Caseware UK (AP4) 2023.0.135 2023.0.135 37falseNo description of principal activitytrue372023-01-01trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02117063 2023-01-01 2023-12-31 02117063 2022-01-01 2022-12-31 02117063 2023-12-31 02117063 2022-12-31 02117063 2022-01-01 02117063 6 2023-01-01 2023-12-31 02117063 6 2022-01-01 2022-12-31 02117063 d:Director1 2023-01-01 2023-12-31 02117063 e:Buildings 2023-01-01 2023-12-31 02117063 e:Buildings 2023-12-31 02117063 e:Buildings 2022-12-31 02117063 e:Buildings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02117063 e:Buildings e:LongLeaseholdAssets 2023-01-01 2023-12-31 02117063 e:Buildings e:LongLeaseholdAssets 2023-12-31 02117063 e:Buildings e:LongLeaseholdAssets 2022-12-31 02117063 e:PlantMachinery 2023-01-01 2023-12-31 02117063 e:PlantMachinery 2023-12-31 02117063 e:PlantMachinery 2022-12-31 02117063 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02117063 e:MotorVehicles 2023-01-01 2023-12-31 02117063 e:MotorVehicles 2023-12-31 02117063 e:MotorVehicles 2022-12-31 02117063 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02117063 e:FurnitureFittings 2023-01-01 2023-12-31 02117063 e:FurnitureFittings 2023-12-31 02117063 e:FurnitureFittings 2022-12-31 02117063 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02117063 e:OfficeEquipment 2023-01-01 2023-12-31 02117063 e:OfficeEquipment 2023-12-31 02117063 e:OfficeEquipment 2022-12-31 02117063 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02117063 e:ComputerEquipment 2023-01-01 2023-12-31 02117063 e:ComputerEquipment 2023-12-31 02117063 e:ComputerEquipment 2022-12-31 02117063 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02117063 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02117063 e:CurrentFinancialInstruments 2023-12-31 02117063 e:CurrentFinancialInstruments 2022-12-31 02117063 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 02117063 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 02117063 e:ShareCapital 2023-01-01 2023-12-31 02117063 e:ShareCapital 2023-12-31 02117063 e:ShareCapital 2022-12-31 02117063 e:ShareCapital 2022-01-01 02117063 e:SharePremium 2023-12-31 02117063 e:SharePremium 2022-12-31 02117063 e:SharePremium 2022-01-01 02117063 e:CapitalRedemptionReserve 2023-01-01 2023-12-31 02117063 e:CapitalRedemptionReserve 2023-12-31 02117063 e:CapitalRedemptionReserve 2022-01-01 2022-12-31 02117063 e:CapitalRedemptionReserve 2022-12-31 02117063 e:CapitalRedemptionReserve 2022-01-01 02117063 e:RevaluationReserve 2023-01-01 2023-12-31 02117063 e:RevaluationReserve 2023-12-31 02117063 e:RevaluationReserve 6 2023-01-01 2023-12-31 02117063 e:RevaluationReserve 2022-01-01 2022-12-31 02117063 e:RevaluationReserve 2022-12-31 02117063 e:RevaluationReserve 2022-01-01 02117063 e:RevaluationReserve 6 2022-01-01 2022-12-31 02117063 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 02117063 e:RetainedEarningsAccumulatedLosses 2023-12-31 02117063 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 02117063 e:RetainedEarningsAccumulatedLosses 2022-12-31 02117063 e:RetainedEarningsAccumulatedLosses 2022-01-01 02117063 d:FRS102 2023-01-01 2023-12-31 02117063 d:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 02117063 d:FullAccounts 2023-01-01 2023-12-31 02117063 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02117063 e:WithinOneYear 2023-12-31 02117063 e:WithinOneYear 2022-12-31 02117063 e:BetweenOneFiveYears 2023-12-31 02117063 e:BetweenOneFiveYears 2022-12-31 02117063 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 02117063 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 02117063 e:TaxLossesCarry-forwardsDeferredTax 2023-12-31 02117063 e:TaxLossesCarry-forwardsDeferredTax 2022-12-31 02117063 e:OtherDeferredTax 2023-12-31 02117063 e:OtherDeferredTax 2022-12-31 02117063 2 2023-01-01 2023-12-31 02117063 4 2023-01-01 2023-12-31 02117063 5 2023-01-01 2023-12-31 02117063 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure


















