1 31/03/2023 2023-03-31 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2022-04-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 06946702 2022-04-01 2023-03-31 06946702 2023-03-31 06946702 2022-03-31 06946702 2021-04-01 2022-03-31 06946702 2022-03-31 06946702 core:LandBuildings core:ShortLeaseholdAssets 2022-04-01 2023-03-31 06946702 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 06946702 core:MotorVehicles 2022-04-01 2023-03-31 06946702 core:OnerousContractsExcludingVacantProperties 2022-04-01 2023-03-31 06946702 bus:Director1 2022-04-01 2023-03-31 06946702 core:PlantMachinery 2022-03-31 06946702 core:FurnitureFittingsToolsEquipment 2022-03-31 06946702 core:MotorVehicles 2022-03-31 06946702 core:PlantMachinery 2023-03-31 06946702 core:FurnitureFittingsToolsEquipment 2023-03-31 06946702 core:MotorVehicles 2023-03-31 06946702 core:WithinOneYear 2023-03-31 06946702 core:WithinOneYear 2022-03-31 06946702 core:ShareCapital 2023-03-31 06946702 core:ShareCapital 2022-03-31 06946702 core:RetainedEarningsAccumulatedLosses 2023-03-31 06946702 core:RetainedEarningsAccumulatedLosses 2022-03-31 06946702 core:PlantMachinery 2022-04-01 2023-03-31 06946702 core:PlantMachinery 2022-03-31 06946702 core:FurnitureFittingsToolsEquipment 2022-03-31 06946702 core:MotorVehicles 2022-03-31 06946702 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2022-03-31 06946702 bus:SmallEntities 2022-04-01 2023-03-31 06946702 bus:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 06946702 bus:FullAccounts 2022-04-01 2023-03-31 06946702 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 06946702 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 06946702 core:ComputerEquipment 2022-04-01 2023-03-31 06946702 core:ComputerEquipment 2022-03-31 06946702 core:ComputerEquipment 2023-03-31 06946702 core:AllAssociates 2022-04-01 2023-03-31 06946702 1 2022-04-01 2023-03-31
Company registration number: 06946702
ART Plastering Systems Limited
Unaudited filleted financial statements
31 March 2023
ART Plastering Systems Limited
Contents
Statement of financial position
Notes to the financial statements
ART Plastering Systems Limited
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 6 19,438 29,375
_______ _______
19,438 29,375
Current assets
Debtors 7 738,313 615,209
Cash at bank and in hand 95,479 52,546
_______ _______
833,792 667,755
Creditors: amounts falling due
within one year 8 ( 521,116) ( 497,640)
_______ _______
Net current assets 312,676 170,115
_______ _______
Total assets less current liabilities 332,114 199,490
Provisions for liabilities - ( 528)
_______ _______
Net assets 332,114 198,962
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 332,014 198,862
_______ _______
Shareholder funds 332,114 198,962
_______ _______
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 15 November 2023 , and are signed on behalf of the board by:
A R Trowers
Director
Company registration number: 06946702
ART Plastering Systems Limited
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 98 Lancaster Road, Newcastle-Under-Lyme, Staffordshire, ST5 1DS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities.The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are intially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property improvements - 10 % straight line
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % straight line
Computer equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2023 2022
£ £
Depreciation of tangible assets 11,571 12,665
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Computer equipment Total
£ £ £ £ £
Cost
At 1 April 2022 40,182 38,240 63,865 21,859 164,146
Additions - 1,008 - 627 1,635
_______ _______ _______ _______ _______
At 31 March 2023 40,182 39,248 63,865 22,486 165,781
_______ _______ _______ _______ _______
Depreciation
At 1 April 2022 25,918 35,231 51,764 21,859 134,772
Charge for the year 4,018 1,546 5,850 157 11,571
_______ _______ _______ _______ _______
At 31 March 2023 29,936 36,777 57,614 22,016 146,343
_______ _______ _______ _______ _______
Carrying amount
At 31 March 2023 10,246 2,471 6,251 470 19,438
_______ _______ _______ _______ _______
At 31 March 2022 14,264 3,009 12,101 - 29,374
_______ _______ _______ _______ _______
Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 March 2023 -
_______
At 31 March 2022 1,706
_______
7. Debtors
2023 2022
£ £
Trade debtors 316,642 147,940
Work in progress 14,140 115,952
Amounts owed by group undertakings 222,882 214,609
VAT recoverable 86,000 60,101
Other debtors 89,469 67,493
Prepayments 9,180 9,114
_______ _______
738,313 615,209
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 288,660 194,507
Amounts owed to group undertakings 97,297 227,810
Corporation tax 63,250 11,888
Social security and other taxes 24,222 21,742
Director loan account 1,298 1,332
Other creditors 35,520 31,111
Accruals 10,175 9,250
_______ _______
520,422 497,640
_______ _______
The bank overdraft has been personally guaranteed by the director.Liabilities relating to hire purchase obligations are secured against the asset to which they relate.
9. Related party transactions
Northwest Plastering Systems Limited is considered to be a related party by virtue of being under common control. At the balance sheet date Northwest Plastering Systems Limited owed ART Plastering Systems Limited £1,722. (2022: £1,709).ART Property Portfolio Limited is considered to be a related party by virtue of being under common control. At the balance sheet date ART Property Portfolio Limited owed ART Plastering Systems Limited the sum of £291,860 (2022: £208,600).ART Group Holdings Limited is considered to be a related party by vitue of holding 100% of the issued ordinary share capital of ART Plastering Systems Limited . At the balance sheet date the company owed ART Group Holdings Limited amounts totalling £97,297 (2022: £227,810). A R Trowers is considered to be a related party by virtue of his directorship and shareholding in the ultimate parent company.During the year A R Trowers introduce monies to the company in the sum of £966 (2022: £2,473). At the balance sheet date the company owed A R Trowers £1,298 (2022: £1,332).
10. Ultimate parent undertaking
The company is a wholly owned subsidiary of ART Group Holdings Limited, registered office address; 98 Lancaster Road, Newcastle-under-Lyme, Staffordshire, ST5 1DS.