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Registration number: 07952413

Artclub Creative Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 November 2023

 

Artclub Creative Ltd

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 6

 

Artclub Creative Ltd

(Registration number: 07952413)
Balance Sheet as at 29 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

19,992

19,181

Current assets

 

Debtors

5

9,963

760

Cash at bank and in hand

 

8,801

16,978

 

18,764

17,738

Creditors: Amounts falling due within one year

6

(16,045)

(8,488)

Net current assets

 

2,719

9,250

Total assets less current liabilities

 

22,711

28,431

Creditors: Amounts falling due after more than one year

6

(19,976)

(24,157)

Provisions for liabilities

(3,798)

(3,644)

Net (liabilities)/assets

 

(1,063)

630

Capital and reserves

 

Called up share capital

7

20

20

Retained earnings

(1,083)

610

Shareholders' (deficit)/funds

 

(1,063)

630

For the financial year ending 29 November 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.

Approved and authorised by the director on 27 August 2024
 

.........................................
Mr J A Clegg
Director

 

Artclub Creative Ltd

Notes to the Financial Statements for the Year Ended 29 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
180 Keighley Road
Colne
Lancashire
BB8 0PJ

These financial statements were authorised for issue by the director on 27 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 company relies on the continuing support of the director, and the director has indicated that this support will continue. On this basis, the director considers it appropriate to prepare the financial statements on a going concern basis.

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 specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred 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 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.

 

Artclub Creative Ltd

Notes to the Financial Statements for the Year Ended 29 November 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Office equipment

25% per annum reducing balance basis.

Plant and machinery

25% per annum reducing balance basis.

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.

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.

 

Artclub Creative Ltd

Notes to the Financial Statements for the Year Ended 29 November 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Tangible assets

Office equipment
 £

Plant and machinery
£

Total
£

Cost

At 30 November 2022

10,268

26,596

36,864

Additions

-

9,375

9,375

Disposals

-

(3,500)

(3,500)

At 29 November 2023

10,268

32,471

42,739

Depreciation

At 30 November 2022

6,326

11,357

17,683

Charge for the year

953

5,642

6,595

Eliminated on disposal

-

(1,531)

(1,531)

At 29 November 2023

7,279

15,468

22,747

Net book value

At 29 November 2023

2,989

17,003

19,992

At 29 November 2022

3,942

15,239

19,181

 

Artclub Creative Ltd

Notes to the Financial Statements for the Year Ended 29 November 2023

5

Debtors

2023
£

2022
£

Other debtors

9,963

-

Prepayments

-

760

9,963

760

6

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

3,600

4,641

Taxation and social security

 

12,445

3,847

 

16,045

8,488

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

19,976

24,157


Creditors include bank loans repayable by instalments of £5,576 (2022 - £12,157) due after more than five years.

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £0.50 each

40

20

40

20

       
 

Artclub Creative Ltd

Notes to the Financial Statements for the Year Ended 29 November 2023

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

19,976

24,157

Current loans and borrowings

2023
£

2022
£

Bank borrowings

3,600

3,000

Other borrowings

-

1,641

3,600

4,641