Company Registration No. 02246893 (England and Wales)
DEMIART LIMITED
FINANCIAL STATEMENTS
FOR THE 3 MONTH PERIOD ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
DEMIART LIMITED
BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 1 -
30 June 2023
31 March 2023
Notes
£
£
£
£
Fixed assets
Investment properties
4
2,359,448
2,359,447
Current assets
Debtors
5
1,502,433
1,493,161
Investments
6
52,611
52,611
Cash at bank and in hand
370,553
357,734
1,925,597
1,903,506
Creditors: amounts falling due within one year
7
(253,128)
(253,738)
Net current assets
1,672,469
1,649,768
Total assets less current liabilities
4,031,917
4,009,215
Provisions for liabilities
Deferred tax liability
197,074
197,074
(197,074)
(197,074)
Net assets
3,834,843
3,812,141
Capital and reserves
Called up share capital
896,700
896,700
Revaluation reserve
8
626,905
626,905
Capital redemption reserve
800,000
800,000
Profit and loss reserves
1,511,238
1,488,536
Total equity
3,834,843
3,812,141

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial 3 month period ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his 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 3 month 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.

DEMIART LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023
30 June 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 29 March 2024
David Silbermann
Director
Company Registration No. 02246893
DEMIART LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 3 MONTH PERIOD ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information

Demiart Limited is a private company limited by shares incorporated in England and Wales. The registered office is Eden House, Reynolds Road, Beaconsfield, Buckinghamshire, HP9 2FL.

1.1
Reporting period

These financial statements are presented covering the 3 month period ended 30 June 2023 with comparative information covering the 9 month period to 31 March 2023. The financial statements (included the related notes) are therefore not entirely comparable.

1.2
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 £1.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover represents property rentals receivable by the company from tenants derived from ordinary activities, excluding Value Added Tax and are recognised in the profit and loss account in respect of the period to which they relate. Rents receivable relating to future accounting periods are treated as a creditor and are subsequently recorded as turnover in the profit and loss account in the future accounting period to which they relate.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
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.

1.6
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.

DEMIART LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 3 MONTH PERIOD ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
Fair value measurement of financial instruments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably.

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 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.

1.7
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.

1.8
Taxation

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

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.

DEMIART LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 3 MONTH PERIOD ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the 3 month period was:

2023
2023
Number
Number
Total
1
1
DEMIART LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 3 MONTH PERIOD ENDED 30 JUNE 2023
- 6 -
4
Investment property
2023
£
Fair value
At 1 April 2023 and 30 June 2023
2,359,448

The fair value of the property assets has been arrived at on the basis of a valuation carried out by the directors as at the reporting date. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5
Debtors
2023
2023
Amounts falling due within one year:
£
£
Trade debtors
3,126
1,377
Amounts owed by group undertakings
1,497,121
1,489,621
Other debtors
2,186
2,163
1,502,433
1,493,161
6
Current asset investments
2023
2023
£
£
Other investments
52,611
52,611
7
Creditors: amounts falling due within one year
2023
2023
£
£
Trade creditors
400
7,093
Corporation tax
145,341
138,419
Other taxation and social security
6,699
5,519
Other creditors
54,965
58,052
Accruals and deferred income
45,723
44,655
253,128
253,738
8
Revaluation reserve

The movements on the revaluation reserve shown in the statement of changes in equity include fair value net gains on investment properties and investments for the period of £nil (9 months to 31 March 2023: net gains of £275,879), and deferred tax movements of £nil (9 months to 31 March 2023: £100,018).

 

The tax that would become payable if the investment properties and investments were sold at their revalued amounts is provided for as part of the deferred tax balance.

DEMIART LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 3 MONTH PERIOD ENDED 30 JUNE 2023
- 7 -
9
Related party transactions

The following amounts were outstanding at the reporting end date:

2023
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
16,863
22,000

The following amounts were outstanding at the reporting end date:

2023
2023
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
1,483,067
1,483,067
2023-06-302023-04-01false29 March 2024CCH SoftwareCCH Accounts Production 2023.200No description of principal activityDavid Silbermann022468932023-04-012023-06-30022468932023-06-30022468932023-03-3102246893core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3002246893core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3102246893core:CurrentFinancialInstruments2023-06-3002246893core:CurrentFinancialInstruments2023-03-3102246893core:ShareCapital2023-06-3002246893core:ShareCapital2023-03-3102246893core:RevaluationReserve2023-06-3002246893core:RevaluationReserve2023-03-3102246893core:CapitalRedemptionReserve2023-06-3002246893core:CapitalRedemptionReserve2023-03-3102246893core:RetainedEarningsAccumulatedLosses2023-06-3002246893core:RetainedEarningsAccumulatedLosses2023-03-3102246893bus:Director12023-04-012023-06-30022468932022-07-012023-03-31022468932023-03-3102246893core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2023-06-3002246893bus:PrivateLimitedCompanyLtd2023-04-012023-06-3002246893bus:SmallCompaniesRegimeForAccounts2023-04-012023-06-3002246893bus:FRS1022023-04-012023-06-3002246893bus:AuditExemptWithAccountantsReport2023-04-012023-06-3002246893bus:FullAccounts2023-04-012023-06-30xbrli:purexbrli:sharesiso4217:GBP