Registration number:
Tra'art Limited
for the Year Ended 31 December 2023
Tra'art Limited
(Registration number: NI057408)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
- |
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|
Current assets |
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Stocks |
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|
|
Debtors |
|
|
|
Cash at bank and in hand |
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|
|
|
|
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Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
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|
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Total assets less current liabilities |
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|
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Creditors: Amounts falling due after more than one year |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
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Called up share capital |
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 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
......................................... |
Tra'art Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in Northern Ireland.
The address of its registered office is:
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
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Tra'art Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 January 2023 |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
- |
- |
At 31 December 2022 |
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Stocks |
2023 |
2022 |
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Works of art |
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|
Debtors |
Current |
2023 |
2022 |
Trade debtors |
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|
|
|
Tra'art Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
|
Corporation tax |
|
|
Accruals and deferred income |
|
|
Other creditors |
|
|
|
|
Creditors: amounts falling due after more than one year
2023 |
2022 |
|
Loan from the Director |
|
|
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
2 |
|
2 |
Capital commitments |
There were no capital commitments at the balance sheet date.
Related party transactions |
2023 |
2022 |
|
Directors current account |
34,278 |
79,171 |