Company Registration No. 09765306 (England and Wales)
THE ART HOUSE (EASTBOURNE) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
THE ART HOUSE (EASTBOURNE) LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 3
THE ART HOUSE (EASTBOURNE) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
17,573
19,526
Current assets
Stocks
9,750
-
Debtors
4,500
4,500
Cash at bank and in hand
5,814
13,949
20,064
18,449
Creditors: amounts falling due within one year
(89,916)
(90,031)
Net current liabilities
(69,852)
(71,582)
Net liabilities
(52,279)
(52,056)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(52,379)
(52,156)
Total equity
(52,279)
(52,056)

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 8 August 2024
Ms L Hancock
Director
Company registration number 09765306 (England and Wales)
THE ART HOUSE (EASTBOURNE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
1
Accounting policies
Company information

The Art House (Eastbourne) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 34 Grove Road, Eastbourne, BN21 4TR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures & equipment
10% Reducing balance
Set-Up costs
25% Straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

THE ART HOUSE (EASTBOURNE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
6
6
4
Tangible fixed assets
Computers
Set-Up costs
Total
£
£
£
Cost
At 1 February 2023
37,976
5,915
43,891
Disposals
-
0
(5,915)
(5,915)
At 31 January 2024
37,976
-
0
37,976
Depreciation and impairment
At 1 February 2023
18,451
5,915
24,365
Depreciation charged in the year
1,953
-
0
1,953
Eliminated in respect of disposals
-
0
(5,915)
(5,915)
At 31 January 2024
20,404
-
20,403
Carrying amount
At 31 January 2024
17,572
-
17,573
At 31 January 2023
-
0
-
0
19,526
5
Directors' transactions

Dividends totalling £0 (2023 - £0) were paid in the year in respect of shares held by the company's directors.

Description
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Ms L Hancock -
(19,781)
1,459
(2,061)
(20,383)
(19,781)
1,459
(2,061)
(20,383)
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