Company Registration No. 09730695 (England and Wales)
MARTINARTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
MARTINARTS LTD
COMPANY INFORMATION
Directors
Mrs M Martin
Mr A J L Martin
Company number
09730695
Registered office
86 Cotterill Road
Surbiton
Surrey
KT6 7UL
Accountants
Theataccounts Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
MARTINARTS LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
MARTINARTS LTD
ENTERTAINMENT ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MARTINARTS LTD FOR THE YEAR ENDED 31 AUGUST 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Martinarts Ltd for the year ended 31 August 2023 which comprise, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

It is your duty to ensure that Martinarts Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Martinarts Ltd. You consider that Martinarts Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Martinarts Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Theataccounts Limited
28 January 2024
Entertainment Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
MARTINARTS LTD
BALANCE SHEET
AS AT 31 AUGUST 2023
31 August 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
30,049
30,805
Current assets
Debtors
4
5,540
5,464
Cash at bank and in hand
3,594
1,676
9,134
7,140
Creditors: amounts falling due within one year
5
(31,301)
(19,929)
Net current liabilities
(22,167)
(12,789)
Total assets less current liabilities
7,882
18,016
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
7,782
17,916
Total equity
7,882
18,016

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 28 January 2024 and are signed on its behalf by:
Mr A J L Martin
Director
Company Registration No. 09730695
MARTINARTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -
1
Accounting policies
Company information

Martinarts Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 86 Cotterill Road, Surbiton, Surrey, KT6 7UL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Music equipment
33% on cost
Fixtures and fittings
25% reducing balance
Motor vehicles
15% reducing balance
1.4
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

MARTINARTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.5
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 2 (2022 - 2).

3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2022
57,824
Additions
25,486
At 31 August 2023
83,310
Depreciation and impairment
At 1 September 2022
27,019
Depreciation charged in the year
26,242
At 31 August 2023
53,261
Carrying amount
At 31 August 2023
30,049
At 31 August 2022
30,805
MARTINARTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
5,540
5,464
5
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
21,268
16,064
Other taxation and social security
8,423
2,185
Other creditors
1,610
1,680
31,301
19,929
6
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
100
100
7
Ultimate controlling party

There is no ultimate controlling party.

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