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REGISTERED NUMBER: 01534760 (England and Wales)











FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

ART MARKETING LIMITED

ART MARKETING LIMITED (REGISTERED NUMBER: 01534760)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ART MARKETING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: M Last
N A Waller





REGISTERED OFFICE: Unit 1 Redbourn Industrial Estate
High Street
Redbourn
St Albans
Hertfordshire
AL3 7LG





REGISTERED NUMBER: 01534760 (England and Wales)





AUDITORS: Sargeant Partnership LLP
Chartered Accountants
and Statutory Auditors
5 White Oak Square
London Road
Swanley
Kent
BR8 7AG

ART MARKETING LIMITED (REGISTERED NUMBER: 01534760)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 84,714 111,764
Tangible assets 5 65,120 273,051
149,834 384,815

CURRENT ASSETS
Stocks 357,842 554,555
Debtors 6 983,092 727,700
Cash at bank and in hand 238,381 42,219
1,579,315 1,324,474
CREDITORS
Amounts falling due within one year 7 796,630 740,203
NET CURRENT ASSETS 782,685 584,271
TOTAL ASSETS LESS CURRENT
LIABILITIES

932,519

969,086

CREDITORS
Amounts falling due after more than one
year

8

113,472

184,839
NET ASSETS 819,047 784,247

CAPITAL AND RESERVES
Called up share capital 9 2,565 2,700
Capital redemption reserve 10 2,572 2,437
Retained earnings 10 813,910 779,110
SHAREHOLDERS' FUNDS 819,047 784,247

ART MARKETING LIMITED (REGISTERED NUMBER: 01534760)

BALANCE SHEET - continued
31 DECEMBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2024 and were signed on its behalf by:





M Last - Director


ART MARKETING LIMITED (REGISTERED NUMBER: 01534760)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Art Marketing Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in the financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies are set out below.

Preparation of consolidated financial statements
The financial statements contain information about Art Marketing Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Gallery Direct 2013 Limited, C/o Gallery Direct Ltd, Castle Road, Eurolink Commercial Park, Sittingbourne, Kent, ME10 3RN.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

ART MARKETING LIMITED (REGISTERED NUMBER: 01534760)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Intangible assets
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the
acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software & Website costs - 25% reducing balance

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - Over the primary term of lease
Plant and machinery - 25% per annum on reducing balance
Motor vehicles - 25% per annum on reducing balance

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

ART MARKETING LIMITED (REGISTERED NUMBER: 01534760)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at
transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Classification of financial liabilities
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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and hire purchase agreements are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.


ART MARKETING LIMITED (REGISTERED NUMBER: 01534760)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

ART MARKETING LIMITED (REGISTERED NUMBER: 01534760)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2022 - 32 ) .

ART MARKETING LIMITED (REGISTERED NUMBER: 01534760)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 January 2023 165,585
Additions 1,500
At 31 December 2023 167,085
AMORTISATION
At 1 January 2023 53,821
Amortisation for year 28,550
At 31 December 2023 82,371
NET BOOK VALUE
At 31 December 2023 84,714
At 31 December 2022 111,764

5. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 January 2023 103,200 671,682 33,095 807,977
Additions - 5,272 - 5,272
Disposals (103,200 ) (219,495 ) - (322,695 )
At 31 December 2023 - 457,459 33,095 490,554
DEPRECIATION
At 1 January 2023 55,919 472,801 6,206 534,926
Charge for year - 58,341 6,722 65,063
Eliminated on disposal (55,919 ) (118,636 ) - (174,555 )
At 31 December 2023 - 412,506 12,928 425,434
NET BOOK VALUE
At 31 December 2023 - 44,953 20,167 65,120
At 31 December 2022 47,281 198,881 26,889 273,051

ART MARKETING LIMITED (REGISTERED NUMBER: 01534760)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023
and 31 December 2023 33,095
DEPRECIATION
At 1 January 2023 6,206
Charge for year 6,722
At 31 December 2023 12,928
NET BOOK VALUE
At 31 December 2023 20,167
At 31 December 2022 26,889

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 517,826 487,207
Other debtors 465,266 240,493
983,092 727,700

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 66,000 66,000
Hire purchase contracts 4,954 4,541
Trade creditors 456,971 144,068
Taxation and social security 124,732 142,318
Other creditors 143,973 383,276
796,630 740,203

ART MARKETING LIMITED (REGISTERED NUMBER: 01534760)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans 99,000 165,000
Hire purchase contracts 14,472 19,839
113,472 184,839

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
467 Ordinary A £1 467 467
135 Ordinary C £1 135 135
1,963 Ordinary D £1 1,963 1,963
NIL Ordinary B £1 - 135
2,565 2,700

The treasury shares (Ordinary B) were cancelled on the 6th February 2023. The cost of these shares of £5,898 is held as a deduction in the profit and loss reserves.

10. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2023 779,110 2,437 781,547
Profit for the year 49,520 49,520
Dividends (14,720 ) (14,720 )
Cancellation of shares - 135 135
At 31 December 2023 813,910 2,572 816,482

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Gary Sargeant (Senior Statutory Auditor)
for and on behalf of Sargeant Partnership LLP

ART MARKETING LIMITED (REGISTERED NUMBER: 01534760)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

12. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Orion Warehouse Services Limited is a related party of Art Marketing Limited due to it being under common ownership.

During the year Orion Warehouse Services Limited raised purchase invoices to Art Marketing Limited of £128,263. At the balance sheet date Art Marketing Limited owed Orion Warehouse Services Limited £126,819 by way of a trade creditor.

13. ULTIMATE CONTROLLING PARTY

The Ultimate Controlling Party is Mr M Maslo by virtue of his shareholding in Gallery Direct 2013 Limited (Ultimate Parent Company) a company registered in England & Wales.

14. EVENTS DURING THE YEAR

On the 3rd May 2023, Gallery Direct Limited (03917740) acquired 100% of the shareholding in Art Marketing Limited. Gallery Direct Limited's registered office is Eurolink Commercial Park, Castle Road, Sittingbourne, Kent, England, ME10 3RN.

Art Marketing Limited's financial results will be consolidated in the financial statements of the ultimate parent company which is Gallery Direct 2013 Limited.

15. KEY MANAGEMENT

M Maslo Director/Chairman
M Last Managing Director/CEO
P Delaney Sales Director
J Hudson Commercial Director
C Aldous Operations Director
N Atkinson Finance Director
P Dodd Group Finance Director