Registered number
11876035
Fine Art Portraits Ltd
Filleted Accounts
31 March 2023
Fine Art Portraits Ltd
Registered number: 11876035
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 14,626 16,066
Current assets
Debtors 4 12,425 13,626
Cash at bank and in hand 6,259 11,852
18,684 25,478
Creditors: amounts falling due within one year 5 (24,642) (28,875)
Net current liabilities (5,958) (3,397)
Total assets less current liabilities 8,668 12,669
Creditors: amounts falling due after more than one year 6 (8,667) (12,667)
Net assets 1 2
Capital and reserves
Called up share capital 1 1
Profit and loss account - 1
Shareholder's funds 1 2
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Stephen Conway
Director
Approved by the board on 25 October 2023
Fine Art Portraits Ltd
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 0
3 Tangible fixed assets
Office equipment
£
Cost
At 1 April 2022 22,332
Additions 3,206
At 31 March 2023 25,538
Depreciation
At 1 April 2022 6,266
Charge for the year 4,646
At 31 March 2023 10,912
Net book value
At 31 March 2023 14,626
At 31 March 2022 16,066
4 Debtors 2023 2022
£ £
Trade debtors - 3,086
Directors loan account 10,899 8,001
Other debtors 1,526 2,539
12,425 13,626
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 4,000 4,000
Taxation and social security costs 19,913 24,200
Other creditors 729 675
24,642 28,875
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 8,667 12,667
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr Stephen Conway
8,001 62,728 (59,828) 10,901
8,001 62,728 (59,828) 10,901
8 Other information
Fine Art Portraits Ltd is a private company limited by shares and incorporated in England. Its registered office is:
43 Fisherton Street
Salisbury
Wiltshire
SP2 7SU
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