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Registration number: 05004423

Sama Arts Network Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Sama Arts Network Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Sama Arts Network Limited

Company Information

Director

Jay Visvadeva

Company secretary

Rashmita Kapadia

Registered office

9 Hare & Billet Road
Blackheath
SE3 0RB

Accountants

Field Sullivan Limited
9 Hare & Billet Road
Blackheath
SE3 0RB

 

Sama Arts Network Limited

(Registration number: 05004423)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

900

1,800

Tangible assets

6

3,252

32,133

 

4,152

33,933

Current assets

 

Stocks

7

6,870

7,880

Debtors

8

7,881

14,475

Cash at bank and in hand

 

2

40

 

14,753

22,395

Creditors: Amounts falling due within one year

9

(35,566)

(23,134)

Net current liabilities

 

(20,813)

(739)

Total assets less current liabilities

 

(16,661)

33,194

Creditors: Amounts falling due after more than one year

9

(17,984)

(19,876)

Net (liabilities)/assets

 

(34,645)

13,318

Capital and reserves

 

Retained earnings

(34,645)

13,318

Shareholders' (deficit)/funds

 

(34,645)

13,318

For the financial year ending 31 March 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 his 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.

 

Sama Arts Network Limited

(Registration number: 05004423)
Balance Sheet as at 31 March 2023

Approved and authorised by the director on 9 August 2024
 

.........................................

Jay Visvadeva
Director

 

Sama Arts Network Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
9 Hare & Billet Road
Blackheath
SE3 0RB

The principal place of business is:
19 Lister Court
Nightingale Avenue
Harrow
Middlesex
HA1 3GJ

These financial statements were authorised for issue by the director on 9 August 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., which assumes that the company will be able to meet its debts as they fall due. However, at the year end the company had net liabilities of £34,645 (2022: £13,318). The company meets its working capital requirements from the support of its director and creditors. The director belives it is appropriate to prepare the financial statements on a going concern basis, as in his belief the company will continue to receive the support of it's director (who at the year end is owed £24,523) and his creditors.

 

Sama Arts Network Limited

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

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 periods in which the estimate is revised where revisions affects only that period, or in the period of the revision and future periods where the revisions affects both current and future periods.

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 when the service is performed, if the service straddles more than one accounting period, income is recognised on a pro rata basis.

Tax

The tax expense for the period comprises 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.

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

Motor vehicles

25% straight line

Furniture and fittings

25% straight line

Plant and machinery

25% straight line

 

Sama Arts Network Limited

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

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

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

Patents

Over ten years

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

 

Sama Arts Network Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

4

Taxation

Tax charged/(credited) in the income statement

2023
£

2022
£

Current taxation

UK corporation tax

-

(4,076)

5

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 April 2022

20,500

20,500

At 31 March 2023

20,500

20,500

Amortisation

At 1 April 2022

18,700

18,700

Amortisation charge

900

900

At 31 March 2023

19,600

19,600

Carrying amount

At 31 March 2023

900

900

At 31 March 2022

1,800

1,800

 

Sama Arts Network Limited

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

6

tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

4,501

35,989

17,416

57,906

Disposals

-

(35,989)

-

(35,989)

At 31 March 2023

4,501

-

17,416

21,917

Depreciation

At 1 April 2022

1,125

8,997

15,651

25,773

Charge for the year

1,125

-

764

1,889

Eliminated on disposal

-

(8,997)

-

(8,997)

At 31 March 2023

2,250

-

16,415

18,665

Carrying amount

At 31 March 2023

2,251

-

1,001

3,252

At 31 March 2022

3,376

26,992

1,765

32,133

7

Stocks

2023
£

2022
£

Finished goods and goods for resale

6,870

7,880

8

Debtors

Current

2023
£

2022
£

Other debtors

7,881

14,475

 

7,881

14,475

 

Sama Arts Network Limited

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

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

5,679

5,679

Director's loan account

11

24,523

1,943

Taxation and social security

 

770

770

Accruals and deferred income

 

4,594

4,042

Other creditors

 

-

10,700

 

35,566

23,134

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

17,984

19,876

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

17,984

19,876

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,679

5,679

 

Sama Arts Network Limited

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

11

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

-

2,165

Summary of transactions with other related parties

Jay Visvadeva (director and guarantor)
 During the year, the director advanced £41,720 (2022: £6,139) to the company and paid £nil (2022: £1,100) expenses on behalf of the company. He also withdrew £4,138 (2022: £4,285), received directors fees of £nil (2022: £2,165) and received the disposal proceeds for the vehicle sale of £15,000 (2022: £nil) personally. At the end of the period Jay Visvadeva was owed £24,523 (2022: £1,941).