Company Registration No. SC228773 (Scotland)
ARRANBAY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
PAGES FOR FILING WITH REGISTRAR
ARRANBAY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
ARRANBAY LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2021
30 September 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investment properties
3
277,935
277,935
Current assets
Debtors
4
16,621
7,877
Cash at bank and in hand
86,182
104,943
102,803
112,820
Creditors: amounts falling due within one year
5
(341,035)
(342,104)
Net current liabilities
(238,232)
(229,284)
Net assets
39,703
48,651
Capital and reserves
Called up share capital
7
2
2
Fair Value Reserve
84,785
84,785
Distributable profit and loss reserves
(45,084)
(36,136)
Total equity
39,703
48,651
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 2 December 2021 and are signed on its behalf by:
Mr J Beresford
Director
Company Registration No. SC228773
ARRANBAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 2 -
1
Accounting policies
Company information
Arranbay Limited is a
private
company
limited by shares
incorporated in
Scotland
.
The registered office is
2 Carment Drive, Shawlands, Glasgow, United Kingdom, G41 3PP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
In common with most businesses the company is facing potential issues in respect of the COVID-19 pandemic. This is an ongoing situation and the company is adopting a strategy to manage the everchanging situation as effectively as possible.
The directors are satisfied that these events do not affect the company's ability to continue as a going concern and this basis is appropriate for the preparation of the accounts.
1.3
Turnover
Turnover represents amounts receivable by the company from rents of properties.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
ARRANBAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
2
2
3
Investment property
2021
£
Fair value
At 1 October 2020 and 30 September 2021
277,935
The investment property portfolio was valued at fair value on 30 September 2020.
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
1,621
2,877
Other debtors
15,000
5,000
16,621
7,877
5
Creditors: amounts falling due within one year
2021
2020
£
£
Other creditors
341,035
342,104
6
Security
Glasgow Central Tenancies Ltd hold a floating charge over the whole assets of the company.
William Beresford and John Beresford hold a floating charge over the whole assets of the company.
7
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
ARRANBAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 4 -
8
Events after the reporting date
In common with most businesses the company is facing potential issues in respect of the COVID-19 pandemic. This is an
evolving
situation
in relation to which the company intends to adjust its strategy from time to time in the manner the Directors deem appropriate taking account of the relevant facts.
9
Related party transactions
The following amounts were outstanding at the reporting end date:
2021
2020
Amounts due to related parties
£
£
Other related parties
339,535
339,561
Other information
The loans are unsecured, interest free and repayable on demand.