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COMPANY REGISTRATION NUMBER: 07448492
ART CENTRE (LEEDS) LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 December 2023
ART CENTRE (LEEDS) LTD
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
CONTENTS
PAGES
Statement of financial position
1 to 2
Notes to the financial statements
3 to 5
ART CENTRE (LEEDS) LTD
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
INVESTMENT PROPERTY
Tangible assets
5
3,604,710
3,062,958
CURRENT ASSETS
Debtors
6
1,256,441
1,319,151
Cash at bank and in hand
52,992
12,803
------------
------------
1,309,433
1,331,954
PREPAYMENTS AND ACCRUED INCOME
5,187
7,200
CREDITORS: amounts falling due within one year
7
( 291,955)
( 349,132)
------------
------------
NET CURRENT ASSETS
1,022,665
990,022
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
4,627,375
4,052,980
CREDITORS: amounts falling due after more than one year
8
( 1,516,590)
( 1,596,069)
PROVISIONS
( 536,174)
( 345,101)
------------
------------
NET ASSETS
2,574,611
2,111,810
------------
------------
CAPITAL AND RESERVES
Called up share capital
102
102
Profit and loss account
2,574,509
2,111,708
------------
------------
SHAREHOLDERS FUNDS
2,574,611
2,111,810
------------
------------
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 income and retained earnings has not been delivered.
For the year ending 31 December 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 .
ART CENTRE (LEEDS) LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 10 September 2024 , and are signed on behalf of the board by:
R M Murray
Director
Company registration number: 07448492
ART CENTRE (LEEDS) LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 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 20-22 Bridge End, Leeds, LS1 4DJ.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of services, exclusive of Value Added Tax.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation to date.
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:
Fixtures and fittings
-
25% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at transaction price and thereafter at fair value with changes recognised in profit and loss. The company holds the following financial assets and liabilities: Cash, Short-term trade and other debtors, and creditors. Cash in the balance sheet comprises cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account before operating profit.
4. TAX ON PROFIT
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
32,942
1,086
Deferred tax:
Origination and reversal of timing differences
191,074
---------
-------
Tax on profit
224,016
1,086
---------
-------
5. TANGIBLE ASSETS
Investment property
Fixtures and fittings
Total
£
£
£
Valuation
At 1 January 2023
3,054,479
15,354
3,069,833
Revaluations
545,521
545,521
------------
--------
------------
At 31 December 2023
3,600,000
15,354
3,615,354
------------
--------
------------
Depreciation
At 1 January 2023
6,875
6,875
Charge for the year
3,769
3,769
------------
--------
------------
At 31 December 2023
10,644
10,644
------------
--------
------------
Carrying amount
At 31 December 2023
3,600,000
4,710
3,604,710
------------
--------
------------
At 31 December 2022
3,054,479
8,479
3,062,958
------------
--------
------------
Investment property has been valued on an open market basis by the directors as at 31 December 2023.
6. DEBTORS
2023
2022
£
£
Trade debtors
291
25,401
Other debtors
1,256,150
1,293,750
------------
------------
1,256,441
1,319,151
------------
------------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
177,805
268,800
Trade creditors
13,391
18,087
Corporation tax
40,540
15,033
Social security and other taxes
21,482
15,461
Other creditors
38,737
31,751
---------
---------
291,955
349,132
---------
---------
8. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,516,590
1,596,069
------------
------------
9. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
536,174
345,101
---------
---------