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Registration number: 14267789

Joan Of Art Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Joan Of Art Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Joan Of Art Limited

Company Information

Director

Andrea Elizabeth Woodford

Registered office

5 Ducketts Wharf
South Street
Bishop's Stortford
Hertfordshire
CM23 3AR

Accountants

Mansell & Co
Chartered Certified Accountants
5 Ducketts Wharf
South Street
Bishop's Stortford
Hertfordshire
CM23 3AR

 

Joan Of Art Limited

(Registration number: 14267789)
Balance Sheet as at 31 August 2023

Note

2023
£

Fixed assets

 

Intangible assets

4

9,600

Current assets

 

Debtors

5

5,500

Cash at bank and in hand

 

10,443

 

15,943

Creditors: Amounts falling due within one year

6

(9,318)

Net current assets

 

6,625

Total assets less current liabilities

 

16,225

Creditors: Amounts falling due after more than one year

6

(17,500)

Net liabilities

 

(1,275)

Capital and reserves

 

Called up share capital

1

Retained earnings

(1,276)

Shareholders' deficit

 

(1,275)

For the financial year ending 31 August 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 her 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.

Approved and authorised by the director on 29 July 2024
 

.........................................
Andrea Elizabeth Woodford
Director

 

Joan Of Art Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
5 Ducketts Wharf
South Street
Bishop's Stortford
Hertfordshire
CM23 3AR
England

These financial statements were authorised for issue by the director on 29 July 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Joan Of Art Limited

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

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

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

 

Joan Of Art Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

Additions acquired separately

12,000

12,000

At 31 August 2023

12,000

12,000

Amortisation

Amortisation charge

2,400

2,400

At 31 August 2023

2,400

2,400

Carrying amount

At 31 August 2023

9,600

9,600

5

Debtors

Current

2023
£

Other debtors

5,500

 

5,500

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

Due within one year

 

Loans and borrowings

7

5,000

Trade creditors

 

1,276

Accruals and deferred income

 

900

Other creditors

 

2,142

 

9,318

Creditors: amounts falling due after more than one year

Note

2023
£

Due after one year

 

Loans and borrowings

7

17,500

 

Joan Of Art Limited

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

7

Loans and borrowings

Non-current loans and borrowings

2023
£

Bank borrowings

17,500

Current loans and borrowings

2023
£

Bank borrowings

5,000