2022-08-01 SC209479 2023-07-31 SC209479 2022-08-01 2023-07-31 SC209479 2022-07-31 SC209479 2021-08-01 2022-07-31 SC209479 uk-core:WithinOneYear uk-bus:Original 2022-07-31 SC209479 uk-core:WithinOneYear uk-bus:Original 2023-07-31 SC209479 uk-core:AfterOneYear uk-bus:Original 2022-07-31 SC209479 uk-core:AfterOneYear uk-bus:Original 2023-07-31 SC209479 uk-core:ShareCapital uk-bus:Original 2023-07-31 SC209479 uk-core:ShareCapital uk-bus:Original 2022-07-31 SC209479 uk-core:RetainedEarningsAccumulatedLosses uk-bus:Original 2023-07-31 SC209479 uk-core:RetainedEarningsAccumulatedLosses uk-bus:Original 2022-07-31 SC209479 uk-bus:Director1 uk-bus:Original 2022-08-01 2023-07-31 SC209479 uk-core:Buildings uk-bus:Original 2022-08-01 2023-07-31 SC209479 uk-core:PlantMachinery uk-bus:Original 2022-08-01 2023-07-31 SC209479 uk-core:PlantMachinery uk-bus:Original 2022-07-31 SC209479 uk-core:Buildings uk-bus:Original 2022-07-31 SC209479 uk-core:Buildings uk-bus:Original 2023-07-31 SC209479 uk-core:PlantMachinery uk-bus:Original 2023-07-31 iso4217:GBP xbrli:pure SC209479 uk-bus:AuditExemptWithAccountantsReport uk-bus:Original 2022-08-01 2023-07-31 SC209479 uk-bus:FRS102 uk-bus:Original 2022-08-01 2023-07-31 SC209479 uk-bus:FilletedAccounts uk-bus:Original 2022-08-01 2023-07-31 SC209479 uk-bus:PrivateLimitedCompanyLtd uk-bus:Original 2022-08-01 2023-07-31
Outrageous Art Ltd
Registered Number:SC209479
For the year ended 31 July 2023
Scotland
Unaudited Financial Statements
2
For the year ended 31 July 2023
Outrageous Art Ltd
Contents Page
1
Statement of Financial Position
2 to 5
Notes to the Financial Statements
3
Registered Number :
SC209479
As at 31 July 2023
Outrageous Art Ltd
Statement of Financial Position
£
£
2022
2023
Notes
Fixed assets
Property, plant and equipment
96,368
33,433
2
96,368
33,433
Current assets
Inventories
11,845
12,775
3
Trade and other receivables
2,000
2,000
4
60,937
Cash and cash equivalents
51,879
66,654
74,782
Trade and other payables: amounts falling due within one
year
(576)
(38,074)
5
74,206
28,580
Net current assets
Total assets less current liabilities
124,948
107,639
Trade and other payables: amounts falling due after more
than one year
(121,366)
(141,928)
6
(16,980)
Net liabilities
(13,727)
Capital and reserves
Called up share capital
100
100
Retained earnings
(17,080)
(13,827)
(16,980)
(13,727)
Shareholders' funds
For the year ended 31 July 2023 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006
The directors acknowledge their responsibilities for:a) ensuring that the company keeps proper 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 Section
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.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
D H Walker Director
These financial statements were approved and authorised for issue by the Board on 11 November 2023 and were signed by:
1 of 5
4
Registered Number :
SC209479
For the year ended 31 July 2023
Outrageous Art Ltd
Statement of Financial Position Continued
The notes form part of these financial statements
2 of 5
5
For the year ended 31 July 2023
Outrageous Art Ltd
Notes to the Financial Statements
Statutory Information
Outrageous Art Ltd is a private limited company, limited by shares, domiciled in Scotland, registration number
SC209479.
Registered address:
42/2 Bruntsfield Gardens
Edinburgh
EH10 4DZ
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the
Companies Act 2006. The financial statements have been prepared under the historical costs convention as
modified by the revaluation of certain assets.
Revenue recognition
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Property, plant and equipment
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Leasehold property
0% Straight line
Plant and machinery
15% Reducing balance
No depreciation is provided on the company''s freehold properties since in the opinion of the directors the expected
useful lives are sufficiently long and the estimated residual values are sufficiently high that any such depreciation
would be immaterial. The directors undertake an annual impairment review of these properties.
Inventories
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
3 of 5
6
For the year ended 31 July 2023
Outrageous Art Ltd
Notes to the Financial Statements Continued
2. Property, plant and equipment
Total
Plant and
machinery
Leasehold
property
£
£
£
Cost or
valuation
At 01 August 2022
47,163
3,835
43,328
63,000
-
63,000
Additions
At 31 July 2023
106,328
3,835
110,163
Provision for depreciation and impairment
At 01 August 2022
13,730
3,402
10,328
Charge for year
65
65
-
At 31 July 2023
13,795
3,467
10,328
At 31 July 2023
Net book value
96,000
368
96,368
At 31 July 2022
33,000
433
33,433
3. Inventories
2022
2023
£
£
Stocks
12,775
11,845
4. Trade and other receivables
2022
2023
£
£
Other debtors
2,000
2,000
5. Trade and other payables: amounts falling due within one year
2022
2023
£
£
Other creditors
38,074
576
4 of 5
7
For the year ended 31 July 2023
Outrageous Art Ltd
Notes to the Financial Statements Continued
6. Trade and other payables: amounts falling due after more than one year
2022
2023
£
£
Other creditors
141,928
121,366
7. Average number of persons employed
During the year the average number of employees was 0
5 of 5