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ART DISPLAY LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






ART DISPLAY LIMITED (REGISTERED NUMBER: 05185360)

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 DISPLAY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: R S Tempest
Mrs K Johnson





REGISTERED OFFICE: C/O 20A - 22 Clyde Street
Bingley
West Yorkshire
BD16 2NT





REGISTERED NUMBER: 05185360 (England and Wales)





ACCOUNTANTS: Wilkinson and Partners
Chartered Accountants
Fairfax House
6a Mill Field Road
Cottingley Business Park
Bradford
West Yorkshire
BD16 1PY

ART DISPLAY LIMITED (REGISTERED NUMBER: 05185360)

BALANCE SHEET
31 MARCH 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 3,188 5,438
Tangible assets 5 9,848 12,540
13,036 17,978

CURRENT ASSETS
Stocks 2,680 2,120
Debtors 6 14,969 7,615
Cash at bank 9,841 16,326
27,490 26,061
CREDITORS
Amounts falling due within one year 7 50,026 36,874
NET CURRENT LIABILITIES (22,536 ) (10,813 )
TOTAL ASSETS LESS CURRENT LIABILITIES (9,500 ) 7,165

CREDITORS
Amounts falling due after more than one
year

8

(2,202

)

(3,180

)

PROVISIONS FOR LIABILITIES 9 (1,871 ) (2,382 )
NET (LIABILITIES)/ASSETS (13,573 ) 1,603

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings (13,673 ) 1,503
SHAREHOLDERS' FUNDS (13,573 ) 1,603

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.

ART DISPLAY LIMITED (REGISTERED NUMBER: 05185360)

BALANCE SHEET - continued
31 MARCH 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 November 2023 and were signed on its behalf by:





R S Tempest - Director


ART DISPLAY LIMITED (REGISTERED NUMBER: 05185360)

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


1. STATUTORY INFORMATION

Art Display 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% 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 Statement of Income and Retained Earnings, 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 DISPLAY LIMITED (REGISTERED NUMBER: 05185360)

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.

3. EMPLOYEES AND DIRECTORS

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

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 45,000
AMORTISATION
At 1 April 2022 39,562
Amortisation for year 2,250
At 31 March 2023 41,812
NET BOOK VALUE
At 31 March 2023 3,188
At 31 March 2022 5,438

ART DISPLAY LIMITED (REGISTERED NUMBER: 05185360)

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


5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2022
and 31 March 2023 9,850 2,604 44,279 7,600 64,333
DEPRECIATION
At 1 April 2022 9,850 1,139 39,854 950 51,793
Charge for year - 366 664 1,662 2,692
At 31 March 2023 9,850 1,505 40,518 2,612 54,485
NET BOOK VALUE
At 31 March 2023 - 1,099 3,761 4,988 9,848
At 31 March 2022 - 1,465 4,425 6,650 12,540

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 14,534 7,070
Prepayments 435 545
14,969 7,615

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 977 953
Trade creditors 2,340 3,172
Social security and other taxes (53 ) (34 )
VAT 3,875 1,674
Directors' current accounts 41,028 29,340
Accrued expenses 1,859 1,769
50,026 36,874

The directors' loan accounts are interest free and repayable on demand.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans - 1-2 years 1,002 977
Bank loans - 2-5 years 1,200 2,203
2,202 3,180

ART DISPLAY LIMITED (REGISTERED NUMBER: 05185360)

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


9. PROVISIONS FOR LIABILITIES
31.3.23 31.3.22
£    £   
Deferred tax 1,871 2,382

Deferred
tax
£   
Balance at 1 April 2022 2,382
Accelerated capital allowances (511 )
Balance at 31 March 2023 1,871

The provision for deferred taxation is entirely in respect of accelerated capital allowances.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
100 Ordinary £1 100 100

11. RELATED PARTY DISCLOSURES

During the year rents were paid to Mr R Tempest of £5,497 (2022: £4,289) relating to the Company's work premises. The rents were considered to be at market rate and on normal commercial terms.

12. ULTIMATE CONTROLLING PARTY

Mr R Tempest has a beneficial interest in the entire issued share capital and therefore controls the Company.