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Registration number: NI057408

Tra'art Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Tra'art Limited

(Registration number: NI057408)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

-

84

Current assets

 

Stocks

5

47,565

36,450

Debtors

6

5,350

6,500

Cash at bank and in hand

 

67,661

106,866

 

120,576

149,816

Creditors: Amounts falling due within one year

7

(8,834)

(6,762)

Net current assets

 

111,742

143,054

Total assets less current liabilities

 

111,742

143,138

Creditors: Amounts falling due after more than one year

7

(34,278)

(79,171)

Net assets

 

77,464

63,967

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

77,462

63,965

Shareholders' funds

 

77,464

63,967

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Tra'art Limited

(Registration number: NI057408)
Balance Sheet as at 31 December 2023

Approved and authorised by the director on 18 April 2024
 

.........................................
Mr Raymond Trainor
Company secretary and director

 

Tra'art Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 20 Orpen Avenue, Finaghy, Belfast, BT10 0BS.

Principal activity

The principal activity of the company is the purchase and sale of works of art.

These financial statements were authorised for issue by the director on 18 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Turnover

Turnover represents income from the sale of works of art.

Goodwill

Goodwill on incorporation was amortised through the profit and loss account on a straight line basis over its useful economic life which was estimated at seven years.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Tra'art Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost less any estimated residual value over their expected economic life as follows:

Asset class

Depreciation method and rate

Equipment

20% per year straight line basis

Stocks

Stocks are stated at the lower of cost and net realisable value. Cost includes purchase price and any costs of conversion. Net realisable value is based on estimated selling price less any directly attributable selling expenses.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Financial assets, including debtors, are reviewed at the reporting date to determine if there is any evidence of potential impairment. Any losses arising from impairment are recognised in the income statement in operating expenses.

Deferred tax

Deferred tax is accounted for on all material differences arising from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Tra'art Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

2,626

2,626

At 31 December 2023

2,626

2,626

Depreciation

At 1 January 2023

2,542

2,542

Charge for the year

84

84

At 31 December 2023

2,626

2,626

Carrying amount

At 31 December 2023

-

-

At 31 December 2022

84

84

5

Stocks

2023
£

2022
£

Works of art

47,565

36,450

6

Debtors

Current

2023
£

2022
£

Trade debtors

5,350

6,500

 

5,350

6,500

 

Tra'art Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Corporation tax

3,655

1,842

Accruals and deferred income

4,612

4,177

Other creditors

567

743

8,834

6,762

Creditors: amounts falling due after more than one year

2023
£

2022
£

Loan from the Director

34,278

79,171

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       

9

Capital commitments

There were no capital commitments at the balance sheet date.

10

Related party transactions

2023
 £

2022
 £

Directors current account

34,278

79,171