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Registered number: 04877908
Artellite Limited
Unaudited Financial Statements
For the Period 1 September 2022 to 31 December 2023
LK & Associates Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04877908
31 December 2023 31 August 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 2,060 2,942
Investments 6 2 2
2,062 2,944
CURRENT ASSETS
Debtors 7 68,870 109,843
Cash at bank and in hand 61,306 1,569
130,176 111,412
Creditors: Amounts Falling Due Within One Year 8 (257,321 ) (304,109 )
NET CURRENT ASSETS (LIABILITIES) (127,145 ) (192,697 )
TOTAL ASSETS LESS CURRENT LIABILITIES (125,083 ) (189,753 )
Creditors: Amounts Falling Due After More Than One Year 9 (335,096 ) (85,193 )
NET LIABILITIES (460,179 ) (274,946 )
CAPITAL AND RESERVES
Called up share capital 10 113 103
Share premium account 538,966 538,966
Profit and Loss Account (999,258 ) (814,015 )
SHAREHOLDERS' FUNDS (460,179) (274,946)
Page 1
Page 2
For the period ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
E Olisa
Director
20/08/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Artellite Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04877908 . The registered office is 2A High Street, Thames Ditton, Surrey, KT7 0RY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are website development costs. These are amortised to the profit and loss account over the estimated economic life of 4 years
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% reducing balance
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
3. Average Number of Employees
Average number of employees, including directors, during the period was: 5 (2022: 7)
5 7
4. Intangible Assets
Other Intangible Assets
£
Cost
As at 1 September 2022 68,238
As at 31 December 2023 68,238
...CONTINUED
Page 3
Page 4
Amortisation
As at 1 September 2022 68,238
As at 31 December 2023 68,238
Net Book Value
As at 31 December 2023 -
As at 1 September 2022 -
5. Tangible Assets
Plant & Machinery etc.
£
Cost
As at 1 September 2022 37,637
Additions 12
As at 31 December 2023 37,649
Depreciation
As at 1 September 2022 34,695
Provided during the period 894
As at 31 December 2023 35,589
Net Book Value
As at 31 December 2023 2,060
As at 1 September 2022 2,942
6. Investments
Subsidiaries
£
Cost
As at 1 September 2022 2
As at 31 December 2023 2
Provision
As at 1 September 2022 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 2
As at 1 September 2022 2
Page 4
Page 5
7. Debtors
31 December 2023 31 August 2022
£ £
Due within one year
Trade debtors 53,278 100,346
Other debtors 15,592 6,797
68,870 107,143
Due after more than one year
Other debtors - 2,700
68,870 109,843
8. Creditors: Amounts Falling Due Within One Year
31 December 2023 31 August 2022
£ £
Trade creditors 101,331 129,969
Bank loans and overdrafts 23,288 31,418
Other loans 87,476 67,587
Other creditors 33,625 55,808
Taxation and social security 11,601 19,327
257,321 304,109
9. Creditors: Amounts Falling Due After More Than One Year
31 December 2023 31 August 2022
£ £
Bank loans 35,096 42,247
Other loans 300,000 42,946
335,096 85,193
Other loans falling due after one year comprise a debenture secured with a fixed and floating charge covering all the property or undertaking of the company.
10. Share Capital
31 December 2023 31 August 2022
£ £
Allotted, Called up and fully paid 113 103
Page 5