109 true false false false false false false false false false true false false false false false false No description of principal activity 2022-12-01 Sage Accounts Production Advanced 2023 - FRS102_2023 14,472 14,472 6,425 6,425 8,047 xbrli:pure xbrli:shares iso4217:GBP 13026440 2022-12-01 2023-11-30 13026440 2023-11-30 13026440 2022-11-30 13026440 2021-12-01 2022-11-30 13026440 2022-11-30 13026440 2021-11-30 13026440 core:PlantMachinery 2022-12-01 2023-11-30 13026440 core:FurnitureFittings 2022-12-01 2023-11-30 13026440 core:MotorVehicles 2022-12-01 2023-11-30 13026440 bus:Director1 2022-12-01 2023-11-30 13026440 bus:Director2 2022-12-01 2023-11-30 13026440 bus:Director3 2022-12-01 2023-11-30 13026440 core:NetGoodwill 2023-11-30 13026440 core:PlantMachinery 2023-11-30 13026440 core:FurnitureFittings 2023-11-30 13026440 core:MotorVehicles 2023-11-30 13026440 core:NetGoodwill 2022-12-01 2023-11-30 13026440 core:WithinOneYear 2023-11-30 13026440 core:ShareCapital 2023-11-30 13026440 core:ShareCapital 2022-11-30 13026440 core:RetainedEarningsAccumulatedLosses 2023-11-30 13026440 core:NegativeGoodwill 2023-11-30 13026440 bus:Director1 2023-11-30 13026440 bus:Director2 2023-11-30 13026440 bus:Director3 2023-11-30 13026440 bus:SmallEntities 2022-12-01 2023-11-30 13026440 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 13026440 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 13026440 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 13026440 bus:FullAccounts 2022-12-01 2023-11-30
COMPANY REGISTRATION NUMBER: 13026440
BLUE ART LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 November 2023
BLUE ART LIMITED
STATEMENT OF FINANCIAL POSITION
30 November 2023
2023
2022
Note
£
£
£
FIXED ASSETS
Negative goodwill
5
( 8,047)
Tangible assets
6
42,028
---------
-----
33,981
CURRENT ASSETS
Stocks
7,393
Debtors
7
337,675
Cash at bank and in hand
12,259
1
-----------
-----
357,327
1
CREDITORS: amounts falling due within one year
8
385,206
-----------
-----
NET CURRENT (LIABILITIES)/ASSETS
( 27,879)
1
---------
-----
TOTAL ASSETS LESS CURRENT LIABILITIES
6,102
1
PROVISIONS
Taxation including deferred tax
5,773
--------
-----
NET ASSETS
329
1
--------
-----
BLUE ART LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 November 2023
2023
2022
Note
£
£
£
CAPITAL AND RESERVES
Called up share capital
6
1
Profit and loss account
323
-----
-----
SHAREHOLDERS FUNDS
329
1
-----
-----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30th November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 27 August 2024 , and are signed on behalf of the board by:
Mrs J Santos Bate
Director
Company registration number: 13026440
BLUE ART LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30th NOVEMBER 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Units 2&3, Out Of The Woods, Mill Lane, Halton, Lancaster, LA2 6ND.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
BASIS OF PREPARATION
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
REVENUE RECOGNITION
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
INCOME TAX
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
AMORTISATION
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Weighted pro rata to time period non-monetary assets are recovered
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
TANGIBLE ASSETS
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
DEPRECIATION
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Fixtures and fittings
-
20% straight line
Motor vehicles
-
10% straight line
IMPAIRMENT OF FIXED ASSETS
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
STOCKS
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
PROVISIONS
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 109 (2022: Nil).
5. INTANGIBLE ASSETS
Goodwill
£
Cost
Additions
Acquisitions through business combinations
( 14,472)
---------
At 30th November 2023
( 14,472)
---------
Amortisation
Charge for the year
( 6,425)
---------
At 30th November 2023
( 6,425)
---------
Carrying amount
At 30th November 2023
( 8,047)
---------
At 30th November 2022
---------
6. TANGIBLE ASSETS
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1st December 2022
Additions
15,306
10,047
25,998
51,351
Disposals
( 2,917)
( 2,917)
---------
---------
---------
---------
At 30th November 2023
15,306
10,047
23,081
48,434
---------
---------
---------
---------
Depreciation
At 1st December 2022
Charge for the year
2,744
1,995
1,667
6,406
---------
---------
---------
---------
At 30th November 2023
2,744
1,995
1,667
6,406
---------
---------
---------
---------
Carrying amount
At 30th November 2023
12,562
8,052
21,414
42,028
---------
---------
---------
---------
At 30th November 2022
---------
---------
---------
---------
7. DEBTORS
2023
2022
£
£
Trade debtors
233,466
Other debtors
104,209
-----------
-----
337,675
-----------
-----
8. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
11,562
Corporation tax
39,390
Social security and other taxes
130,490
Other creditors
203,764
-----------
-----
385,206
-----------
-----
9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mrs J Santos Bate
4
4
Mr J Chapman
2,643
2,643
Mrs A Weber Nichols
73,447
73,447
-----
---------
---------
76,094
76,094
-----
---------
---------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mrs J Santos Bate
Mr J Chapman
Mrs A Weber Nichols
-----
-----
-----
-----
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-----