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Company registration number: 04867041
ART Property Portfolio Limited
Unaudited filleted financial statements
31 March 2023
ART Property Portfolio Limited
Contents
Statement of financial position
Notes to the financial statements
ART Property Portfolio Limited
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 6 554,811 520,663
_______ _______
554,811 520,663
Current assets
Debtors 7 100 150
Cash at bank and in hand 4,155 2,855
_______ _______
4,255 3,005
Creditors: amounts falling due
within one year 8 ( 450,404) ( 364,356)
_______ _______
Net current liabilities ( 446,149) ( 361,351)
_______ _______
Total assets less current liabilities 108,662 159,312
Creditors: amounts falling due
after more than one year 9 ( 180,477) ( 185,366)
_______ _______
Net liabilities ( 71,815) ( 26,054)
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 71,915) ( 26,154)
_______ _______
Shareholders deficit ( 71,815) ( 26,054)
_______ _______
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;
- 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:
Mr A R Trowers
Director
Company registration number: 04867041
ART Property Portfolio 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 Deansfield House, 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 and investment properties measured at fair value through profit or loss.
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 initially 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:
Short leasehold property - 20 % 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.
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. Loss before taxation
Loss before taxation is stated after charging/(crediting):
2023 2022
£ £
Depreciation of tangible assets 49,583 32,837
Interest payable to group undertakings 9,035 5,253
_______ _______
6. Tangible assets
Freehold property Short leasehold property Total
£ £ £
Cost
At 1 April 2022 394,232 164,184 558,416
Additions - 83,731 83,731
_______ _______ _______
At 31 March 2023 394,232 247,915 642,147
_______ _______ _______
Depreciation
At 1 April 2022 - 37,753 37,753
Charge for the year - 49,583 49,583
_______ _______ _______
At 31 March 2023 - 87,336 87,336
_______ _______ _______
Carrying amount
At 31 March 2023 394,232 160,579 554,811
_______ _______ _______
At 31 March 2022 394,232 126,431 520,663
_______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors - 50
Called up share capital not paid 100 100
_______ _______
100 150
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 6,043 7,196
Trade creditors 2,201 6,391
Amounts owed to group undertakings 440,060 349,500
Corporation tax 723 -
Director loan account 657 549
Tenant deposits held 720 720
_______ _______
450,404 364,356
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 180,477 185,366
_______ _______
The bank loan is secured by way of a fixed and floating charge over the assets of the company.
10. Related party transactions
A R Trowers is considered to be a related party by virtue of his directorship and shareholding in the ultimate parent company.At the balance sheet date the company owed Anthony Raymond Trowers £657. (2022: £549)ART Plastering Systems 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 virtue of being under common control. At the balance sheet date ART Property Portfolio Limited owed ART Group Holdings Limited the sum of £148,200 (2022: £140,900).
11. Ultimate parent undertaking
The company is a wholly owned subsidiary of ART Group Holdings Limited - Company No - 06440137, registered office address; 98 Lancaster Road, Newcastle-under-Lyme, Staffordshire, ST5 1DS.