Silverfin false false 31/08/2023 01/09/2022 31/08/2023 Mrs W K Adams 15/02/2016 30 August 2024 The principal activity of the Company during the financial year was that of the sale of art. 10005546 2023-08-31 10005546 bus:Director1 2023-08-31 10005546 2022-08-31 10005546 core:CurrentFinancialInstruments 2023-08-31 10005546 core:CurrentFinancialInstruments 2022-08-31 10005546 core:ShareCapital 2023-08-31 10005546 core:ShareCapital 2022-08-31 10005546 core:RetainedEarningsAccumulatedLosses 2023-08-31 10005546 core:RetainedEarningsAccumulatedLosses 2022-08-31 10005546 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2022-08-31 10005546 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-08-31 10005546 core:FurnitureFittings 2022-08-31 10005546 core:FurnitureFittings 2023-08-31 10005546 bus:OrdinaryShareClass1 2023-08-31 10005546 2022-09-01 2023-08-31 10005546 bus:FilletedAccounts 2022-09-01 2023-08-31 10005546 bus:SmallEntities 2022-09-01 2023-08-31 10005546 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 10005546 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 10005546 bus:Director1 2022-09-01 2023-08-31 10005546 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill core:TopRangeValue 2022-09-01 2023-08-31 10005546 core:FurnitureFittings core:TopRangeValue 2022-09-01 2023-08-31 10005546 2021-09-01 2022-08-31 10005546 core:FurnitureFittings 2022-09-01 2023-08-31 10005546 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 10005546 bus:OrdinaryShareClass1 2021-09-01 2022-08-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 10005546 (England and Wales)

ART @ LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2023
Pages for filing with the registrar

ART @ LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2023

Contents

ART @ LIMITED

BALANCE SHEET

As at 31 August 2023
ART @ LIMITED

BALANCE SHEET (continued)

As at 31 August 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 1,191 146
1,191 146
Current assets
Stocks 8,430 0
Debtors 5 411 0
Cash at bank and in hand 47,340 70,000
56,181 70,000
Creditors: amounts falling due within one year 6 ( 209,282) ( 209,006)
Net current liabilities (153,101) (139,006)
Total assets less current liabilities (151,910) (138,860)
Net liabilities ( 151,910) ( 138,860)
Capital and reserves
Called-up share capital 7 1 1
Profit and loss account ( 151,911 ) ( 138,861 )
Total shareholder's deficit ( 151,910) ( 138,860)

For the financial year ending 31 August 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 financial statements of Art @ Limited (registered number: 10005546) were approved and authorised for issue by the Director on 30 August 2024. They were signed on its behalf by:

Mrs W K Adams
Director
ART @ LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
ART @ LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Art @ Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Francis Clark Llp Melville Building East, Royal William Yard, Plymouth, PL1 3RP, United Kingdom. The principal place of business is Lympstone Manor, Courtlands Ln, Exmouth, EX8 3NZ.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis, as a result of the continued report from the Company’s director, and another Company controlled by the director.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Website costs 3 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Fixtures and fittings 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 0 0

3. Intangible assets

Website costs Total
£ £
Cost
At 01 September 2022 15,000 15,000
At 31 August 2023 15,000 15,000
Accumulated amortisation
At 01 September 2022 15,000 15,000
At 31 August 2023 15,000 15,000
Net book value
At 31 August 2023 0 0
At 31 August 2022 0 0

4. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 September 2022 5,787 5,787
Additions 1,299 1,299
At 31 August 2023 7,086 7,086
Accumulated depreciation
At 01 September 2022 5,641 5,641
Charge for the financial year 254 254
At 31 August 2023 5,895 5,895
Net book value
At 31 August 2023 1,191 1,191
At 31 August 2022 146 146

5. Debtors

2023 2022
£ £
Trade debtors 411 0

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 5,500 6,345
Other creditors 203,782 202,661
209,282 209,006

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 0.01 each 1 1