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COMPANY REGISTRATION NUMBER: 04480401
Art Contracts Limited
Filleted Unaudited Financial Statements
31 July 2023
Art Contracts Limited
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
103,102
70,767
Current assets
Stocks
58,000
58,000
Debtors
6
865,693
949,259
Cash at bank and in hand
443,260
464,891
------------
------------
1,366,953
1,472,150
Creditors: amounts falling due within one year
7
733,853
733,388
------------
------------
Net current assets
633,100
738,762
---------
---------
Total assets less current liabilities
736,202
809,529
Creditors: amounts falling due after more than one year
8
102,576
190,076
---------
---------
Net assets
633,626
619,453
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
633,526
619,353
---------
---------
Shareholders funds
633,626
619,453
---------
---------
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.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Art Contracts Limited
Statement of Financial Position (continued)
31 July 2023
These financial statements were approved by the board of directors and authorised for issue on 18 April 2024 , and are signed on behalf of the board by:
Mr J Trinder
Mr A Trinder
Director
Director
Company registration number: 04480401
Art Contracts 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 Caxton House, Overthorpe Road, Banbury, Oxon, OX16 4TN.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
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:
Leasehold improvements
-
5% straight line
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
20% reducing balance
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 10 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Aug 2022
78,970
27,339
10,659
104,830
40,608
262,406
Additions
968
40,450
41,418
--------
--------
--------
---------
--------
---------
At 31 Jul 2023
78,970
28,307
10,659
145,280
40,608
303,824
--------
--------
--------
---------
--------
---------
Depreciation
At 1 Aug 2022
23,692
22,296
9,965
97,532
38,154
191,639
Charge for the year
3,949
1,119
139
3,386
490
9,083
--------
--------
--------
---------
--------
---------
At 31 Jul 2023
27,641
23,415
10,104
100,918
38,644
200,722
--------
--------
--------
---------
--------
---------
Carrying amount
At 31 Jul 2023
51,329
4,892
555
44,362
1,964
103,102
--------
--------
--------
---------
--------
---------
At 31 Jul 2022
55,278
5,043
694
7,298
2,454
70,767
--------
--------
--------
---------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
100,422
390,277
Other debtors
765,271
558,982
---------
---------
865,693
949,259
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
87,500
87,500
Trade creditors
183,797
308,679
Corporation tax
98,450
65,528
Social security and other taxes
4,913
2,689
Other creditors
359,193
268,992
---------
---------
733,853
733,388
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
102,576
190,076
---------
---------
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr J Trinder
155,937
50,544
206,481
Mr A Trinder
155,937
50,543
206,480
---------
---------
----
---------
311,874
101,087
412,961
---------
---------
----
---------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr J Trinder
195,516
( 39,579)
155,937
Mr A Trinder
195,516
( 39,579)
155,937
---------
----
--------
---------
391,032
( 79,158)
311,874
---------
----
--------
---------