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REGISTERED NUMBER: 12952057 (England and Wales)















ARTILECT SYSTEMS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022






ARTILECT SYSTEMS LIMITED (REGISTERED NUMBER: 12952057)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 5


ARTILECT SYSTEMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2022







DIRECTORS: C E B Cavell-Taylor
J S McEuen





REGISTERED OFFICE: 16 Mill Street
Oakham
Rutland
LE15 6EA





REGISTERED NUMBER: 12952057 (England and Wales)





AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
14 All Saints Street
Stamford
Lincolnshire
PE9 2PA

ARTILECT SYSTEMS LIMITED (REGISTERED NUMBER: 12952057)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 105,916 88,605

CURRENT ASSETS
Debtors 5 2 1

CREDITORS
Amounts falling due within one year 6 111,006 88,605
NET CURRENT LIABILITIES (111,004 ) (88,604 )
TOTAL ASSETS LESS CURRENT LIABILITIES (5,088 ) 1

CAPITAL AND RESERVES
Called up share capital 7 2 1
Retained earnings (5,090 ) -
SHAREHOLDERS' FUNDS (5,088 ) 1

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 November 2023 and were signed on its behalf by:





C E B Cavell-Taylor - Director


ARTILECT SYSTEMS LIMITED (REGISTERED NUMBER: 12952057)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1. STATUTORY INFORMATION

Artilect Systems 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.

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.

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.

Amortisation will be provided from when trade commences and intangible assets are bought into use.

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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

Deferred tax
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

ARTILECT SYSTEMS LIMITED (REGISTERED NUMBER: 12952057)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

4. INTANGIBLE FIXED ASSETS
Trademarks
£   
COST
At 1 January 2022 88,605
Additions 17,311
At 31 December 2022 105,916
NET BOOK VALUE
At 31 December 2022 105,916
At 31 December 2021 88,605

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Amounts owed by group undertakings - 1
Other debtors 2 -
2 1

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Amounts owed to group undertakings - 88,605
Other creditors 107,006 -
Accruals and deferred income 4,000 -
111,006 88,605

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
1 A Ordinary £1 1 1
1 B Ordinary £1 1 -
2 1

Both Ordinary share classes have full voting rights and rank pari passu with one another.

During the year 1 Ordinary share was redesignated as 1 Ordinary A share and 1 Ordinary B share was issued for cash at par.

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.


The corresponding figures included within these financial statements for the year ended 31 December 2021 are unaudited.

Alistair Main BFP FCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

ARTILECT SYSTEMS LIMITED (REGISTERED NUMBER: 12952057)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

9. RELATED PARTY DISCLOSURES

At the year end a balance a £2 (2021 - £1) was due from directors and/or companies in which one or more director holds a participating interest.

At the year end a balance a £107,006 (2021 - £88,605) was due to companies in which one or more director holds a participating interest.

Following the issue of 1 Ordinary B share there is no single ultimate controlling party.