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Company No: 04986445 (England and Wales)

ARTANNES CAPITAL LIMITED

Annual Report and Unaudited Financial Statements
For the financial year ended 31 May 2023

ARTANNES CAPITAL LIMITED

Annual Report and Unaudited Financial Statements

For the financial year ended 31 May 2023

Contents

ARTANNES CAPITAL LIMITED

COMPANY INFORMATION

For the financial year ended 31 May 2023
ARTANNES CAPITAL LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 May 2023
DIRECTORS Mr T Gittos
Mr J Parkinson
SECRETARY Gravita Trustees Limited
REGISTERED OFFICE 66 Prescot Street
London
E1 8NN
United Kingdom
COMPANY NUMBER 04986445 (England and Wales)
ACCOUNTANT Gravita III LLP
66 Prescot Street
London
E1 8NN
ARTANNES CAPITAL LIMITED

DIRECTORS' REPORT

For the financial year ended 31 May 2023
ARTANNES CAPITAL LIMITED

DIRECTORS' REPORT (continued)

For the financial year ended 31 May 2023

The directors present their annual report and the unaudited financial statements of the Company for the financial year ended 31 May 2023.

PRINCIPAL ACTIVITIES

The principle activity of the company is to provide a limited range of advisory services. The company is authorised and regulated by the Financial Conduct Authority.

DIRECTORS

The directors, who served during the financial year and to the date of this report except as noted, were as follows:

Mr T Gittos
Mr J Parkinson

This Directors' Report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption provided by section 415A of the Companies Act 2006.



Approved by the Board of Directors and signed on its behalf by:

Mr John Parkinson
Director

06 September 2023

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ARTANNES CAPITAL LIMITED

For the financial year ended 31 May 2023

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ARTANNES CAPITAL LIMITED (continued)

For the financial year ended 31 May 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Artannes Capital Limited for the financial year ended 31 May 2023 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes 1 to 6 from the Company’s accounting records and from information and explanations you have given us.

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 at www.icaew.com/regulation.

It is your duty to ensure that Artannes Capital 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 Artannes Capital Limited. You consider that Artannes Capital Limited is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of Artannes Capital 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.

This report is made solely to the Board of Directors of Artannes Capital Limited, as a body, in accordance with the terms of our engagement letter dated 08 August 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Artannes Capital Limited and state those matters that we have agreed to state to the Board of Directors of Artannes Capital Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Artannes Capital Limited and its Board of Directors as a body for our work or for this report.

Gravita III LLP
Accountant

66 Prescot Street
London
E1 8NN

07 September 2023

ARTANNES CAPITAL LIMITED

PROFIT AND LOSS ACCOUNT

For the financial year ended 31 May 2023
ARTANNES CAPITAL LIMITED

PROFIT AND LOSS ACCOUNT (continued)

For the financial year ended 31 May 2023
2023 2022
£ £
Turnover 348 602
Administrative expenses ( 14,220) ( 22,827)
Operating loss ( 13,872) ( 22,225)
Interest receivable and similar income 1 ( 10)
Interest payable and similar expenses 0 ( 28)
Loss before taxation ( 13,871) ( 22,263)
Tax on loss 0 0
Loss for the financial year ( 13,871) ( 22,263)
ARTANNES CAPITAL LIMITED

BALANCE SHEET

As at 31 May 2023
ARTANNES CAPITAL LIMITED

BALANCE SHEET (continued)

As at 31 May 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 81 163
81 163
Current assets
Debtors 4 82,337 92,708
Cash at bank and in hand 520 480
82,857 93,188
Creditors: amounts falling due within one year 5 ( 58,602) ( 55,144)
Net current assets 24,255 38,044
Total assets less current liabilities 24,336 38,207
Net assets 24,336 38,207
Capital and reserves
Called-up share capital 183,334 183,334
Share premium account ( 13,284 ) ( 13,284 )
Profit and loss account ( 145,714 ) ( 131,843 )
Total shareholders' funds 24,336 38,207

For the financial year ending 31 May 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Artannes Capital Limited (registered number: 04986445) were approved and authorised for issue by the Board of Directors on 06 September 2023. They were signed on its behalf by:

Mr John Parkinson
Director
ARTANNES CAPITAL LIMITED

STATEMENT OF CHANGES IN EQUITY

For the financial year ended 31 May 2023
ARTANNES CAPITAL LIMITED

STATEMENT OF CHANGES IN EQUITY (continued)

For the financial year ended 31 May 2023
Called-up share capital Share premium account Profit and loss account Total
£ £ £ £
At 01 June 2021 183,334 ( 13,284) ( 109,580) 60,470
Loss for the financial year 0 0 ( 22,263) ( 22,263)
Total comprehensive loss 0 0 ( 22,263) ( 22,263)
At 31 May 2022 183,334 ( 13,284) ( 131,843) 38,207
At 01 June 2022 183,334 ( 13,284) ( 131,843) 38,207
Loss for the financial year 0 0 ( 13,871) ( 13,871)
Total comprehensive loss 0 0 ( 13,871) ( 13,871)
At 31 May 2023 183,334 ( 13,284) ( 145,714) 24,336
ARTANNES CAPITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
ARTANNES CAPITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Artannes Capital Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 66 Prescot Street, London, E1 8NN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its 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.

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. 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.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies that are classified as debt, are initially recognised at transaction price. 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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

3. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 June 2022 5,523 5,523
At 31 May 2023 5,523 5,523
Accumulated depreciation
At 01 June 2022 5,360 5,360
Charge for the financial year 82 82
At 31 May 2023 5,442 5,442
Net book value
At 31 May 2023 81 81
At 31 May 2022 163 163

4. Debtors

2023 2022
£ £
VAT recoverable 861 836
Other debtors 81,476 91,872
82,337 92,708

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 16 1,472
Other creditors 58,586 53,672
58,602 55,144

6. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts due to directors 4,917 0

Other related party transactions

2023 2022
£ £
Amounts due to other related parties 50,000 50,000