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REGISTERED NUMBER: 07169388 (England and Wales)















ART ONE (WALSALL) LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023






ART ONE (WALSALL) LIMITED (REGISTERED NUMBER: 07169388)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ART ONE (WALSALL) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: C A Jessup
Mrs N Jessup





SECRETARY: C A Jessup





REGISTERED OFFICE: 1 Station Court
Girton Road
Cannock
WS11 0EJ





REGISTERED NUMBER: 07169388 (England and Wales)

ART ONE (WALSALL) LIMITED (REGISTERED NUMBER: 07169388)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 927 -
Investment property 5 18,210,283 18,210,283
18,211,210 18,210,283

CURRENT ASSETS
Debtors 6 319,044 280,919
Cash at bank and in hand 465,557 465,730
784,601 746,649
CREDITORS
Amounts falling due within one year 7 (650,823 ) (649,664 )
NET CURRENT ASSETS 133,778 96,985
TOTAL ASSETS LESS CURRENT LIABILITIES 18,344,988 18,307,268

CREDITORS
Amounts falling due after more than one year 8 (9,407,002 ) (9,790,019 )

PROVISIONS FOR LIABILITIES (634,810 ) (634,810 )
NET ASSETS 8,303,176 7,882,439

ART ONE (WALSALL) LIMITED (REGISTERED NUMBER: 07169388)

BALANCE SHEET - continued
31 MARCH 2023

2023 2022
Notes £    £   
CAPITAL AND RESERVES
Called up share capital 9 102 102
Retained earnings 8,303,074 7,882,337
SHAREHOLDERS' FUNDS 8,303,176 7,882,439

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 October 2023 and were signed on its behalf by:





C A Jessup - Director


ART ONE (WALSALL) LIMITED (REGISTERED NUMBER: 07169388)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Art One (Walsall) 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.

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 as modified by the revaluation of certain assets.

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

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover represents net invoiced property rentals, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - Straight line over 3 years

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


ART ONE (WALSALL) LIMITED (REGISTERED NUMBER: 07169388)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. 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
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.

Service charge
Art One (Walsall) Limited's service charge income and expenditure related to common area maintenance and service of the company's investment properties is not represented in these financial statements.

A designated Trustee bank account for this fund has been set up, and is not considered an asset of the company.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 2 ) .

ART ONE (WALSALL) LIMITED (REGISTERED NUMBER: 07169388)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
Additions 1,391
At 31 March 2023 1,391
DEPRECIATION
Charge for year 464
At 31 March 2023 464
NET BOOK VALUE
At 31 March 2023 927

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 18,210,283
NET BOOK VALUE
At 31 March 2023 18,210,283
At 31 March 2022 18,210,283

Investment property comprises land and buildings, both residential and commercial at Charles Street, Walsall.

The investment property was revalued as at 31 March 2023 by the directors on an open market basis.

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2023 4,975,507
Cost 13,234,776
18,210,283

ART ONE (WALSALL) LIMITED (REGISTERED NUMBER: 07169388)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 307,498 272,500
Other debtors - 4,943
Directors' current accounts 7,241 -
Prepayments 4,305 3,476
319,044 280,919

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 29,518 43,604
Amounts owed to group undertakings 456,130 494,506
Tax 98,793 104,472
Social security and other taxes 2,016 1,831
Pension 290 357
VAT 3,935 2,729
Other borrowings 55,789 -
Accruals and deferred income 4,352 2,165
650,823 649,664

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Amounts owed to group undertakings 1,196,548 1,579,565
Government grants 8,210,454 8,210,454
9,407,002 9,790,019

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
102 Ordinary £1 102 102

10. FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £11,880 (2022: £Nil).

ART ONE (WALSALL) LIMITED (REGISTERED NUMBER: 07169388)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
C A Jessup
Balance outstanding at start of year - -
Amounts advanced 7,241 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 7,241 -

The loan has been provided interest free and is repayable on demand.

12. RELATED PARTY DISCLOSURES

The parent company of Art One (Walsall) Limited is Girton Investment Holdings Limited, a company incorporated in the UK, which shares the same registered office address.