Company registration number 05166640 (England and Wales)
THE ART NEWSPAPER LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
THE ART NEWSPAPER LIMITED
CONTENTS
Page
Group statement of financial position
1 - 2
Company statement of financial position
3 - 4
Group statement of changes in equity
5
Company statement of changes in equity
6
Notes to the financial statements
7 - 19
THE ART NEWSPAPER LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
5
348,104
376,405
Tangible assets
6
57,297
59,703
405,401
436,108
Current assets
Stocks
12,196
3,564
Debtors
9
648,183
609,143
Cash at bank and in hand
241,542
118,491
901,921
731,198
Creditors: amounts falling due within one year
10
(1,234,637)
(1,205,067)
Net current liabilities
(332,716)
(473,869)
Total assets less current liabilities
72,685
(37,761)
Creditors: amounts falling due after more than one year
11
(50,000)
(50,000)
Net assets/(liabilities)
22,685
(87,761)
Capital and reserves
Called up share capital
1,150,001
1,150,001
Profit and loss reserves
(1,127,316)
(1,237,762)
Total equity
22,685
(87,761)

The director of the group have elected not to include a copy of the income statement within the financial statements.

For the financial year ended 31 December 2021 the group was entitled to exemption from audit under section 477 of the Companies Act 2006.

Director's responsibilities under the Companies Act 2006:

 

 

 

These financial statements have been prepared in accordance with the provisions applicable to groups and companies subject to the small companies regime.

THE ART NEWSPAPER LIMITED
GROUP STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 5 September 2022
05 September 2022
Realia Investor Services Ltd
Director
THE ART NEWSPAPER LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2021
31 December 2021
- 3 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
5
348,104
376,405
Tangible assets
6
34,874
40,382
Investments
7
15,375
15,375
398,353
432,162
Current assets
Stocks
7,091
1,565
Debtors
9
2,110,922
1,895,083
Cash at bank and in hand
157,181
108,813
2,275,194
2,005,461
Creditors: amounts falling due within one year
10
(1,155,075)
(1,120,866)
Net current assets
1,120,119
884,595
Total assets less current liabilities
1,518,472
1,316,757
Creditors: amounts falling due after more than one year
11
(50,000)
(50,000)
Net assets
1,468,472
1,266,757
Capital and reserves
Called up share capital
1,150,001
1,150,001
Profit and loss reserves
318,471
116,756
Total equity
1,468,472
1,266,757

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £256,609 (2018 - £344,349).

For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

THE ART NEWSPAPER LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2021
31 December 2021
- 4 -
The financial statements were approved and signed by the director and authorised for issue on 5 September 2022
05 September 2022
Realia Investor Services Ltd
Director
Company Registration No. 05166640
THE ART NEWSPAPER LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2020
1,150,001
(1,133,587)
16,414
Year ended 31 December 2020:
Loss for the year
-
(104,553)
(104,553)
Other comprehensive income:
Currency translation differences
-
378
378
Total comprehensive income for the year
-
(104,175)
(104,175)
Balance at 31 December 2020
1,150,001
(1,237,762)
(87,761)
Year ended 31 December 2021:
Profit for the year
-
108,845
108,845
Other comprehensive income:
Currency translation differences
-
1,601
1,601
Total comprehensive income for the year
-
110,446
110,446
Balance at 31 December 2021
1,150,001
(1,127,316)
22,685
THE ART NEWSPAPER LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2020
1,150,001
(28,404)
1,121,597
Year ended 31 December 2020:
Profit for the year
-
145,092
145,092
Other comprehensive income:
Currency translation differences
-
68
68
Total comprehensive income for the year
-
145,160
145,160
Balance at 31 December 2020
1,150,001
116,756
1,266,757
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
201,715
201,715
Balance at 31 December 2021
1,150,001
318,471
1,468,472
THE ART NEWSPAPER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
1
Accounting policies
Company information

The Art Newspaper Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 17 Hanover Square, London, W1S 1BN.

 

The group consists of The Art Newspaper Limited and all of its subsidiaries.

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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company The Art Newspaper Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2021. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

THE ART NEWSPAPER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 8 -
1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 

Subscriptions which have been invoiced and received in advance will be held as deferred income and taken to the profit and loss account on a straight line basis over the period of the subscription. Advertising revenue is recognised when the service is provided in accordance with the terms of the contractual agreements.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.5
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development costs
3 years
THE ART NEWSPAPER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 9 -
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
10-20% straight line
Fixtures and fittings
12-60% straight line
Other fixed assets
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

THE ART NEWSPAPER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 10 -
1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

THE ART NEWSPAPER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 11 -
1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 group after deducting all of its liabilities.

