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REGISTERED NUMBER: 09049540 (England and Wales)
















Unaudited Financial Statements for the Year Ended 31 May 2023

for

Martyn Downer Works of Art Limited

Martyn Downer Works of Art Limited (Registered number: 09049540)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Martyn Downer Works of Art Limited

Company Information
for the Year Ended 31 May 2023







DIRECTOR: Mr Martyn Denis Downer





REGISTERED OFFICE: Lake House
Market Hill
Royston
Hertfordshire
SG8 9JN





BUSINESS ADDRESS: Puttocks End Farmhouse
Anstey
Buntingford
Hertfordshire
SG9 0DG





REGISTERED NUMBER: 09049540 (England and Wales)





ACCOUNTANTS: Hardcastle Burton LLP
Lake House
Market Hill
Royston
Hertfordshire
SG8 9JN

Martyn Downer Works of Art Limited (Registered number: 09049540)

Abridged Balance Sheet
31 May 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,261 4,200
1,261 4,200

CURRENT ASSETS
Stocks 178,152 112,605
Debtors 249,878 91,355
Cash at bank 189,659 -
617,689 203,960
CREDITORS
Amounts falling due within one year 492,790 120,052
NET CURRENT ASSETS 124,899 83,908
TOTAL ASSETS LESS CURRENT
LIABILITIES

126,160

88,108

CREDITORS
Amounts falling due after more than one
year

(20,632

)

(30,632

)

PROVISIONS FOR LIABILITIES (315 ) (798 )
NET ASSETS 105,213 56,678

CAPITAL AND RESERVES
Called up share capital 6 1 1
Retained earnings 105,212 56,677
SHAREHOLDERS' FUNDS 105,213 56,678

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Martyn Downer Works of Art Limited (Registered number: 09049540)

Abridged Balance Sheet - continued
31 May 2023


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 May 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 January 2024 and were signed by:





Mr Martyn Denis Downer - Director


Martyn Downer Works of Art Limited (Registered number: 09049540)

Notes to the Financial Statements
for the Year Ended 31 May 2023

1. STATUTORY INFORMATION

Martyn Downer Works of Art Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery- 20% on reducing balance
Fixtures and fittings- 20% on reducing balance
Computer equipment- 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Martyn Downer Works of Art Limited (Registered number: 09049540)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors and loans that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

Martyn Downer Works of Art Limited (Registered number: 09049540)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 June 2022
and 31 May 2023 18,000
AMORTISATION
At 1 June 2022
and 31 May 2023 18,000
NET BOOK VALUE

At 31 May 2023 -
At 31 May 2022 -

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 June 2022 10,375
Disposals (6,608 )
At 31 May 2023 3,767
DEPRECIATION
At 1 June 2022 6,175
Charge for year 839
Eliminated on disposal (4,508 )
At 31 May 2023 2,506
NET BOOK VALUE
At 31 May 2023 1,261
At 31 May 2022 4,200

6. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.23 31.5.22
value: £    £   
1 Ordinary £1 1 1