Company registration number 05387945 (England and Wales)
ART CLEANING (MIDLANDS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
ART CLEANING (MIDLANDS) LIMITED
COMPANY INFORMATION
Directors
Mr S J Hart
Mrs J L Hart
Secretary
Ms P L Bleasdale
Company number
05387945
Registered office
Unit 5 The Howard Centre
Paper Mill End
Great Barr
Birmingham
West Midlands
England
B44 8NH
Accountants
Malcolm Piper & Company Limited
Kingsnorth House
Blenheim Way
Birmingham
West Midlands
United Kingdom
B44 8LS
ART CLEANING (MIDLANDS) LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
ART CLEANING (MIDLANDS) LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ART CLEANING (MIDLANDS) LIMITED FOR THE YEAR ENDED 31 MAY 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 Art Cleaning (Midlands) Limited for the year ended 31 May 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.

 

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 https://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Art Cleaning (Midlands) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Art Cleaning (Midlands) Limited and state those matters that we have agreed to state to the Board of Directors of Art Cleaning (Midlands) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Art Cleaning (Midlands) Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Art Cleaning (Midlands) 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 profit of Art Cleaning (Midlands) Limited. You consider that Art Cleaning (Midlands) 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 Art Cleaning (Midlands) 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.

Malcolm Piper & Company Limited
7 February 2024
Chartered Accountants
Kingsnorth House
Blenheim Way
Birmingham
West Midlands
United Kingdom
B44 8LS
ART CLEANING (MIDLANDS) LIMITED
BALANCE SHEET
AS AT
31 MAY 2023
31 May 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
220,599
118,798
Current assets
Stock
3,549
3,426
Debtors
6
394,837
398,945
Cash at bank and in hand
267,514
211,770
665,900
614,141
Creditors: amounts falling due within one year
7
(386,861)
(381,424)
Net current assets
279,039
232,717
Total assets less current liabilities
499,638
351,515
Creditors: amounts falling due after more than one year
8
(20,748)
(30,749)
Provisions for liabilities
(32,700)
(21,500)
Net assets
446,190
299,266
Capital and reserves
Called up share capital
10
200
200
Profit and loss reserves
445,990
299,066
Total equity
446,190
299,266

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 May 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.

ART CLEANING (MIDLANDS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2023
31 May 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 7 February 2024 and are signed on its behalf by:
Mr S J Hart
Director
Company Registration No. 05387945
ART CLEANING (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
1
Accounting policies
Company information

Art Cleaning (Midlands) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 5 The Howard Centre, Paper Mill End, Great Barr, Birmingham, West Midlands, England, B44 8NH.

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. Monetary amounts in these financial statements are rounded to the nearest £.

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 and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.

1.4
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:

Improvements to property
5% on cost
Plant and equipment
20% on reducing balance
Fixtures and fittings
15% on reducing balance
Computers
33% on reducing balance
Motor vehicles
25% on reducing balance

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
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

ART CLEANING (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Stock

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

1.7
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.

1.8
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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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.

1.9
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.

1.10
Taxation

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

ART CLEANING (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 6 -
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.

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.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
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
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

ART CLEANING (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 7 -
3
Employees

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

2023
2022
Number
Number
Total
24
20
4
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2022 and 31 May 2023
30,000
Amortisation and impairment
At 1 June 2022 and 31 May 2023
30,000
Carrying amount
At 31 May 2023
-
0
At 31 May 2022
-
0
5
Tangible fixed assets
Improvements to property
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 June 2022
4,868
37,229
20,876
22,694
189,275
274,942
Additions
93,397
5,407
7,178
6,567
29,111
141,660
Disposals
-
0
-
0
-
0
(2,450)
(2,500)
(4,950)
At 31 May 2023
98,265
42,636
28,054
26,811
215,886
411,652
Depreciation and impairment
At 1 June 2022
2,025
25,798
14,019
16,183
98,119
156,144
Depreciation charged in the year
3,281
2,893
1,443
3,476
27,037
38,130
Eliminated in respect of disposals
-
0
-
0
-
0
(2,361)
(860)
(3,221)
At 31 May 2023
5,306
28,691
15,462
17,298
124,296
191,053
Carrying amount
At 31 May 2023
92,959
13,945
12,592
9,513
91,590
220,599
At 31 May 2022
2,843
11,431
6,857
6,511
91,156
118,798
ART CLEANING (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 8 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
359,805
376,326
Other debtors
35,032
22,619
394,837
398,945
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
13,956
14,608
Trade creditors
54,218
45,815
Corporation tax
62,177
63,590
Other taxation and social security
110,259
104,953
Other creditors
146,251
152,458
386,861
381,424
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
20,748
30,749
9
Secured liabilities