THE ART NEWSPAPER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 12 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group 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 group.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

THE ART NEWSPAPER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 13 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
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.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

THE ART NEWSPAPER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 14 -
3
Turnover and other revenue
2021
2020
£
£
Turnover analysed by class of business
United Kingdom
3,142,067
2,843,644
Rest of Europe
20,270
17,345
Rest of World
297,354
236,625
3,459,691
3,097,614
4
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2021
2020
2021
2020
Number
Number
Number
Number
Total
25
28
18
21
5
Intangible fixed assets
Group
Goodwill
Other
Total
£
£
£
Cost
At 1 January 2021
1,452,206
269,653
1,721,859
Additions
-
133,150
133,150
Disposals
-
0
(2,400)
(2,400)
At 31 December 2021
1,452,206
400,403
1,852,609
Amortisation and impairment
At 1 January 2021
1,202,948
142,506
1,345,454
Amortisation charged for the year
72,610
88,574
161,184
Disposals
-
0
(2,133)
(2,133)
At 31 December 2021
1,275,558
228,947
1,504,505
Carrying amount
At 31 December 2021
176,648
171,456
348,104
At 31 December 2020
249,258
127,147
376,405
THE ART NEWSPAPER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
5
Intangible fixed assets
(Continued)
- 15 -
Company
Goodwill
Other
Total
£
£
£
Cost
At 1 January 2021
1,452,206
269,653
1,721,859
Additions
-
133,150
133,150
Disposals
-
0
(2,400)
(2,400)
At 31 December 2021
1,452,206
400,403
1,852,609
Amortisation and impairment
At 1 January 2021
1,202,948
142,506
1,345,454
Amortisation charged for the year
72,610
88,574
161,184
Disposals
-
0
(2,133)
(2,133)
At 31 December 2021
1,275,558
228,947
1,504,505
Carrying amount
At 31 December 2021
176,648
171,456
348,104
At 31 December 2020
249,258
127,147
376,405
6
Tangible fixed assets
Group
Plant and machinery etc
Other fixed assets
Total
£
£
£
Cost
At 1 January 2021
154,494
28,621
183,115
Additions
21,599
-
0
21,599
Disposals
(26,295)
-
0
(26,295)
At 31 December 2021
149,798
28,621
178,419
Depreciation and impairment
At 1 January 2021
98,353
25,059
123,412
Depreciation charged in the year
14,625
149
14,774
Eliminated in respect of disposals
(17,064)
-
0
(17,064)
At 31 December 2021
95,914
25,208
121,122
Carrying amount
At 31 December 2021
53,884
3,413
57,297
At 31 December 2020
56,141
3,562
59,703
THE ART NEWSPAPER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
6
Tangible fixed assets
(Continued)
- 16 -
Company
Plant and machinery etc
£
Cost
At 1 January 2021
115,089
Additions
16,842
Disposals
(26,295)
At 31 December 2021
105,636
Depreciation and impairment
At 1 January 2021
74,707
Depreciation charged in the year
13,119
Eliminated in respect of disposals
(17,064)
At 31 December 2021
70,762
Carrying amount
At 31 December 2021
34,874
At 31 December 2020
40,382
7
Fixed asset investments
Group
Company
2021
2020
2021
2020
£
£
£
£
Investments in subsidiaries
-
0
-
0
15,375
15,375
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2021 and 31 December 2021
15,375
Carrying amount
At 31 December 2021
15,375
At 31 December 2020
15,375
THE ART NEWSPAPER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 17 -
8
Subsidiaries

Details of the company's subsidiaries at 31 December 2021 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
The Art Newspaper USA Inc
USA
Newspaper publisher
Ordinary
100.00
0
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
The Art Newspaper USA Inc
(1,430,412)
(91,270)
THE ART NEWSPAPER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 18 -
9
Debtors
Group
Company
2021
2020
2021
2020
Amounts falling due within one year:
£
£
£
£
Trade debtors
529,150
453,397
409,251
373,102
Corporation tax recoverable
430
23,593
430
23,593
Amounts owed by group
1,150
1,150
1,659,157
1,425,096
Other debtors
117,453
131,003
42,084
73,292
648,183
609,143
2,110,922
1,895,083
10
Creditors: amounts falling due within one year
Group
Company
2021
2020
2021
2020
£
£
£
£
Trade creditors
257,547
258,504
213,284
209,602
Amounts owed to group undertakings
368,183
275,546
368,183
275,546
Taxation and social security
62,307
122,563
62,307
122,563
Other creditors
546,600
548,454
511,301
513,155
1,234,637
1,205,067
1,155,075
1,120,866
11
Creditors: amounts falling due after more than one year
Group
Company
2021
2020
2021
2020
Notes
£
£
£
£
Bank loans and overdrafts
12
50,000
50,000
50,000
50,000
12
Loans and overdrafts
Group
Company
2021
2020
2021
2020
£
£
£
£
Bank loans
50,000
50,000
50,000
50,000
Payable after one year
50,000
50,000
50,000
50,000

The long-term loans are taken under the Bounce Back Loan Scheme (BBL). This loan is 100% backed by Government.

THE ART NEWSPAPER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 19 -
13
Reserves

The profit and loss reserves represent the parent company's profits and losses which have accumulated year on year since the company began trading, plus profits and losses of the subsidiary which are attributable to the parent company. Dividends paid are deducted from this reserve. This is a distributable reserve.

