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Registration number: 09014999

Michael John Ashcroft Fine Art Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2022

 

Michael John Ashcroft Fine Art Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Michael John Ashcroft Fine Art Limited

Company Information

Directors

Mr Michael John Ashcroft

Mrs Debra Ashcroft

Registered office

7 Towngate
Leyland
Lancashire
PR25 2EN

Accountants

Harrison Salmon Associates
Chartered Accountants
7 Towngate
Leyland
Lancashire
PR25 2EN

 

Michael John Ashcroft Fine Art Limited

(Registration number: 09014999)
Balance Sheet as at 30 April 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

10,504

11,294

Current assets

 

Debtors

5

686

670

Cash at bank and in hand

 

34,270

37,457

 

34,956

38,127

Creditors: Amounts falling due within one year

6

(22,102)

(24,687)

Net current assets

 

12,854

13,440

Total assets less current liabilities

 

23,358

24,734

Provisions for liabilities

(1,996)

(2,146)

Net assets

 

21,362

22,588

Capital and reserves

 

Called up share capital

7

300

300

Profit and loss account

21,062

22,288

Shareholders' funds

 

21,362

22,588

For the financial year ending 30 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 18 August 2022 and signed on its behalf by:
 

.........................................

Mr Michael John Ashcroft
Director

 

Michael John Ashcroft Fine Art Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

1

General information

The company is a private company limited by share capital, incorporated in England .

The address of its registered office is:
7 Towngate
Leyland
Lancashire
PR25 2EN
United Kingdom

These financial statements were authorised for issue by the Board on 18 August 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The potential impacts of the Coronavirius pandemic have been considered and the directors belive that the company's principle activity, customer base, investment choices and liquidity reserves shelter it from much of the expected economic downturn and so continue to adopt the going concern basis of preperation.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Michael John Ashcroft Fine Art Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Michael John Ashcroft Fine Art Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2021 - 1).

 

Michael John Ashcroft Fine Art Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2021

14,663

14,663

Additions

1,064

1,064

At 30 April 2022

15,727

15,727

Depreciation

At 1 May 2021

3,369

3,369

Charge for the year

1,854

1,854

At 30 April 2022

5,223

5,223

Carrying amount

At 30 April 2022

10,504

10,504

At 30 April 2021

11,294

11,294

5

Debtors

2022
£

2021
£

Prepayments

686

670

686

670

6

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Taxation and social security

4,554

7,393

Accruals and deferred income

546

540

Other creditors

17,002

16,754

22,102

24,687

7

Share capital

Allotted, called up and fully paid shares

 

Michael John Ashcroft Fine Art Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

 

2022

2021

 

No.

£

No.

£

Ordinary A Shares of £1 each

100

100

100

100

Ordinary B Shares of £1 each

100

100

100

100

Ordinary C Shares of £1 each

100

100

100

100

 

300

300

300

300

8

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2022
£

2021
£

Remuneration

8,844

6,010