Artem Limited
























Unaudited 
Financial statements



For the year ended 31 December 2023



Registered number: 02117063

 
Artem Limited - Registered number:02117063


Statement of financial position
As at 31 December 2023

2023
2023
2022
2022
Notes
£
£
£
£

Fixed assets
  

Tangible assets
 4 
3,832,760
3,919,975

  
3,832,760
3,919,975

Current assets
  

Stocks
 5 
56,260
56,568

Debtors: amounts falling due within one year
 6 
147,038
293,517

Bank and cash balances
  
907,162
2,039,889

  
1,110,460
2,389,974

Creditors: amounts falling due within one year
 7 
(213,967)
(514,432)

Net current assets
  
 
 
896,493
 
 
1,875,542

Total assets less current liabilities
  
4,729,253
5,795,517

Provisions for liabilities
  

Deferred taxation
 8 
(532,258)
(537,348)

  
 
 
(532,258)
 
 
(537,348)

Net assets
  
4,196,995
5,258,169


Capital and reserves
  

Share capital
  
198
264

Share premium account
  
149,840
149,840

Revaluation reserve
  
2,178,932
2,249,812

Capital redemption reserve
  
75,066
75,000

Profit and loss account
  
1,792,959
2,783,253

  
4,196,995
5,258,169


The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
Page 1

 
Artem Limited - Registered number:02117063


Statement of financial position (continued)
As at 31 December 2023


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M D Kelt
Director

Date: 5 August 2024


The notes on pages 4 to 12 form part of these financial statements.

Page 2

 
Artem Limited
 


Statement of changes in equity
For the year ended 31 December 2023


Share capital
Share premium account
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£
£


At 1 January 2022
264
149,840
75,000
2,320,692
2,214,543
4,760,339



Profit for the year
-
-
-
-
597,822
597,822

Surplus on revaluation of freehold property
-
-
-
-
70,880
70,880

Dividends: Equity capital
-
-
-
-
(99,992)
(99,992)

Transfer to/from profit and loss account
-
-
-
(70,880)
-
(70,880)



At 1 January 2023
264
149,840
75,000
2,249,812
2,783,253
5,258,169


Comprehensive income for the year

Loss for the year
-
-
-
-
(56,174)
(56,174)

Surplus on revaluation of freehold property
-
-
-
-
70,880
70,880

Purchase of own shares - distribution
-
-
66
-
(1,005,000)
(1,004,934)

Shares redeemed during the year
(66)
-
-
-
-
(66)

Transfer to/from profit and loss account
-
-
-
(70,880)
-
(70,880)


At 31 December 2023
198
149,840
75,066
2,178,932
1,792,959
4,196,995


The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
Artem Limited
 
 

Notes to the financial statements
For the year ended 31 December 2023

1.


General information

The company is a private company limited by shares and incorporated in England and Wales. The registered office and principal place of business is Perivale Industrial Park, Horsenden Lane South, Perivale, Middlesex, UB6 7RH. The company registration number is 02117063.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified
within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102,'The
Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical
accounting estimates. It also requires management to exercise judgement in applying the company's
accounting policies.
 
The following principal accounting policies have been applied:

 
2.2

Going concern

The company has sufficient liquid resources to continue as a going concern for the foreseeable future and the
directors believe that the company will be able to meet its liabilities as they fall due for at least twelve months from the date of approval of these financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Full provision is made for losses on any contracts in the year in which they are first foreseen.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
Artem Limited
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
straight line over 50 years
Leasehold Property
-
straight line over 50 years
Plant and machinery
-
straight line over 3 to 5 years
Motor vehicles
-
straight line over 4 years
Fixtures and fittings
-
straight line over 3 years
Office equipment
-
straight line over 5 years
Computer equipment
-
straight line over 3 to 8 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value being fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Statement of financial position date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in the revaluation reserve unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in the profit or loss.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in first out basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit or loss.

 
2.7

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.8

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Page 5

 
Artem Limited
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.9

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.12

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.13

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.14

Pensions

The company contributes to defined contribution plans for directors and employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in the Income statement when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plans are held separately from the company in independently administered funds.

