IRIS Accounts Production v23.2.0.158 SC370204 Board of Directors 1.2.22 31.1.23 31.1.23 false true false false true false iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure SC370204 2022-01-31 SC370204 2023-01-31 SC370204 2022-02-01 2023-01-31 SC370204 2021-01-31 SC370204 2021-02-01 2022-01-31 SC370204 2022-01-31 SC370204 ns16:Scotland 2022-02-01 2023-01-31 SC370204 ns15:PoundSterling 2022-02-01 2023-01-31 SC370204 ns11:Director1 2022-02-01 2023-01-31 SC370204 ns11:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 SC370204 ns11:SmallEntities 2022-02-01 2023-01-31 SC370204 ns11:AuditExempt-NoAccountantsReport 2022-02-01 2023-01-31 SC370204 ns11:SmallCompaniesRegimeForDirectorsReport 2022-02-01 2023-01-31 SC370204 ns11:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 SC370204 ns11:FullAccounts 2022-02-01 2023-01-31 SC370204 ns11:Director2 2022-02-01 2023-01-31 SC370204 ns11:RegisteredOffice 2022-02-01 2023-01-31 SC370204 ns6:CurrentFinancialInstruments 2023-01-31 SC370204 ns6:CurrentFinancialInstruments 2022-01-31 SC370204 ns6:Non-currentFinancialInstruments 2023-01-31 SC370204 ns6:Non-currentFinancialInstruments 2022-01-31 SC370204 ns6:ShareCapital 2023-01-31 SC370204 ns6:ShareCapital 2022-01-31 SC370204 ns6:RetainedEarningsAccumulatedLosses 2023-01-31 SC370204 ns6:RetainedEarningsAccumulatedLosses 2022-01-31 SC370204 ns6:PlantMachinery 2022-02-01 2023-01-31 SC370204 ns6:PlantMachinery 2022-01-31 SC370204 ns6:PlantMachinery 2023-01-31 SC370204 ns6:PlantMachinery 2022-01-31 SC370204 ns6:PlantMachinery ns6:LeasedAssetsHeldAsLessee 2022-01-31 SC370204 ns6:PlantMachinery ns6:LeasedAssetsHeldAsLessee 2022-02-01 2023-01-31 SC370204 ns6:PlantMachinery ns6:LeasedAssetsHeldAsLessee 2023-01-31 SC370204 ns6:PlantMachinery ns6:LeasedAssetsHeldAsLessee 2022-01-31 SC370204 ns6:WithinOneYear ns6:CurrentFinancialInstruments 2023-01-31 SC370204 ns6:WithinOneYear ns6:CurrentFinancialInstruments 2022-01-31 SC370204 ns6:WithinOneYear ns6:CurrentFinancialInstruments ns6:HirePurchaseContracts 2023-01-31 SC370204 ns6:WithinOneYear ns6:CurrentFinancialInstruments ns6:HirePurchaseContracts 2022-01-31 SC370204 ns6:BetweenOneFiveYears ns6:HirePurchaseContracts 2023-01-31 SC370204 ns6:BetweenOneFiveYears ns6:HirePurchaseContracts 2022-01-31 SC370204 ns6:HirePurchaseContracts 2023-01-31 SC370204 ns6:HirePurchaseContracts 2022-01-31

REGISTERED NUMBER: SC370204 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

FOR

ARTMACHINE SHETLAND LTD

ARTMACHINE SHETLAND LTD (REGISTERED NUMBER: SC370204) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| ARTMACHINE SHETLAND LTD |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 JANUARY 2023

| DIRECTORS: | J Polson

| C L Sim

| REGISTERED OFFICE: | Garthspool

| Lerwick

| Shetland

| ZE1 0NY

| REGISTERED NUMBER: | SC370204 (Scotland)

ARTMACHINE SHETLAND LTD (REGISTERED NUMBER: SC370204) |

BALANCE SHEET

31 JANUARY 2023

| 2023 | 2022 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 5 | 76,636 |  | 56,437 |  |

CURRENT ASSETS

Stocks | 7,500 |  | 6,250 |  |

Debtors | 6 | 42,719 |  | 23,176 |  |

Cash at bank | 9,650 |  | 8,062 |  |

59,869 |  | 37,488 |  |

CREDITORS

Amounts falling due within one year | 7 | 83,768 |  | 60,228 |  |

NET CURRENT LIABILITIES | (23,899 | ) | (22,740 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 52,737 |  | 33,697 |  |

