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Company No: 07111468 (England and Wales)

ARTIRIX LTD

Unaudited Financial Statements
For the financial period from 01 October 2022 to 31 December 2023
Pages for filing with the registrar

ARTIRIX LTD

Unaudited Financial Statements

For the financial period from 01 October 2022 to 31 December 2023

Contents

ARTIRIX LTD

COMPANY INFORMATION

For the financial period from 01 October 2022 to 31 December 2023
ARTIRIX LTD

COMPANY INFORMATION (continued)

For the financial period from 01 October 2022 to 31 December 2023
DIRECTOR Daniel James Lee
REGISTERED OFFICE C/O Praxis
1 Poultry
London
EC2R 8EJ
United Kingdom
COMPANY NUMBER 07111468 (England and Wales)
CHARTERED ACCOUNTANTS Praxis
1 Poultry
London
EC2R 8EJ
United Kingdom
ARTIRIX LTD

BALANCE SHEET

As at 31 December 2023
ARTIRIX LTD

BALANCE SHEET (continued)

As at 31 December 2023
Note 31.12.2023 30.09.2022
£ £
Fixed assets
Tangible assets 3 7,302 10,622
Investments 4 75,002 75,002
82,304 85,624
Current assets
Debtors
- due within one year 5 568,496 426,567
- due after more than one year 5 940,315 726,818
Cash at bank and in hand 405,560 829,325
1,914,371 1,982,710
Creditors: amounts falling due within one year 6 ( 56,490) ( 18,395)
Net current assets 1,857,881 1,964,315
Total assets less current liabilities 1,940,185 2,049,939
Net assets 1,940,185 2,049,939
Capital and reserves
Called-up share capital 7 500 500
Capital redemption reserve 1,578,182 1,578,182
Other reserves 1,000,000 1,000,000
Profit and loss account ( 638,497 ) ( 528,743 )
Total shareholder's funds 1,940,185 2,049,939

For the financial period ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Artirix Ltd (registered number: 07111468) were approved and authorised for issue by the Director on 06 September 2024. They were signed on its behalf by:

Daniel James Lee
Director
ARTIRIX LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 October 2022 to 31 December 2023
ARTIRIX LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 October 2022 to 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Artirix Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Praxis, 1 Poultry, London, EC2R 8EJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The financial year end has been extended to 31 December 2023 and accordingly these financial statements include results for the 15 months ended 31 December 2023.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

Period from
01.10.2022 to
31.12.2023
Year ended
30.09.2022
Number Number
Monthly average number of persons employed by the Company during the period, including the director 0 0

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 October 2022 96,603 96,603
At 31 December 2023 96,603 96,603
Accumulated depreciation
At 01 October 2022 85,981 85,981
Charge for the financial period 3,320 3,320
At 31 December 2023 89,301 89,301
Net book value
At 31 December 2023 7,302 7,302
At 30 September 2022 10,622 10,622

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 October 2022 75,002 75,002
At 31 December 2023 75,002 75,002
Carrying value at 31 December 2023 75,002 75,002
Carrying value at 30 September 2022 75,002 75,002

5. Debtors

31.12.2023 30.09.2022
£ £
Debtors: amounts falling due within one year
Trade debtors 37,818 17,673
Amounts owed by related parties 297,500 0
Other taxation and social security 0 1,649
Other debtors 233,178 407,245
568,496 426,567
Debtors: amounts falling due after more than one year
Other debtors 940,315 726,818

6. Creditors: amounts falling due within one year

31.12.2023 30.09.2022
£ £
Trade creditors 0 1,200
Taxation and social security 20,500 753
Other creditors 35,990 16,442
56,490 18,395

7. Called-up share capital

31.12.2023 30.09.2022
£ £
Allotted, called-up and fully-paid
5,000 Ordinary A shares of £ 0.10 each 500 500

8. Financial commitments

The Company had no material capital commitments at the period ended 31 December 2023.

9. Events after the Balance Sheet date

There have been no events after the balance sheet date affecting the Company since the financial period.