |
ARCH WEDDINGS LIMITED (REGISTERED NUMBER: 09483917) |
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Balance Sheet - continued |
31 March 2022 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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ARCH WEDDINGS LIMITED (REGISTERED NUMBER: 09483917) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2022 |
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1. | STATUTORY INFORMATION |
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Arch Weddings Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The presentation currency of the financial statements is Pound Sterling (£). |
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Going concern |
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At 31 March 2022, cash reserves stand at £109,989 and net assets remain at a healthy level of £1.11 million. |
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As a result of the Covid 19 pandemic, the directors have completed a thorough review of the company's ability to continue to trade as a going concern for the foreseeable future, in excess of 18 months. |
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Despite a second year of temporary forced closure in line with government guidelines, the directors are confident that the company can continue to trade as a going concern. The directors have prepared detailed forecasts including all contributing factors such as deferred bookings, furloughing of staff the impact of the above on day to day cashflow. The company has a good relationship with both its bank and external finance providers and therefore does not anticipate any issues with future funding. The directors are confident that the company can continue to meet its day to day obligations until the date of re-opening and from that point, will be able to re commence trading with all the necessary precautions in place. |
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Significant judgements and estimates |
No significant judgements have had to be made by management in preparing these financial statements. |
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Income recognition |
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts. All turnover arose wholly within the United Kingdom. Income in respect of accommodation is recognised overnight during each night the customer stays, whilst other sales, including venue hire, restaurant and bar revenue, are recognised on the day of the service. |
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Goodwill |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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ARCH WEDDINGS LIMITED (REGISTERED NUMBER: 09483917) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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Land is not depreciated. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of significant change since the last reporting date. |
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Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Financial instruments |
The company only enters in to basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans form banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
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Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. |
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Financial assets and liabilities are offset and measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date. |
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Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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ARCH WEDDINGS LIMITED (REGISTERED NUMBER: 09483917) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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2. | ACCOUNTING POLICIES - continued |
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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid, the company has no further payment obligations. |
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Going concern |
The company currently meets its working capital requirements through its cash balances. The company's forecasts and projections, show that the company will be able to operate within the level of its' current cash resources and facilities. |
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The directors have concluded, after making enquiries, that they have a reasonable expectation that the company has access to adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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ARCH WEDDINGS LIMITED (REGISTERED NUMBER: 09483917) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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4. | INTANGIBLE FIXED ASSETS |
Computer |
Goodwill | software | Totals |
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COST |
At 1 April 2021 |
and 31 March 2022 |
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AMORTISATION |
At 1 April 2021 |
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Amortisation for year |
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At 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2021 |
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Additions |
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At 31 March 2022 |
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DEPRECIATION |
At 1 April 2021 |
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Charge for year |
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At 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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Included in cost of land and buildings is freehold land of £ 300,000 (2021 - £ 300,000 ) which is not depreciated. |
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6. | STOCKS |
31.3.22 | 31.3.21 |
£ | £ |
Stocks |
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ARCH WEDDINGS LIMITED (REGISTERED NUMBER: 09483917) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
VAT |
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Prepayments |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Trade creditors |
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Social security and other taxes |
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Owed to related parties | 691 | 697 |
Customer deposits | 501,246 | 567,912 |
Accruals and deferred income |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Other loans (see note 10) |
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10. | LOANS |
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An analysis of the maturity of loans is given below: |
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31.3.22 | 31.3.21 |
£ | £ |
Amounts falling due between one and two years: |
Other loans - 1-2 years | 459,333 |
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The company has in place a loan for £300,000. Borrowings totalling £300,000 were outstanding at 31 March 2022 and are repayable in full in November 2022. |
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The loan is secured with debenture and a legal mortgage over the free hold property. |
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In accordance with FRS102 1A, issue costs totalling £30,000 have been offset against the bank loans and are amortised over the duration of the facility. |
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In addition a Coronavirus Business Interruption Loan in the sum of £200,000 was drawn down during the previous year to support the business during the Covid-19 pandemic. The monies have been utilised to support the business during the period of enforced closure. |
ARCH WEDDINGS LIMITED (REGISTERED NUMBER: 09483917) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.22 | 31.3.21 |
value: | £ | £ |
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Ordinary | £1 | 5,992 | 5,992 |
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Ordinary A | 1 | 24,246 | 24,246 |
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Ordinary B | 0.01 | 50,326 | 50,326 |
80,564 | 80,564 |
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12. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
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At 1 April 2021 | ( |
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1,493,056 |
Deficit for the year | ( |
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At 31 March 2022 | ( |
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1,034,171 |
Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Arch Weddings Limited |
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The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Arch Weddings Limited for the year ended 31 March 2022 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the director of Arch Weddings Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Arch Weddings Limited and state those matters that we have agreed to state to the director of Arch Weddings Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Arch Weddings Limited and its director for our work or for this report. |
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It is your duty to ensure that Arch Weddings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Arch Weddings Limited. You consider that Arch Weddings Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Arch Weddings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Chartered Accountants |
& Business Advisors |
Vantage House Euxton Lane |
Euxton |
Chorley |
Lancashire |
PR7 6TB |
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