Page 6

 
Artem Limited
 

Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.15

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.16

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit or loss, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

 
2.17

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 37 (2022 -37).

Page 7

 
Artem Limited
 
 

Notes to the financial statements
For the year ended 31 December 2023

4.


Tangible fixed assets





Freehold property
Leasehold Property
Plant and machinery
Motor vehicles
Fixtures and fittings

£
£
£
£
£



Cost


At 1 January 2023
3,350,000
553,541
671,694
128,044
-


Additions
-
7,657
4,221
-
12,712



At 31 December 2023

3,350,000
561,198
675,915
128,044
12,712



Depreciation


At 1 January 2023
80,400
-
613,720
116,138
-


Charge for the year
80,400
-
13,133
6,804
824



At 31 December 2023

160,800
-
626,853
122,942
824



Net book value



At 31 December 2023
3,189,200
561,198
49,062
5,102
11,888



At 31 December 2022
3,269,600
553,541
57,974
11,906
-
Page 8

 
Artem Limited
 
 

Notes to the financial statements
For the year ended 31 December 2023

           4.Tangible fixed assets (continued)


Office equipment
Computer equipment
Total

£
£
£



Cost


At 1 January 2023
83,539
260,480
5,047,298


Additions
-
766
25,356



At 31 December 2023

83,539
261,246
5,072,654



Depreciation


At 1 January 2023
81,936
235,129
1,127,323


Charge for the year
667
10,743
112,571



At 31 December 2023

82,603
245,872
1,239,894



Net book value



At 31 December 2023
936
15,374
3,832,760



At 31 December 2022
1,603
25,351
3,919,975

Page 9

 
Artem Limited
 
 

Notes to the financial statements
For the year ended 31 December 2023

           4.Tangible fixed assets (continued)

The freehold land and buildings were valued independently at their open market value for existing use at 17 February 2022 in accordance with the Appraisal and Valuation Manual of the Royal Institute of Chartered Surveyors, by Vail Williams, Chartered Surveyors. That valuation of £3.35m is believed to be a fair reflection of the valuation at 31 December 2023 and 2022. Leasehold property was valued by directors and it is stated at fair value at 31 December 2023.
Land at a cost of £119,708 (2022: £119,708) for freehold and leasehold properties was held for leasing under an operating lease during the year.

Cost or valuation at 31 December 2023 is as follows:

Land and buildings
£


At cost
1,288,560

31 December 2021 valuation
2,622,638



3,911,198

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£



Cost
1,288,560
1,280,903

Accumulated depreciation
(179,063)
(172,427)

Net book value
1,109,497
1,108,476


5.


Stocks

2023
2022
£
£

Stock
56,260
52,447

Work in progress
-
4,121

56,260
56,568


Page 10

 
Artem Limited
 
 

Notes to the financial statements
For the year ended 31 December 2023

6.


Debtors

2023
2022
£
£


Trade debtors
4,894
204,919

Other debtors
51,016
52,277

Prepayments and accrued income
91,128
36,321

147,038
293,517



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
10,127
57,658

Corporation tax
-
135,833

Other taxation and social security
128,337
41,157

Other creditors
10,223
9,375

Accruals and deferred income
65,280
270,409

213,967
514,432



8.


Deferred taxation




2023
2022


£

£






At beginning of year
(537,348)
(528,442)


Charged to profit or loss
5,090
(8,906)



At end of year
(532,258)
(537,348)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(14,590)
(17,125)

Unrealised gain on revalued property
(521,461)
(521,461)

Short term timing differences
3,793
1,238

(532,258)
(537,348)

Page 11

 
Artem Limited
 
 

Notes to the financial statements
For the year ended 31 December 2023

9.


Pension commitments

The company contributes to defined contribution plans for directors and employees. The assets of the plans are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to the fund and amounted to £136,222 (2022: £71,975). The unpaid contributions at the year end, included in creditors amounted to £10,223 (2022: £9,375).


10.


Commitments under operating leases

At 31 December 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
24,855
24,855

Later than 1 year and not later than 5 years
16,570
41,425

41,425
66,280


11.


Controlling party

In the opinion of the directors, there is no controlling party.


Page 12