Wild in Art Limited 06166501 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is managing public art events and the sale of related merchandising. Digita Accounts Production Advanced 6.30.9574.0 true 06166501 2023-01-01 2023-12-31 06166501 2023-12-31 06166501 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-12-31 06166501 core:CurrentFinancialInstruments 2023-12-31 06166501 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 06166501 core:Non-currentFinancialInstruments 2023-12-31 06166501 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 06166501 core:FurnitureFittingsToolsEquipment 2023-12-31 06166501 core:MotorVehicles 2023-12-31 06166501 bus:SmallEntities 2023-01-01 2023-12-31 06166501 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 06166501 bus:FilletedAccounts 2023-01-01 2023-12-31 06166501 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 06166501 bus:RegisteredOffice 2023-01-01 2023-12-31 06166501 bus:Director1 2023-01-01 2023-12-31 06166501 bus:Director3 2023-01-01 2023-12-31 06166501 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-01-01 2023-12-31 06166501 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06166501 core:ComputerEquipment 2023-01-01 2023-12-31 06166501 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 06166501 core:MotorCars 2023-01-01 2023-12-31 06166501 core:MotorVehicles 2023-01-01 2023-12-31 06166501 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-01-01 2023-12-31 06166501 countries:England 2023-01-01 2023-12-31 06166501 2022-12-31 06166501 core:FurnitureFittingsToolsEquipment 2022-12-31 06166501 core:MotorVehicles 2022-12-31 06166501 2022-01-01 2022-12-31 06166501 2022-12-31 06166501 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2022-12-31 06166501 core:CurrentFinancialInstruments 2022-12-31 06166501 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 06166501 core:CurrentFinancialInstruments core:WithinOneYear core:PreviouslyStatedAmount 2022-12-31 06166501 core:Non-currentFinancialInstruments 2022-12-31 06166501 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 06166501 core:FurnitureFittingsToolsEquipment 2022-12-31 06166501 core:MotorVehicles 2022-12-31 06166501 core:PreviouslyStatedAmount 2022-12-31 06166501 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 06166501

Wild in Art Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Wild in Art Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Wild in Art Limited

Company Information

Directors

Mr N J Byrne

Mr C J Langhorne

Registered office

Unit 14
Bingswood Industrial Estate
Whaley Bridge
High Peak
SK23 7LY

 

Wild in Art Limited

(Registration number: 06166501)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

126,393

150,562

Current assets

 

Stocks

5

19,652

27,106

Debtors

6

648,684

633,238

Cash at bank and in hand

 

606,933

533,870

 

1,275,269

1,194,214

Creditors: Amounts falling due within one year

7

(812,991)

(635,980)

Net current assets

 

462,278

558,234

Total assets less current liabilities

 

588,671

708,796

Creditors: Amounts falling due after more than one year

7

(14,729)

(24,367)

Provisions for liabilities

(31,598)

(16,835)

Net assets

 

542,344

667,594

Capital and reserves

 

Called up share capital

8

500

500

Capital redemption reserve

500

500

Retained earnings

541,344

666,594

Shareholders' funds

 

542,344

667,594

For the financial 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Wild in Art Limited

(Registration number: 06166501)
Balance Sheet as at 31 December 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 19 September 2024 and signed on its behalf by:
 

.........................................
Mr N J Byrne
Director

 

Wild in Art Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 14
Bingswood Industrial Estate
Whaley Bridge
High Peak
SK23 7LY

These financial statements were authorised for issue by the Board on 19 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Contract revenue recognition

Revenue from contracts for the provision of services is recognised by reference to the stage of completion, when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

 

Wild in Art Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period represents the sum of tax currently payable and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings & equipment

20% straight line

Computer equipment

33.3% straight line

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Wild in Art Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement costs and cost, adjusted where applicable for any loss of service potential.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Wild in Art Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Wild in Art Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Financial instruments

Classification
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 comapny after deducting all of the liabilities.

 Recognition and measurement
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 transacion 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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitues 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.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2022 - 12).

 

Wild in Art Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

131,601

155,935

287,536

At 31 December 2023

131,601

155,935

287,536

Depreciation

At 1 January 2023

73,365

41,507

114,872

Charge for the year

17,664

28,607

46,271

At 31 December 2023

91,029

70,114

161,143

Carrying amount

At 31 December 2023

40,572

85,821

126,393

At 31 December 2022

47,784

102,778

150,562

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

19,652

27,106

6

Debtors

Current

2023
£

2022
£

Trade debtors

439,276

371,836

Prepayments

38,795

64,712

Other debtors

170,613

196,690

 

648,684

633,238

Details of non-current trade and other debtors

£Nil (2022 -£Nil) of Prepaid loan arrangement fee is classified as non current.

 

Wild in Art Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

9,436

9,797

Trade creditors

 

118,920

136,701

Taxation and social security

 

271,632

292,872

Accruals and deferred income

 

44,435

56,878

Other creditors

 

32,563

14,502

Gross amount due to customers for contract work

 

336,005

125,230

 

812,991

635,980


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £Nil (2022: £Nil).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

14,729

24,367

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £Nil (2022: £Nil).

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

500

500

500

500

       
 

Wild in Art Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

14,729

24,367

Current loans and borrowings

2023
£

2022
£

Bank borrowings

9,436

9,797

10

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £643.09 (2022 - £431.21) per each Ordinary shares

321,545

215,604

 

 

11

Related Party Transactions

Director’s advances, credit and guarantees

During the year, the company made advances to a director amounting to £275,277 (2023: £96,849). These were repayable on demand. The company received repayments of £275,277 (2023: £170,662). The advances were subject to interest at an annual rate of 2.25%.