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REGISTERED NUMBER: 07169388 (England and Wales)















ART ONE (WALSALL) LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024






ART ONE (WALSALL) LIMITED (REGISTERED NUMBER: 07169388)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ART ONE (WALSALL) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: C A Jessup
Mrs N Jessup





SECRETARY: C A Jessup





REGISTERED OFFICE: 1 Station Court
Girton Road
Cannock
WS11 0EJ





REGISTERED NUMBER: 07169388 (England and Wales)

ART ONE (WALSALL) LIMITED (REGISTERED NUMBER: 07169388)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 464 927
Investment property 5 18,344,507 18,210,283
18,344,971 18,211,210

CURRENT ASSETS
Debtors 6 355,920 319,044
Cash at bank and in hand 311,622 465,557
667,542 784,601
CREDITORS
Amounts falling due within one year 7 (681,554 ) (650,823 )
NET CURRENT (LIABILITIES)/ASSETS (14,012 ) 133,778
TOTAL ASSETS LESS CURRENT LIABILITIES 18,330,959 18,344,988

CREDITORS
Amounts falling due after more than one
year

8

(9,016,083

)

(9,407,002

)

PROVISIONS FOR LIABILITIES (634,810 ) (634,810 )
NET ASSETS 8,680,066 8,303,176

CAPITAL AND RESERVES
Called up share capital 9 102 102
Retained earnings 8,679,964 8,303,074
SHAREHOLDERS' FUNDS 8,680,066 8,303,176

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ART ONE (WALSALL) LIMITED (REGISTERED NUMBER: 07169388)

BALANCE SHEET - continued
31 MARCH 2024


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 Profit and Loss Account has not been delivered.

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





C A Jessup - Director


ART ONE (WALSALL) LIMITED (REGISTERED NUMBER: 07169388)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Art One (Walsall) 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

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

Turnover
Turnover represents net invoiced property rentals, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - Straight line over 3 years

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


ART ONE (WALSALL) LIMITED (REGISTERED NUMBER: 07169388)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Service charge
Art One (Walsall) Limited's service charge income and expenditure related to common area maintenance and service of the company's investment properties is not represented in these financial statements.

A designated Trustee bank account for this fund has been set up, and is not considered an asset of the company.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 4 ) .

ART ONE (WALSALL) LIMITED (REGISTERED NUMBER: 07169388)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 1,391
DEPRECIATION
At 1 April 2023 464
Charge for year 463
At 31 March 2024 927
NET BOOK VALUE
At 31 March 2024 464
At 31 March 2023 927

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 18,210,283
Additions 134,224
At 31 March 2024 18,344,507
NET BOOK VALUE
At 31 March 2024 18,344,507
At 31 March 2023 18,210,283

Investment property comprises land and buildings, both residential and commercial at Charles Street, Walsall.

The investment property was revalued as at 31 March 2023 by the directors on an open market basis.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 345,599 307,498
Directors' current accounts - 7,241
Prepayments 10,321 4,305
355,920 319,044

ART ONE (WALSALL) LIMITED (REGISTERED NUMBER: 07169388)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 46,218 29,518
Amounts owed to group undertakings 418,894 456,130
Tax 149,875 98,793
Social security and other taxes 3,461 2,016
Pension 225 290
VAT 2,199 3,935
Other creditors 3,611 -
Other borrowings 53,616 55,789
Directors' current accounts 917 -
Accruals and deferred income 2,538 4,352
681,554 650,823

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Amounts owed to group undertakings 805,629 1,196,548
Government grants 8,210,454 8,210,454
9,016,083 9,407,002

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
102 Ordinary £1 102 102

10. FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to NIL (2023: £11,880).

ART ONE (WALSALL) LIMITED (REGISTERED NUMBER: 07169388)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
C A Jessup
Balance outstanding at start of year 7,241 -
Amounts advanced 58,842 7,241
Amounts repaid (67,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (917 ) 7,241

The loan has been provided interest free and is repayable on demand.

12. RELATED PARTY DISCLOSURES

The parent company of Art One (Walsall) Limited is Girton Investment Holdings Limited, a company incorporated in the UK, which shares the same registered office address.