Caseware UK (AP4) 2023.0.135 2023.0.135 2024-07-312024-07-3122023-08-01falseNo description of principal activity2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10885785 2023-08-01 2024-07-31 10885785 2022-08-01 2023-07-31 10885785 2024-07-31 10885785 2023-07-31 10885785 c:Director1 2023-08-01 2024-07-31 10885785 d:OfficeEquipment 2023-08-01 2024-07-31 10885785 d:OfficeEquipment 2024-07-31 10885785 d:OfficeEquipment 2023-07-31 10885785 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 10885785 d:CurrentFinancialInstruments 2024-07-31 10885785 d:CurrentFinancialInstruments 2023-07-31 10885785 d:CurrentFinancialInstruments d:WithinOneYear 2024-07-31 10885785 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 10885785 d:ShareCapital 2024-07-31 10885785 d:ShareCapital 2023-07-31 10885785 d:RetainedEarningsAccumulatedLosses 2024-07-31 10885785 d:RetainedEarningsAccumulatedLosses 2023-07-31 10885785 c:FRS102 2023-08-01 2024-07-31 10885785 c:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 10885785 c:FullAccounts 2023-08-01 2024-07-31 10885785 c:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 10885785 2 2023-08-01 2024-07-31 10885785 e:PoundSterling 2023-08-01 2024-07-31 iso4217:GBP xbrli:pure

Registered number: 10885785










JT ART ASSET LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2024

 
JT ART ASSET LIMITED
REGISTERED NUMBER: 10885785

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,788
2,527

Current assets
  

Stocks
 5 
64,711
64,702

Debtors: amounts falling due within one year
 6 
255
4,466

Cash at bank and in hand
  
75,697
22,067

  
140,663
91,235

Creditors: amounts falling due within one year
 7 
(22,170)
(10,835)

Net current assets
  
 
 
118,493
 
 
80,400

Total assets less current liabilities
  
122,281
82,927

Provisions for liabilities
  

Deferred tax
  
(948)
(710)

Net assets
  
121,333
82,217


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
121,233
82,117

  
121,333
82,217


Page 1

 
JT ART ASSET LIMITED
REGISTERED NUMBER: 10885785
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D Turriani
Director

Date: 25 September 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
JT ART ASSET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

JT Art Asset Limited (10885785) is a private company limited by shares. It is incorporated in England & Wales. The registered office is Wey Court West, Union Road, Farnham, GU9 7PT.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 presented in GBP and rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
JT ART ASSET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase for each item individually.
At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 4

 
JT ART ASSET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 5

 
JT ART ASSET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 August 2023
6,938


Additions
2,789


Disposals
(1,349)



At 31 July 2024

8,378



Depreciation


At 1 August 2023
4,411


Charge for the year on owned assets
516


Disposals
(337)



At 31 July 2024

4,590



Net book value



At 31 July 2024
3,788



At 31 July 2023
2,527


5.


Stocks

2024
2023
£
£

Finished goods and goods for resale
64,711
64,702

64,711
64,702


Page 6

 
JT ART ASSET LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

6.


Debtors

2024
2023
£
£


Other debtors
-
3,619

Prepayments and accrued income
255
847

255
4,466



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
14,870
-

Other creditors
2,250
313

Accruals and deferred income
5,050
10,522

22,170
10,835


 
Page 7