Included within creditors due within and after more than one year is a Bounce Back Loan which is secured by a government backed guarantee.

10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
200
200
200
200
11
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
23,408
4,657
2023-05-312022-06-01false07 February 2024CCH SoftwareCCH Accounts Production 2023.100No description of principal activityMr S J HartMrs J L HartMs P L Bleasdale053879452022-06-012023-05-3105387945bus:Director12022-06-012023-05-3105387945bus:Director22022-06-012023-05-3105387945bus:CompanySecretary12022-06-012023-05-3105387945bus:RegisteredOffice2022-06-012023-05-31053879452023-05-31053879452022-05-3105387945core:LeaseholdImprovements2023-05-3105387945core:PlantMachinery2023-05-3105387945core:FurnitureFittings2023-05-3105387945core:ComputerEquipment2023-05-3105387945core:MotorVehicles2023-05-3105387945core:LeaseholdImprovements2022-05-3105387945core:PlantMachinery2022-05-3105387945core:FurnitureFittings2022-05-3105387945core:ComputerEquipment2022-05-3105387945core:MotorVehicles2022-05-3105387945core:CurrentFinancialInstrumentscore:WithinOneYear2023-05-3105387945core:CurrentFinancialInstrumentscore:WithinOneYear2022-05-3105387945core:Non-currentFinancialInstrumentscore:AfterOneYear2023-05-3105387945core:Non-currentFinancialInstrumentscore:AfterOneYear2022-05-3105387945core:CurrentFinancialInstruments2023-05-3105387945core:CurrentFinancialInstruments2022-05-3105387945core:ShareCapital2023-05-3105387945core:ShareCapital2022-05-3105387945core:RetainedEarningsAccumulatedLosses2023-05-3105387945core:RetainedEarningsAccumulatedLosses2022-05-3105387945core:Goodwill2022-06-012023-05-3105387945core:LeaseholdImprovements2022-06-012023-05-3105387945core:PlantMachinery2022-06-012023-05-3105387945core:FurnitureFittings2022-06-012023-05-3105387945core:ComputerEquipment2022-06-012023-05-3105387945core:MotorVehicles2022-06-012023-05-31053879452021-06-012022-05-3105387945core:NetGoodwill2022-05-3105387945core:NetGoodwill2023-05-3105387945core:NetGoodwill2022-05-3105387945core:LeaseholdImprovements2022-05-3105387945core:PlantMachinery2022-05-3105387945core:FurnitureFittings2022-05-3105387945core:ComputerEquipment2022-05-3105387945core:MotorVehicles2022-05-31053879452022-05-3105387945core:WithinOneYear2023-05-3105387945core:WithinOneYear2022-05-3105387945core:Non-currentFinancialInstruments2023-05-3105387945core:Non-currentFinancialInstruments2022-05-3105387945bus:PrivateLimitedCompanyLtd2022-06-012023-05-3105387945bus:SmallCompaniesRegimeForAccounts2022-06-012023-05-3105387945bus:FRS1022022-06-012023-05-3105387945bus:AuditExemptWithAccountantsReport2022-06-012023-05-3105387945bus:FullAccounts2022-06-012023-05-31xbrli:purexbrli:sharesiso4217:GBP