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COMPANY REGISTRATION NUMBER: 07448492
ART CENTRE (LEEDS) LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 December 2021
ART CENTRE (LEEDS) LTD
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2021
CONTENTS
PAGES
Statement of financial position
1 to 2
Notes to the financial statements
3 to 6
ART CENTRE (LEEDS) LTD
STATEMENT OF FINANCIAL POSITION
31 December 2021
2021
2020
Note
£
£
£
£
INVESTMENT PROPERTY
Tangible assets
5
3,015,485
2,854,610
CURRENT ASSETS
Debtors
6
1,422,729
1,477,744
Cash at bank and in hand
18,816
212,188
------------
------------
1,441,545
1,689,932
PREPAYMENTS AND ACCRUED INCOME
7,909
1,849
CREDITORS: amounts falling due within one year
7
( 1,588,685)
( 230,972)
------------
------------
NET CURRENT (LIABILITIES)/ASSETS
( 139,231)
1,460,809
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
2,876,254
4,315,419
CREDITORS: amounts falling due after more than one year
8
( 446,899)
( 1,914,535)
PROVISIONS
( 345,101)
( 345,101)
------------
------------
NET ASSETS
2,084,254
2,055,783
------------
------------
CAPITAL AND RESERVES
Called up share capital
102
102
Profit and loss account
2,084,152
2,055,681
------------
------------
SHAREHOLDERS FUNDS
2,084,254
2,055,783
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2021 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
ART CENTRE (LEEDS) LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2021
These financial statements were approved by the board of directors and authorised for issue on 25 August 2022 , and are signed on behalf of the board by:
R M Murray
Director
Company registration number: 07448492
ART CENTRE (LEEDS) LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2021
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 20-22 Bridge End, Leeds, LS1 4DJ.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of services, exclusive of Value Added Tax.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation to date.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. TAX ON PROFIT
Major components of tax expense
Period from
Year to
1 Dec 19 to
31 Dec 21
31 Dec 20
£
£
Current tax:
UK current tax expense
26,732
----
--------
Tax on profit
26,732
----
--------
5. TANGIBLE ASSETS
Investment property
Fixtures and fittings
Total
£
£
£
Valuation
At 1 January 2021
2,854,610
280
2,854,890
Additions
149,570
15,074
164,644
------------
--------
------------
At 31 December 2021
3,004,180
15,354
3,019,534
------------
--------
------------
Depreciation
At 1 January 2021
280
280
Charge for the year
3,769
3,769
------------
--------
------------
At 31 December 2021
4,049
4,049
------------
--------
------------
Carrying amount
At 31 December 2021
3,004,180
11,305
3,015,485
------------
--------
------------
At 31 December 2020
2,854,610
2,854,610
------------
--------
------------
Investment property has been valued on an open market basis by the directors as at 31 December 2021.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Investment property
£
At 31 December 2021
Aggregate cost
1,027,095
Aggregate depreciation
------------
Carrying value
1,027,095
------------
At 31 December 2020
Aggregate cost
877,526
Aggregate depreciation
---------
Carrying value
877,526
---------
6. DEBTORS
2021
2020
£
£
Trade debtors
50,073
47,702
Other debtors
1,372,656
1,430,042
------------
------------
1,422,729
1,477,744
------------
------------
7. CREDITORS: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
1,564,298
117,694
Trade creditors
20,241
3,224
Corporation tax
52,666
Social security and other taxes
53,602
Other creditors
4,146
3,786
------------
---------
1,588,685
230,972
------------
---------
8. CREDITORS: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
446,899
1,914,535
---------
------------
9. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2021
2020
£
£
Included in provisions
345,101
345,101
---------
---------