REGISTERED NUMBER: SC370204 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

FOR

ARTMACHINE SHETLAND LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J Polson

C L Sim

REGISTERED OFFICE:

Garthspool

Lerwick

Shetland

ZE1 0NY

REGISTERED NUMBER:

SC370204 (Scotland)

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.

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

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.

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 ) .

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

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.