Registered number
SC257870
Trinity Arts Ltd
Unaudited Financial Statements for the year ended
31 March 2023
Trinity Arts Ltd Registered number:
Directors' Report SC257870
The directors present their report and accounts for the period ended 31 March 2023.
The directors have changed the accounting date to 31 March from 5 April.
Principal activities
The company's principal activity during the year is the sale of art materials.
Directors
The following persons served as directors during the period:
Margaret L A Jackson
Alistair B Wallace
Natalie J Wallace
Paul A Wallace
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 27 November 2023 and signed by its order.
Natalie J Wallace
Secretary
Trinity Arts Ltd Registered number:
SC257870
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 66,555 42,105
Current assets
Stocks 310,188 254,873
Debtors 5 8,190 22,147
Cash at bank and in hand 38,383 181,953
356,761 458,973
Creditors: amounts falling due within one year 6 (275,300) (274,797)
Net current assets 81,461 184,176
Total assets less current liabilities 148,016 226,281
Creditors: amounts falling due after more than one year 7 (76,555) (90,185)
Net assets 71,461 136,096
Capital and reserves
Called up share capital 8 4 4
Profit and loss account 71,457 136,092
Shareholders' funds 71,461 136,096
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with Section 476 of the Companies Act 2006 for the year ended 31 March 2023 .
The directors acknowledge their responsibilities for complying with the requirements of Section 386 and Section 387 of the Companies Act 2006 with respect to accounting records and the preparation of the financial statements which give a true and fair view of the state of affairs of the company as at 31 March 2023, and of its profit or loss for the financial year in accordance with the requirements of Section 396 and which otherwise comply with the requirements of the Act relating to the accounts so far as applicable to the company.
The financial statements have been prepared in accordance with the special provisions in Part 15 of the Companies Act 2006 applicable to small companies and the Financial Reporting Standard for Smaller Entities (April 2008). The profit and loss account has not been delivered to the Registrar of Companies in accordance with S444 of the Companies Act 2006.
The financial statements were approved by the Board on 27 November 2023 and signed on its behalf by:
Paul A Wallace
Director
Trinity Arts Ltd
Notes to the Accounts
for the period from 6 April 2022 to 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of art materials.
Tangible fixed assets Depreciation
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks consist of art materials and are included at last cost.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 9 9
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 6 April 2022 55,480 17,950 73,430
Additions 25,423 34,279 59,702
Disposals (11,726) (17,950) (29,676)
At 31 March 2023 69,177 34,279 103,456
Depreciation
At 6 April 2022 23,471 7,854 31,325
Charge for the period 13,621 8,570 22,191
On disposals (8,761) (7,854) (16,615)
At 31 March 2023 28,331 8,570 36,901
Net book value
At 31 March 2023 40,846 25,709 66,555
At 5 April 2022 32,009 10,096 42,105
4 Taxation 2023 2022
£ £
UK corporation tax (2022 - 19%) - 752
- 752
No provision is made for deferred taxation as in the opinion of the directors it is unlikely a liability will arise in the foreseeable future.
5 Debtors 2023 2022
£ £
Trade debtors 4,584 15,835
Director's Loan 2,796 6,312
Other debtors 810 -
8,190 22,147
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans 29,270 19,815
Trade creditors 186,256 208,640
Corporation tax - 752
Other taxes and social security costs 48,518 43,899
Dividends payable - -
Other creditors 11,256 1,691
275,300 274,797
The loans from the directors are interest free and no arrangements exist for their repayment.
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 76,555 90,185
8 Share Capital Nominal 2023 2023 2022
value Number £ £
Allotted, called up and fully paid:
Ordinary Shares £1 each 4 4 4
9 Ultimate controlling party
The directors confirm that in their opinion, the company has no controlling party.
10 Other information
Trinity Arts Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
Unit F - Hawkhill Court
Mid Wynd
Dundee
DD1 4GJ
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