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REGISTERED NUMBER: 06323600 (England and Wales)





The Art Rooms Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2023






The Art Rooms Ltd (Registered number: 06323600)






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


The Art Rooms Ltd

Company Information
for the year ended 31 March 2023







DIRECTOR: Mrs W J Al-samarraie





REGISTERED OFFICE: 13 Red Lane Mill
Sunny Bank Mills
Farsley
Pudsey
West Yorkshire
LS28 5UJ





REGISTERED NUMBER: 06323600 (England and Wales)





ACCOUNTANTS: Simon Hart FCCA
Hart Wright Accounting
Chartered Certified Accountants
24 Hall Drive
Sutton In Craven
North Yorkshire
BD20 7NH

The Art Rooms Ltd (Registered number: 06323600)

Balance Sheet
31 March 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 - 8,000
Tangible assets 5 1,562 1,853
1,562 9,853

CURRENT ASSETS
Stocks 25,526 34,018
Debtors 6 2,142 1,417
Prepayments and accrued income 1,145 1,145
Cash at bank and in hand (5,357 ) 7,349
23,456 43,929
CREDITORS
Amounts falling due within one year 7 (79,448 ) (81,184 )
NET CURRENT LIABILITIES (55,992 ) (37,255 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(54,430

)

(27,402

)

CREDITORS
Amounts falling due after more than one
year

8

(16,111

)

(17,975

)
NET LIABILITIES (70,541 ) (45,377 )

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (70,543 ) (45,379 )
SHAREHOLDERS' FUNDS (70,541 ) (45,377 )

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 director acknowledges her 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 Art Rooms Ltd (Registered number: 06323600)

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 November 2023 and were signed by:





Mrs W J Al-samarraie - Director


The Art Rooms Ltd (Registered number: 06323600)

Notes to the Financial Statements
for the year ended 31 March 2023

1. STATUTORY INFORMATION

The Art Rooms Ltd 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 2013, is being amortised evenly over its estimated useful life of ten 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.
Plant and machinery etc - 25% on cost

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 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 balance sheet date.

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.

The Art Rooms Ltd (Registered number: 06323600)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

3. EMPLOYEES AND DIRECTORS

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

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 80,000
AMORTISATION
At 1 April 2022 72,000
Charge for year 8,000
At 31 March 2023 80,000
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 8,000

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022
and 31 March 2023 14,071
DEPRECIATION
At 1 April 2022 12,218
Charge for year 291
At 31 March 2023 12,509
NET BOOK VALUE
At 31 March 2023 1,562
At 31 March 2022 1,853

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,142 1,417

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 5,631 11,104
Taxation and social security 1,588 (1,618 )
Other creditors 72,229 71,698
79,448 81,184

The Art Rooms Ltd (Registered number: 06323600)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other creditors 16,111 17,975

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bounce Back Loan Scheme 16,111 17,974

The UK Government have provided a 100% guarantee on the Bounce Back Loan Scheme (BBLS), borrowings obtained from the Barclays Bank PLC in the year.