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ADVOCATE ART LIMITED

Registered Number
02964790
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

ADVOCATE ART LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

BURNS, Caroline Esther
BURNS, Edward Michael

Registered Address

27 Old Gloucester Street
London
WC1N 3AX

Registered Number

02964790 (England and Wales)
ADVOCATE ART LIMITED
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets39,38515,273
9,38515,273
Current assets
Debtors4615,118730,141
Cash at bank and on hand66,11870,521
681,236800,662
Creditors amounts falling due within one year5(644,689)(775,207)
Net current assets (liabilities)36,54725,455
Total assets less current liabilities45,93240,728
Net assets45,93240,728
Capital and reserves
Called up share capital100100
Profit and loss account45,83240,628
Shareholders' funds45,93240,728
The financial statements were approved and authorised for issue by the Board of Directors on 4 September 2024, and are signed on its behalf by:
BURNS, Edward Michael
Director
Registered Company No. 02964790
ADVOCATE ART LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Land and buildings10
Fixtures and fittings4
Vehicles4
Office Equipment4
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.Average number of employees

20232022
Average number of employees during the year68
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 January 23660,789
Additions1,907
At 31 December 23662,696
Depreciation and impairment
At 01 January 23645,516
Charge for year7,795
At 31 December 23653,311
Net book value
At 31 December 239,385
At 31 December 2215,273
4.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables610,111664,079
Amounts owed by group undertakings26252,956
Other debtors-4,018
Prepayments and accrued income4,7459,088
Total615,118730,141
5.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables569,773500,528
Bank borrowings and overdrafts4791,710
Amounts owed to related parties642176,753
Taxation and social security69,64594,276
Other creditors3,8651,940
Accrued liabilities and deferred income285-
Total644,689775,207