2022-05-012023-04-302023-04-30false12560270ART TECHNOLOGIES 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ART TECHNOLOGIES LIMITED

Registered Number
12560270
(England and Wales)

Unaudited Financial Statements for the Year ended
30 April 2023

ART TECHNOLOGIES LIMITED
Company Information
for the year from 1 May 2022 to 30 April 2023

Directors

GOURLAY, James Patrick
MALINAUSKAS, Augustinas

Registered Address

Arquen House 4-6 Spicer Street
Spicer Street
St. Albans
AL3 4PQ

Registered Number

12560270 (England and Wales)
ART TECHNOLOGIES LIMITED
Balance Sheet as at
30 April 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets378,50050,000
Tangible assets47,6776,145
86,17756,145
Current assets
Stocks534,710-
Debtors6325,27446,608
Cash at bank and on hand326,313996,337
686,2971,042,945
Creditors amounts falling due within one year7(651,959)(97,229)
Net current assets (liabilities)34,338945,716
Total assets less current liabilities120,5151,001,861
Creditors amounts falling due after one year8-(536,960)
Net assets120,515464,901
Capital and reserves
Called up share capital139128
Share premium1,360,142689,473
Other reserves-467,881
Profit and loss account(1,239,766)(692,581)
Shareholders' funds120,515464,901
The financial statements were approved and authorised for issue by the Board of Directors on 11 April 2024, and are signed on its behalf by:
MALINAUSKAS, Augustinas
Director
Registered Company No. 12560270
ART TECHNOLOGIES LIMITED
Notes to the Financial Statements
for the year ended 30 April 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss. Current tax represents the amount of tax payable or receivable in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid or recovered using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired.
Cryptocurrency assets
Cryptocurrency assets (under IAS 38) are recorded as intangible assets and can be measured at either cost or revaluation. The company has elected to measure them at revaluation as there is now an active market across across many digital exchanges. Therefore, these are recognised at fair value.
Tangible fixed assets and depreciation

Straight line (years)
Office Equipment4
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

20232022
Average number of employees during the year75
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 May 2250,00050,000
Additions28,50028,500
At 30 April 2378,50078,500
Net book value
At 30 April 2378,50078,500
At 30 April 2250,00050,000
4.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 May 2210,44210,442
Additions5,5225,522
At 30 April 2315,96415,964
Depreciation and impairment
At 01 May 224,2974,297
Charge for year3,9903,990
At 30 April 238,2878,287
Net book value
At 30 April 237,6777,677
At 30 April 226,1456,145
5.Stocks

2023

2022

££
Other stocks34,710-
Total34,710-
6.Debtors: amounts due within one year

2023

2022

££
Other debtors325,27442,467
Prepayments and accrued income-4,141
Total325,27446,608
7.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables43,51239,455
Convertible loans563,729-
Taxation and social security10,4166,518
Other creditors22,31012,591
Accrued liabilities and deferred income11,99238,665
Total651,95997,229
Included in Liabilities less than 1 year are Convertible Loan Notes totalling £563,729, this includes interest at 5%. The Convertible Loan Notes are expected to be redeemed or convert into equity in a future equity funding round within 12 months of the reporting period end date.
8.Creditors: amounts due after one year

2023

2022

££
Convertible loans-536,960
Total-536,960
9.Related party transactions
At the end of the reporting period, a loan of £1,056 (2022: £0) was owed to the company from the director, Augustinas Malinauskas.