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REGISTERED NUMBER: 03984356 (England and Wales)















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: K Donvig-Ehlers
P Ljungberg





REGISTERED OFFICE: 823 Salisbury House
29 Finsbury Circus
London
EC2M 5QQ





REGISTERED NUMBER: 03984356 (England and Wales)





ACCOUNTANTS: Krogh & Partners Limited
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.

K Donvig-Ehlers
P Ljungberg

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:





P Ljungberg - Director


28 June 2024

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.






Krogh & Partners Limited
823 Salisbury House
29 Finsbury Circus
London
EC2M 5QQ


28 June 2024

Artcoustic International Ltd (Registered number: 03984356)

Income Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER - -

Administrative expenses 59,098 (34,471 )
OPERATING (LOSS)/PROFIT (59,098 ) 34,471

Interest receivable and similar income - 1
(LOSS)/PROFIT BEFORE TAXATION (59,098 ) 34,472

Tax on (loss)/profit 3 (541 ) (418 )
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(58,557

)

34,890

Artcoustic International Ltd (Registered number: 03984356)

Other Comprehensive Income
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (58,557 ) 34,890


OTHER COMPREHENSIVE INCOME
Unrealised gain/loss on investment (75,650 ) 87,850
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

(75,650

)

87,850
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(134,207

)

122,740

Artcoustic International Ltd (Registered number: 03984356)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investments 4 361,581 490,414

CURRENT ASSETS
Debtors 5 44,930 1,792
Cash at bank 1,941 50,453
46,871 52,245
CREDITORS
Amounts falling due within one year 6 2,200 2,200
NET CURRENT ASSETS 44,671 50,045
TOTAL ASSETS LESS CURRENT
LIABILITIES

406,252

540,459

CAPITAL AND RESERVES
Called up share capital 7 100 100
Revaluation reserve 8 281,236 356,886
Retained earnings 8 124,916 183,473
SHAREHOLDERS' FUNDS 406,252 540,459

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 28 June 2024 and were signed on its behalf by:




K Donvig-Ehlers - Director



P Ljungberg - Director


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 100 230,583 269,036 499,719

Changes in equity
Dividends - (82,000 ) - (82,000 )
Total comprehensive income - 34,890 87,850 122,740
Balance at 31 December 2022 100 183,473 356,886 540,459

Changes in equity
Total comprehensive income - (58,557 ) (75,650 ) (134,207 )
Balance at 31 December 2023 100 124,916 281,236 406,252

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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 (541 ) (418 )
Tax on (loss)/profit (541 ) (418 )

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Unrealised gain/loss on investment (75,650 ) - (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 - 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 44,930 1,672
VAT - 120
44,930 1,792

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 2,200 2,200

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 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