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COMPANY REGISTRATION NUMBER: 03055912
Enormous Art Limited
Filleted Unaudited Financial Statements
31 July 2023
Enormous Art Limited
Financial Statements
Year ended 31 July 2023
Contents
Pages
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 6
Enormous Art Limited
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Enormous Art Limited
Year ended 31 July 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Enormous Art Limited for the year ended 31 July 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Enormous Art Limited in accordance with the terms of our engagement letter dated 11 February 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Enormous Art Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Enormous Art Limited and its director for our work or for this report.
It is your duty to ensure that Enormous Art Limited 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 loss of Enormous Art Limited. You consider that Enormous Art Limited 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 Enormous Art Limited. 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.
HEBBLETHWAITES Chartered Accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
12 February 2024
Enormous Art Limited
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
13,695
14,013
Current assets
Stocks
5,126
5,351
Debtors
6
8,879
7,010
Cash at bank and in hand
42
31
--------
--------
14,047
12,392
Creditors: amounts falling due within one year
7
53,432
34,259
--------
--------
Net current liabilities
39,385
21,867
--------
--------
Total assets less current liabilities
( 25,690)
( 7,854)
Creditors: amounts falling due after more than one year
8
5,535
8,471
--------
--------
Net liabilities
( 31,225)
( 16,325)
--------
--------
Enormous Art Limited
Statement of Financial Position (continued)
31 July 2023
2023
2022
Note
£
£
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 31,227)
( 16,327)
--------
--------
Shareholders deficit
( 31,225)
( 16,325)
--------
--------
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.
For the year ending 31 July 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 her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 8 February 2024 , and are signed on behalf of the board by:
Mrs C S Lister
Director
Company registration number: 03055912
Enormous Art Limited
Notes to the Financial Statements
Year ended 31 July 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 95 Brookhouse Hill, Sheffield, South Yorkshire, S10 3TE, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Going concern
The balance sheet is showing a deficit on shareholders funds. The director expects to company to continue to trade and therefore considers it appropriate to prepare the accounts on a going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
Property improvements
-
2% straight line
Plant & machinery
-
25% straight line
Fixtures & fittings
-
20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 2 ).
5. Tangible assets
Property improvements
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 August 2022
12,070
13,203
4,870
30,143
Additions
1,314
1,314
--------
--------
-------
--------
At 31 July 2023
12,070
14,517
4,870
31,457
--------
--------
-------
--------
Depreciation
At 1 August 2022
1,448
9,939
4,743
16,130
Charge for the year
242
1,325
65
1,632
--------
--------
-------
--------
At 31 July 2023
1,690
11,264
4,808
17,762
--------
--------
-------
--------
Carrying amount
At 31 July 2023
10,380
3,253
62
13,695
--------
--------
-------
--------
At 31 July 2022
10,622
3,264
127
14,013
--------
--------
-------
--------
6. Debtors
2023
2022
£
£
Trade debtors
7,973
4,658
Other debtors
906
2,352
-------
-------
8,879
7,010
-------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
14,949
17,169
Trade creditors
161
1,785
Social security and other taxes
1,500
1,710
Other creditors
36,822
13,595
--------
--------
53,432
34,259
--------
--------
Any bank borrowings in respect of overdraft are secured by personal guarantee of the director. Bank borrowings in respect of business bounce back loans are supported by a 100% government back guarantee.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
5,535
8,471
-------
-------
Bank borrowings in respect of business bounce back loans are supported by a 100% government back guarantee.
9. Director's advances, credits and guarantees
Included in creditors is a directors loan account of £22,026 (2022: £222). There are no formal repayment terms and the loan is interest free.