14
Related party transactions

At the year end the company owed £368,183 (2020 - £226,994) to its parent company, The Art Newspaper S.A. The loan was fully repaid during the year.

 

At the year end the company owed £Nil (2020: £48,551) to Inna Bazhenova, in respect of an interest free loan which is repayable on demand.

 

The company is exempt from disclosing other related party transactions as they are with another company that is wholly owned within the group.

15
Controlling party

The ultimate parent company throughout the year was The Art Newspaper S.A., a public limited company registered in Switzerland. The financial statements of this entity are available from the registered office of the parent company.

 

In the opinion of the directors the ultimate controlling party throughout the year was considered to be Inna Bazhenova.

2021-12-312021-01-01falseCCH SoftwareCCH Accounts Production 2022.200No description of principal activityRealia Investor Services Ltd05166640bus:Consolidated2021-01-012021-12-31051666402021-01-012021-12-3105166640bus:Consolidated2021-12-31051666402021-12-3105166640bus:Consolidated2020-12-31051666402020-12-3105166640core:OtherPropertyPlantEquipmentbus:Consolidated2021-12-3105166640core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipmentbus:Consolidated2021-12-3105166640core:OtherPropertyPlantEquipmentbus:Consolidated2020-12-3105166640core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipmentbus:Consolidated2020-12-3105166640core:OtherPropertyPlantEquipment2021-12-3105166640core:OtherPropertyPlantEquipment2020-12-3105166640core:ShareCapitalbus:Consolidated2021-12-3105166640core:ShareCapitalbus:Consolidated2020-12-3105166640core:ShareCapital2021-12-3105166640core:ShareCapital2020-12-3105166640bus:Director32021-01-012021-12-3105166640core:NetGoodwillbus:Consolidated2021-12-3105166640core:IntangibleAssetsOtherThanGoodwillbus:Consolidated2021-12-3105166640core:NetGoodwillbus:Consolidated2020-12-3105166640core:IntangibleAssetsOtherThanGoodwillbus:Consolidated2020-12-3105166640core:NetGoodwill2021-12-3105166640core:IntangibleAssetsOtherThanGoodwill2021-12-3105166640core:NetGoodwill2020-12-3105166640core:IntangibleAssetsOtherThanGoodwill2020-12-3105166640core:CurrentFinancialInstruments2021-12-3105166640core:CurrentFinancialInstruments2020-12-3105166640bus:Consolidated2020-01-012020-12-31051666402020-01-012020-12-3105166640core:Goodwill2021-01-012021-12-3105166640core:IntangibleAssetsOtherThanGoodwill2021-01-012021-12-3105166640core:DevelopmentCostsCapitalisedDevelopmentExpenditure2021-01-012021-12-3105166640core:PlantMachinery2021-01-012021-12-3105166640core:FurnitureFittings2021-01-012021-12-3105166640core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2021-01-012021-12-3105166640core:NetGoodwillbus:Consolidated2020-12-3105166640core:IntangibleAssetsOtherThanGoodwillbus:Consolidated2020-12-3105166640bus:Consolidated2020-12-3105166640core:NetGoodwill2020-12-3105166640core:IntangibleAssetsOtherThanGoodwill2020-12-31051666402020-12-3105166640core:NetGoodwillbus:Consolidated2021-01-012021-12-3105166640core:IntangibleAssetsOtherThanGoodwillbus:Consolidated2021-01-012021-12-3105166640core:NetGoodwill2021-01-012021-12-3105166640core:OtherPropertyPlantEquipmentbus:Consolidated2020-12-3105166640core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipmentbus:Consolidated2020-12-3105166640core:OtherPropertyPlantEquipment2020-12-3105166640core:OtherPropertyPlantEquipmentbus:Consolidated2021-01-012021-12-3105166640core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipmentbus:Consolidated2021-01-012021-12-3105166640core:OtherPropertyPlantEquipment2021-01-012021-12-3105166640core:Subsidiary12021-01-012021-12-3105166640core:Subsidiary112021-01-012021-12-3105166640core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2021-12-3105166640core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2020-12-3105166640core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3105166640core:CurrentFinancialInstrumentscore:WithinOneYear2020-12-3105166640core:CurrentFinancialInstrumentsbus:Consolidated2021-12-3105166640core:CurrentFinancialInstrumentsbus:Consolidated2020-12-3105166640core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2021-12-3105166640core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2020-12-3105166640core:Non-currentFinancialInstrumentscore:AfterOneYear2021-12-3105166640core:Non-currentFinancialInstrumentscore:AfterOneYear2020-12-3105166640bus:PrivateLimitedCompanyLtd2021-01-012021-12-3105166640bus:SmallCompaniesRegimeForAccounts2021-01-012021-12-3105166640bus:FRS1022021-01-012021-12-3105166640bus:AuditExempt-NoAccountantsReport2021-01-012021-12-3105166640bus:ConsolidatedGroupCompanyAccounts2021-01-012021-12-3105166640bus:Director12021-01-012021-12-3105166640bus:FullAccounts2021-01-012021-12-31xbrli:purexbrli:sharesiso4217:GBP