CREDITORS

Amounts falling due after more than one year | 8 | (22,565 | ) | (20,194 | ) |

PROVISIONS FOR LIABILITIES | (14,561 | ) | (10,723 | ) |

NET ASSETS | 15,611 |  | 2,780 |  |

CAPITAL AND RESERVES

Called up share capital | 100 |  | 100 |  |

Retained earnings | 15,511 |  | 2,680 |  |

SHAREHOLDERS' FUNDS | 15,611 |  | 2,780 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ARTMACHINE SHETLAND LTD (REGISTERED NUMBER: SC370204) |

BALANCE SHEET - continued

31 JANUARY 2023

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 September 2023 and were signed on its behalf by:

J Polson - Director

ARTMACHINE SHETLAND LTD (REGISTERED NUMBER: SC370204) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

1. | STATUTORY INFORMATION

| Artmachine Shetland Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. | STATEMENT OF COMPLIANCE

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements have been prepared under the historical cost convention.

| The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest pound.

| Going Concern

| At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

| Significant judgements and estimates

| In the application of the company's accounting policies, the directors are 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 directors consider that there are no estimates and underlying assumptions which have a significant risk of causing a material adjustment to the carrying amount of the assets and liabilities.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Plant and machinery etc | - | 25% on reducing balance and 20% on reducing balance

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

ARTMACHINE SHETLAND LTD (REGISTERED NUMBER: SC370204) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2023

3. | ACCOUNTING POLICIES - continued

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Cash and cash equivalents

| Cash and cash equivalents include cash in hand, deposits held in 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.

4. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 7 (2022 - 7 ) .

ARTMACHINE SHETLAND LTD (REGISTERED NUMBER: SC370204) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2023

5. | TANGIBLE FIXED ASSETS

| Plant and

| machinery

| etc

£ |

| COST

| At 1 February 2022 | 111,247 |  |

| Additions | 38,930 |  |

| Disposals | (19,390 | ) |

| At 31 January 2023 | 130,787 |  |

| DEPRECIATION

| At 1 February 2022 | 54,810 |  |

| Charge for year | 17,115 |  |

| Eliminated on disposal | (17,774 | ) |

| At 31 January 2023 | 54,151 |  |

| NET BOOK VALUE

| At 31 January 2023 | 76,636 |  |

| At 31 January 2022 | 56,437 |  |

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Plant and

| machinery

| etc

£ |

| COST

| At 1 February 2022 | 65,512 |  |

| Additions | 35,650 |  |

| Transfer to ownership | (40,847 | ) |

| At 31 January 2023 | 60,315 |  |

| DEPRECIATION

| At 1 February 2022 | 29,084 |  |

| Charge for year | 12,406 |  |

| Transfer to ownership | (17,909 | ) |

| At 31 January 2023 | 23,581 |  |

| NET BOOK VALUE

| At 31 January 2023 | 36,734 |  |

| At 31 January 2022 | 36,428 |  |

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2023 | 2022 |

£ | £ |

| Trade debtors | 41,298 |  | 22,104 |  |

| Other debtors | 1,421 |  | 1,072 |  |

42,719 |  | 23,176 |  |

ARTMACHINE SHETLAND LTD (REGISTERED NUMBER: SC370204) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JANUARY 2023

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2023 | 2022 |

£ | £ |

| Bank loans and overdrafts | 5,004 |  | 4,880 |  |

| Hire purchase contracts (see note 9) | 9,877 |  | 2,837 |  |

| Trade creditors | 20,881 |  | 7,273 |  |

| Taxation and social security | 22,730 |  | 16,635 |  |

| Other creditors | 25,276 |  | 28,603 |  |

83,768 |  | 60,228 |  |

8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2023 | 2022 |

£ | £ |

| Bank loans | 12,556 |  | 17,556 |  |

| Hire purchase contracts (see note 9) | 10,009 |  | 2,638 |  |

22,565 |  | 20,194 |  |

9. | LEASING AGREEMENTS

| Minimum lease payments under hire purchase fall due as follows:

2023 | 2022 |

£ | £ |

| Net obligations repayable:

| Within one year | 9,877 |  | 2,837 |  |

| Between one and five years | 10,009 |  | 2,638 |  |

19,886 |  | 5,475 |  |

10. | SECURED DEBTS

| The following secured debts are included within creditors:

2023 | 2022 |

£ | £ |

| Hire purchase contracts | 19,886 |  | 5,475 |  |

11. | PENSION COMMITMENTS

| Included within Other creditors are outstanding pension contributions of £385 (2022 - £298).

12. | ULTIMATE CONTROLLING PARTY

| The company is controlled by the directors J Polson and C L Sim by virtue of the fact that they own 100% of the issued share capital.