REGISTERED NUMBER: |
Report of the Directors and |
Financial Statements for the Year Ended 31 December 2023 |
for |
Artcoustic International Ltd |
REGISTERED NUMBER: |
Report of the Directors and |
Financial Statements for the Year Ended 31 December 2023 |
for |
Artcoustic International Ltd |
Artcoustic International Ltd (Registered number: 03984356) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Chartered Accountants' Report | 3 |
Income Statement | 4 |
Other Comprehensive Income | 5 |
Balance Sheet | 6 |
Statement of Changes in Equity | 8 |
Notes to the Financial Statements | 9 |
Artcoustic International Ltd |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
823 Salisbury House |
29 Finsbury Circus |
London |
EC2M 5QQ |
Artcoustic International Ltd (Registered number: 03984356) |
Report of the Directors |
for the Year Ended 31 December 2023 |
The directors present their report and financial statements for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company during the year has been that of consultancy. |
REVIEW OF BUSINESS |
The results for the year and the financial position at the year end, were considered acceptable by the directors. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
AUDITORS |
The directors have with reference to the exemptions in the Companies Act elected not to appoint auditors. |
RESULTS |
The Company's loss for the year amounted to GBP 58,557. |
DIRECTORS' RESPONSIBILITIES STATEMENT |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Artcoustic International Ltd (Registered number: 03984356) |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Artcoustic International Ltd for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Artcoustic International Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Artcoustic International Ltd and state those matters that we have agreed to state to the Board of Directors of Artcoustic International Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Artcoustic International Ltd and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Artcoustic International Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Artcoustic International Ltd. You consider that Artcoustic International Ltd is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Artcoustic International Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
823 Salisbury House |
29 Finsbury Circus |
London |
EC2M 5QQ |
Artcoustic International Ltd (Registered number: 03984356) |
Income Statement |
for the Year Ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Administrative expenses | ( |
) |
OPERATING (LOSS)/PROFIT | ( |
) |
Interest receivable and similar income |
(LOSS)/PROFIT BEFORE TAXATION | ( |
) |
Tax on (loss)/profit | 3 | ( |
) | ( |
) |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
Artcoustic International Ltd (Registered number: 03984356) |
Other Comprehensive Income |
for the Year Ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
(LOSS)/PROFIT FOR THE YEAR | ( |
) |
OTHER COMPREHENSIVE INCOME |
Unrealised gain/loss on investment | ( |
) |
Income tax relating to other comprehensive income |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
( |
) |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
Artcoustic International Ltd (Registered number: 03984356) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Revaluation reserve | 8 |
Retained earnings | 8 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Artcoustic International Ltd (Registered number: 03984356) |
Balance Sheet - continued |
31 December 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Artcoustic International Ltd (Registered number: 03984356) |
Statement of Changes in Equity |
for the Year Ended 31 December 2023 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) | ( |
) |
Balance at 31 December 2023 |
Artcoustic International Ltd (Registered number: 03984356) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial reporting standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
- the requirements of Section 7 Statement of Cash Flows. |
A Summary of the more important accounting policies, which have been applied consistently, is set out below: |
Going concern |
In 2023 the Company has realized a loss of GBP 134k. The Group expects positive results and cash flow for 2024 and years to come. |
Based on our expectations and budget forecasts, we believe that we will be able to fulfil our commercial and financial obligations and to be able to finance our ongoing obligations. |
Deviations from the stipulated budgets for 2024 may result in lower result and need for additional liquidity or credit lines. |
The owners have declared that if needed they will commit to the following: |
- Reduce or waiver their right to remuneration until the Financial Situation is sufficient sound |
- Transfer the liquidity necessary for the activities in and the going concern of the Group |
It is management's expectations that the measures taken and to be taken combined with commitments from the owners will ensure that the Group have sufficient liquidity and capital resources to continue their operations. |
Management therefore submits and approve the Financial Statements for 2023 on the assumption of going concern. |
Turnover |
Turnover derives from the principal activity of the Company and is represented by invoiced sales excluding Value Added Tax. |
Interest and similar income and charges |
Interest and similar income and charges are recognised in the profit and loss account over the term of such instruments at a constant rate on the carrying amount. |
Foreign currencies |
Transactions in foreign currencies are recorded using a fixed rate of exchange. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the balance sheet date. Gains or losses on translation are included in the profit and loss account. |
Investments |
Artcoustic International Ltd (Registered number: 03984356) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
Investments in other companies are stated at the Company's share of the value of the underlying net assets less provisions. The positive revaluation from cost to underlying net assets value is recorded through the revaluation reserve. The negative revaluation is included in the profit and loss account. |
Debtors |
Debtors are valued individually and there are made provision according to this valuation. |
Creditors |
Creditors are carried at payment or settlement amounts. Where the time value of money is material, creditors are carried at amortized cost. |
Taxation |
Current tax and deferred taxation, including UK corporation tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred taxation is provided in full on an undiscounted basis, on all timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in tax computations in periods different from those in which they are included in the financial statements. |
Deferred tax assets are recognised where it is considered more likely than not that future profits will be available for offset. |
Consolidation |
The company and its subsidiaries comprised as a small group. The company has therefore chosen not to prepare group accounts in accordance with the provisions provided in section 398 of the Companies Act 2006. |
2. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
3. | TAXATION |
Analysis of the tax credit |
The tax credit on the loss for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | ( |
) | ( |
) |
Tax on (loss)/profit | ( |
) | ( |
) |
Tax effects relating to effects of other comprehensive income |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Unrealised gain/loss on investment | ( |
) | - | (75,650 | ) |
Artcoustic International Ltd (Registered number: 03984356) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
3. | TAXATION - continued |
2022 |
Gross | Tax | Net |
£ | £ | £ |
Unrealised gain on investment | - | 87,850 |
4. | FIXED ASSET INVESTMENTS |
Participating interest | 2023 |
£ |
Cost |
At 1 January | 154,375 |
At 31 December | 154,375 |
Revaluation |
At 1 January | 336,039 |
Dividend received | 0 |
Revaluation in the year | -128,833 |
207,206 |
Net Book Value |
At 31 December 2023 | 361,581 |
At 31 December 2022 | 490,414 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Artcoustic ApS |
Nature of business: | Carries investments at the equity method |
% |
Class of shares: | Holding |
Ordinary | 100.00 |
Artcoustic (U.K.) Limited |
Nature of business: | Carries investments at the equity method |
% |
Class of shares: | Holding |
Ordinary | 100.00 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed by group undertakings |
VAT |
Artcoustic International Ltd (Registered number: 03984356) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Accruals and deferred income |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1 | 100 | 100 |
8. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 January 2023 | 183,473 | 356,886 | 540,359 |
Deficit for the year | (58,557 | ) | (58,557 | ) |
Revaluation | - | (75,650 | ) | (75,650 | ) |
At 31 December 2023 | 124,916 | 281,236 | 406,152 |
9. | CONTINGENT LIABILITIES |
The company has issued a guarantee of payment for all current and future debt in one of its subsidiaries. |
10. | OWNERSHIP |
In the opinion of the directors there is no single controlling party |