3 false false false false false false false false false false true false false false false false false No description of principal activity 2022-12-01 Sage Accounts Production Advanced 2023 - FRS102_2023 147,524 65,152 12,356 77,508 70,016 82,372 xbrli:pure xbrli:shares iso4217:GBP 07853038 2022-12-01 2023-11-30 07853038 2023-11-30 07853038 2022-11-30 07853038 2021-12-01 2022-11-30 07853038 2022-11-30 07853038 2021-11-30 07853038 core:LandBuildings core:ShortLeaseholdAssets 2022-12-01 2023-11-30 07853038 bus:Director2 2022-12-01 2023-11-30 07853038 core:LandBuildings 2022-11-30 07853038 core:LandBuildings 2023-11-30 07853038 core:WithinOneYear 2023-11-30 07853038 core:WithinOneYear 2022-11-30 07853038 core:ShareCapital 2023-11-30 07853038 core:ShareCapital 2022-11-30 07853038 core:RetainedEarningsAccumulatedLosses 2023-11-30 07853038 core:RetainedEarningsAccumulatedLosses 2022-11-30 07853038 core:LandBuildings 2022-12-01 2023-11-30 07853038 core:LandBuildings 2022-11-30 07853038 bus:Director2 2022-11-30 07853038 bus:Director2 2023-11-30 07853038 bus:Director2 2021-11-30 07853038 bus:Director2 2022-11-30 07853038 bus:Director2 2021-12-01 2022-11-30 07853038 bus:SmallEntities 2022-12-01 2023-11-30 07853038 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 07853038 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 07853038 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 07853038 bus:FullAccounts 2022-12-01 2023-11-30
COMPANY REGISTRATION NUMBER: 07853038
London Art Studies Limited
Filleted Unaudited Financial Statements
For the year ended
30 November 2023
London Art Studies Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
70,016
82,372
Current assets
Cash at bank and in hand
2,438
4,892
Creditors: amounts falling due within one year
6
634,135
560,873
---------
---------
Net current liabilities
631,697
555,981
---------
---------
Total assets less current liabilities
( 561,681)
( 473,609)
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 561,682)
( 473,610)
---------
---------
Shareholders deficit
( 561,681)
( 473,609)
---------
---------
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 30 November 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 .
These financial statements were approved by the board of directors and authorised for issue on 23 September 2024 , and are signed on behalf of the board by:
K E Gordon
Director
Company registration number: 07853038
London Art Studies Limited
Notes to the Financial Statements
Year ended 30 November 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 Hyde House, The Hyde, Edgware Road, London, NW9 6LA.
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.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of (enter name of group financial statements) which can be obtained from (enter detail). As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company.
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 is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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:
Website
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
Website
£
Cost
At 1 December 2022 and 30 November 2023
147,524
---------
Depreciation
At 1 December 2022
65,152
Charge for the year
12,356
---------
At 30 November 2023
77,508
---------
Carrying amount
At 30 November 2023
70,016
---------
At 30 November 2022
82,372
---------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
5,753
1,422
Other creditors
628,382
559,451
---------
---------
634,135
560,873
---------
---------
7. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
K E Gordon
( 559,451)
( 68,931)
( 628,382)
---------
--------
---------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
K E Gordon
( 457,588)
( 101,863)
( 559,451)
---------
---------
---------