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Registration number: 12351320

Tribal Art London Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Tribal Art London Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

Tribal Art London Ltd

Company Information

Director

Ms V Rogers

Registered office

Dinas, Talog Talog
Carmarthen
SA33 6PD

 

Tribal Art London Ltd

(Registration number: 12351320)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

5,000

5,000

Tangible assets

6

8,134

-

 

13,134

5,000

Current assets

 

Debtors

7

546

-

Creditors: Amounts falling due within one year

8

(8,739)

(3,910)

Net current liabilities

 

(8,193)

(3,910)

Net assets

 

4,941

1,090

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

4,940

1,089

Total equity

 

4,941

1,090

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 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 12 July 2024
 

.........................................
Ms V Rogers
Director

   
     
 

Tribal Art London Ltd

Notes to the Financial Statements for the Year Ended 31 December 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:
Dinas, Talog Talog
Carmarthen
SA33 6PD
Wales

These financial statements were authorised for issue by the director on 12 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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Tribal Art London Ltd

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

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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and Fittings

25% Reducing Balance

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:

Asset class

Amortisation method and rate

Intangible assets

0%

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.

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.

 

Tribal Art London Ltd

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

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 (2022 - 1).

4

Profit/loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

2,712

-

 

Tribal Art London Ltd

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

5

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2023

5,000

5,000

At 31 December 2023

5,000

5,000

Amortisation

Carrying amount

At 31 December 2023

5,000

5,000

At 31 December 2022

5,000

5,000

Revalued assets for the year ended 31 December 2022

6

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

Additions

10,846

10,846

At 31 December 2023

10,846

10,846

Depreciation

Charge for the year

2,712

2,712

At 31 December 2023

2,712

2,712

Carrying amount

At 31 December 2023

8,134

8,134

7

Debtors

2023
£

2022
£

Other debtors

546

-

546

-

 

Tribal Art London Ltd

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10

30

674

Director 1 current account

 

7,749

2,649

Corporation tax liability

 

-

587

Other creditors

 

960

-

 

8,739

3,910

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

of £1 each

1

1

1

1

         

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

30

674

11

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Other payments made to company by director
£

At 31 December 2023
£

Ms V Rogers

Interest free loan repayable on demand

(2,649)

(5,100)

(7,749)

       
     

 

 

Tribal Art London Ltd

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

2022

At 1 January 2022
£

Repayments by director
£

At 31 December 2022
£

Ms V Rogers

Interest free loan repayable on demand

-

(2,649)

(2,649)