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REGISTERED NUMBER: 08878163 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2022

FOR

AORTA THE HEART OF ART LIMITED

AORTA THE HEART OF ART LIMITED (REGISTERED NUMBER: 08878163)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


AORTA THE HEART OF ART LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2022







Director: Ms F Al Rashaid





Secretary: Vistra Company Secretaries Limited





Registered office: Suite 1, 7th Floor
50 Broadway
London
SW1H 0BL





Registered number: 08878163 (England and Wales)






AORTA THE HEART OF ART LIMITED (REGISTERED NUMBER: 08878163)

BALANCE SHEET
28 FEBRUARY 2022

2022 2021
Notes £    £   
FIXED ASSETS
Tangible assets 4 694,284 582,853

CURRENT ASSETS
Stocks 56,898 56,898
Debtors 5 8,392 26,940
Cash at bank 949 6,825
66,239 90,663
CREDITORS
Amounts falling due within one year 6 (862,652 ) (712,055 )
NET CURRENT LIABILITIES (796,413 ) (621,392 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(102,129

)

(38,539

)

CAPITAL AND RESERVES
Called up share capital 218,678 218,678
Retained earnings (320,807 ) (257,217 )
SHAREHOLDERS' FUNDS (102,129 ) (38,539 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 director and authorised for issue on 24 October 2023 and were signed by:





Ms F Al Rashaid - Director


AORTA THE HEART OF ART LIMITED (REGISTERED NUMBER: 08878163)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022

1. STATUTORY INFORMATION

Aorta The Heart of Art Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The Company’s functional and presentational currency is pounds sterling (GBP) and the financial statements have been rounded to the nearest pound (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

Turnover
Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods provided in the normal course of business, net of discounts, VAT and other sales related taxes.

Sale of goods are recognised when goods are delivered and title has passed.

Tangible fixed assets
The Freehold Property and its improvements is not being depreciated. This is a departure from the Companies Act 2006 which requires all tangible fixed assets to be depreciated. The director considers that to depreciate would not enable the financial statements to give a true and fair view.

Stocks
Stock is 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 stock to its present location and condition.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

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

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 initially recognised at transaction price.

Interest bearing bank loans, overdrafts and other loans which meet the criteria to be classified as basic financial instruments are initially recorded at the present value of cash payable to the bank, which is ordinarily equal to the proceeds received net of direct issue costs. These liabilities are subsequently measured at amortised cost, using the effective interest rate method.

Cash and cash equivalents

Cash and cash equivalents comprise of cash at bank.

AORTA THE HEART OF ART LIMITED (REGISTERED NUMBER: 08878163)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2022

2. ACCOUNTING POLICIES - continued

Going concern
Although the balance sheet is showing a net current liability position the financial statements have been prepared on the going concern basis. The director has confirmed that the company will continue in operation for the foreseeable future and will be able to realise its assets and discharge its liabilities and commitments in the normal courses of business.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
Cost
At 1 March 2021 582,853 2,033 584,886
Additions 111,431 - 111,431
At 28 February 2022 694,284 2,033 696,317
Depreciation
At 1 March 2021
and 28 February 2022 - 2,033 2,033
Net book value
At 28 February 2022 694,284 - 694,284
At 28 February 2021 582,853 - 582,853

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 4,806 25,949
Other debtors 2,499 -
VAT 1,087 -
Prepayments - 991
8,392 26,940

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors - 65,340
VAT - 3,913
Bank loans - 27,379
Directors' current accounts 860,947 614,223
Accrued expenses 1,705 1,200
862,652 712,055