Company registration number 11870196 (England and Wales)
ART OF INVESTMENT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
ART OF INVESTMENT LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
ART OF INVESTMENT LTD
BALANCE SHEET
AS AT
30 MARCH 2023
30 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,635
3,812
Current assets
Stocks
300
670
Debtors
4
10,022
2,201
Cash at bank and in hand
3,077
11,761
13,399
14,632
Creditors: amounts falling due within one year
5
(83,552)
(67,670)
Net current liabilities
(70,153)
(53,038)
Net liabilities
(66,518)
(49,226)
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
(66,520)
(49,228)
Total equity
(66,518)
(49,226)

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 period ended 30 March 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 period 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 19 April 2024 and are signed on its behalf by:
Mrs A S Harwood
Director
Company registration number 11870196 (England and Wales)
ART OF INVESTMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2023
- 2 -
1
Accounting policies
Company information

Art of Investment Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Ascot Studios, Bee Mill, Ribchester, Lancashire, PR3 3XJ.

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 are prepared in sterling, which is the functional currency of the company.

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

1.2
Going concern

The company is reliant upon the financial support of its directors in order to meet its liabilities as they fall due. The directors have indicated that this support will continue for the foreseeable future and, as a result, have continued to adopt the going concern basis in preparing the financial statements.true

1.3
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.

1.4
Tangible fixed assets

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

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

Computers
10% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

ART OF INVESTMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, 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, bank loans, loans from fellow group companies and preference shares 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.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
2022
Number
Number
Total
2
2
ART OF INVESTMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2023
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
3,943
Additions
233
At 30 March 2023
4,176
Depreciation and impairment
Depreciation charged in the period
410
At 30 March 2023
541
Carrying amount
At 30 March 2023
3,635
At 31 March 2022
3,812
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
10,022
2,201
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
5,575
1,860
Taxation and social security
4,619
7,065
Other creditors
73,358
58,745
83,552
67,670
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
ART OF INVESTMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2023
- 5 -
7
Illegal dividends

The interim dividend of £4,000 paid by the company during the course of the financial period exceeds the profits available for distribution. As such, the distribution is in contravention of Section 830 of the Companies Act 2006. The shareholders acknowledge that the excess distribution may be repayable to the company on any future winding up.

 

8
Directors' transactions

During the period, the company operated a loan account with the directors. At the balance sheet date an amount of £8,260 was owed by the directors. (2022 - £150 owed to the directors).

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