Company registration number:
06440137
ART Group Holdings Limited
Unaudited filleted financial statements
31 March 2023
ART Group Holdings Limited
Contents
Statement of financial position
Notes to the financial statements
ART Group Holdings Limited
Statement of financial position
31 March 2023
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2023 |
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2022 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Investments |
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5 |
300 |
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300 |
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_______ |
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_______ |
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300 |
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300 |
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Current assets |
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Debtors |
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6 |
616,479 |
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608,418 |
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Cash at bank and in hand |
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500,828 |
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434,004 |
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_______ |
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_______ |
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1,117,307 |
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1,042,422 |
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Creditors: amounts falling due |
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within one year |
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7 |
(
2,634) |
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(
2,634) |
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_______ |
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_______ |
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Net current assets |
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1,114,673 |
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1,039,788 |
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_______ |
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_______ |
Total assets less current liabilities |
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1,114,973 |
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1,040,088 |
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_______ |
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_______ |
Net assets |
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1,114,973 |
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1,040,088 |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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200 |
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200 |
Profit and loss account |
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1,114,773 |
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1,039,888 |
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_______ |
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_______ |
Shareholders funds |
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1,114,973 |
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1,040,088 |
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_______ |
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_______ |
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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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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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:
06440137
ART Group Holdings 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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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 ismeasured 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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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 ateach 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.
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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to 0. (2022: 0).
5.
Investments
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Shares in group undertakings and participating interests |
Total |
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£ |
£ |
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Cost |
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At 1 April 2022 and 31 March 2023 |
300 |
300 |
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_______ |
_______ |
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Impairment |
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At 1 April 2022 and 31 March 2023 |
- |
- |
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_______ |
_______ |
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Carrying amount |
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At 31 March 2023 |
300 |
300 |
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_______ |
_______ |
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At 31 March 2022 |
300 |
300 |
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_______ |
_______ |
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Investments in group undertakings |
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Registered office |
Class of share |
Percentage of shares held |
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Subsidiary undertakings |
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ART Property Portfolio Ltd |
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England and Wales |
Ordinary |
100 |
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ART Plastering Systems Limited |
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England and Wales |
Ordinary |
100 |
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Northwest Plastering Limited |
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England and Wales |
Ordinary |
100 |
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The results and capital and reserves for the period of the trading companies are as follows:
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Capital and |
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Profit/(loss) |
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reserves |
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for the |
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period |
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2023 |
2022 |
2023 |
2022 |
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£ |
£ |
£ |
£ |
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Subsidiary undertakings |
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ART Property Portfolio Ltd |
(71,915) |
(26,154) |
(
45,761) |
(
30,077) |
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ART Plastering Systems Limited |
332,014 |
198,862 |
258,152 |
55,906 |
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Northwest Plastering Limited |
(1,632) |
(1,619) |
(
13) |
(
123) |
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6.
Debtors
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2023 |
2022 |
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£ |
£ |
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Amounts owed by group undertakings |
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591,379 |
583,318 |
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Other debtors |
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25,100 |
25,100 |
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_______ |
_______ |
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616,479 |
608,418 |
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_______ |
_______ |
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7.
Creditors: amounts falling due within one year
|
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2023 |
2022 |
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£ |
£ |
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Director loan account |
|
2,634 |
2,634 |
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_______ |
_______ |
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8.
Related party transactions
ART Plastering Systems Limited is considered to be a related party by virtue of being a wholly owned subsidiary of
ART Group Holdings Limited
. At the balance sheet date the company owed ART Plastering Systems Limited £172,297 (2022: ART Plastering Systems Limited owed the company £227,810).ART Property Portfolio Limited is considered to be a related party by virtue of being a wholly owned subsidiary of ART Group Holdings Limited
. At the balance sheet date ART Property Portfolio Limited owed the company £148,200 (2022: £140,900).81 Rose Garden Limited is considered to be a related party by virtue of Mr A R Trowers
being a common director and shareholder.At the balance sheet date the company owed ART Plastering Systems £145,050.85 Secret Garden Limited is considered to be a related party by virtue of Mr A R Trowers
being a common director and shareholder. At the balance sheet date the company owed ART Plastering Systems £96,832.