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REGISTERED NUMBER: SC136201 (Scotland)















Financial Statements For The Year Ended 28 February 2023

for

Artbank (Scotland) Limited

Artbank (Scotland) Limited (Registered number: SC136201)






Contents of the Financial Statements
For The Year Ended 28 February 2023




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


Artbank (Scotland) Limited

Company Information
For The Year Ended 28 February 2023







DIRECTOR: I Clark





REGISTERED OFFICE: Robb Ferguson
Regent Court
70 West Regent Street
Glasgow
G2 2QZ





REGISTERED NUMBER: SC136201 (Scotland)





ACCOUNTANTS: Robb Ferguson Chartered Accountants
Regent Court
70 West Regent Street
Glasgow
G2 2QZ

Artbank (Scotland) Limited (Registered number: SC136201)

Abridged Statement of Financial Position
28 February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,659 6,507

CURRENT ASSETS
Stocks 40,748 39,908
Debtors 6,956 6,328
Cash at bank 69,317 65,651
117,021 111,887
CREDITORS
Amounts falling due within one year 116,283 100,212
NET CURRENT ASSETS 738 11,675
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,397

18,182

PROVISIONS FOR LIABILITIES 1,076 1,237
NET ASSETS 5,321 16,945

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 4,321 15,945
SHAREHOLDERS' FUNDS 5,321 16,945

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Artbank (Scotland) Limited (Registered number: SC136201)

Abridged Statement of Financial Position - continued
28 February 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Comprehensive Income and an abridged Statement of Financial Position for the year ended 28 February 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 15 November 2023 and were signed by:





I Clark - Director


Artbank (Scotland) Limited (Registered number: SC136201)

Notes to the Financial Statements
For The Year Ended 28 February 2023

1. STATUTORY INFORMATION

Artbank (Scotland) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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 stated net of VAT and trade discounts. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixed plant and equipment - 10% on reducing balance
Fixtures and fittings - 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.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in the profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in the profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit or lossIncome Statement, 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 that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Artbank (Scotland) Limited (Registered number: SC136201)

Notes to the Financial Statements - continued
For The Year Ended 28 February 2023

2. ACCOUNTING POLICIES - continued

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.

Government grants
Government grants received are credited to the Statement of Comprehensive Income as the related expenditure is incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 March 2022 36,958
Disposals (449 )
At 28 February 2023 36,509
DEPRECIATION
At 1 March 2022 30,451
Charge for year 655
Eliminated on disposal (256 )
At 28 February 2023 30,850
NET BOOK VALUE
At 28 February 2023 5,659
At 28 February 2022 6,507