Artemi Limited 02734144 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is that of the production and retailing of the spacesaver clothes hanger. Digita Accounts Production Advanced 6.30.9574.0 true true 02734144 2023-09-01 2024-08-31 02734144 2024-08-31 02734144 bus:OrdinaryShareClass1 2024-08-31 02734144 core:CurrentFinancialInstruments 2024-08-31 02734144 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 02734144 core:PatentsTrademarksLicencesConcessionsSimilar 2024-08-31 02734144 core:FurnitureFittingsToolsEquipment 2024-08-31 02734144 core:MotorVehicles 2024-08-31 02734144 bus:SmallEntities 2023-09-01 2024-08-31 02734144 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 02734144 bus:FilletedAccounts 2023-09-01 2024-08-31 02734144 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 02734144 bus:RegisteredOffice 2023-09-01 2024-08-31 02734144 bus:CompanySecretary1 2023-09-01 2024-08-31 02734144 bus:Director1 2023-09-01 2024-08-31 02734144 bus:OrdinaryShareClass1 2023-09-01 2024-08-31 02734144 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 02734144 core:FurnitureFittingsToolsEquipment 2023-09-01 2024-08-31 02734144 core:MotorVehicles 2023-09-01 2024-08-31 02734144 countries:AllCountries 2023-09-01 2024-08-31 02734144 2023-08-31 02734144 core:PatentsTrademarksLicencesConcessionsSimilar 2023-08-31 02734144 core:FurnitureFittingsToolsEquipment 2023-08-31 02734144 core:MotorVehicles 2023-08-31 02734144 2022-09-01 2023-08-31 02734144 2023-08-31 02734144 bus:OrdinaryShareClass1 2023-08-31 02734144 core:CurrentFinancialInstruments 2023-08-31 02734144 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 02734144 core:FurnitureFittingsToolsEquipment 2023-08-31 02734144 core:MotorVehicles 2023-08-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 02734144

Artemi Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2024

 

Artemi Limited

Contents
__________________________________________________________________________

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Artemi Limited

Company Information
__________________________________________________________________________

Director

P Artemi

Company secretary

Ms L Dimitriou

Registered office

Abbey House
342 Regents Park Road
N3 2LJ


 

Accountants

Brooks Green
Chartered Accountants
Abbey House
342 Regents Park Road
N3 2LJ

 

Artemi Limited

(Registration number: 02734144)
Balance Sheet as at 31 August 2024
__________________________________________________________________________

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

17,090

17,191

Current assets

 

Stocks

5

27,500

25,000

Debtors

6

58,328

38,853

Cash at bank and in hand

 

3,251

6,283

 

89,079

70,136

Creditors: Amounts falling due within one year

7

(10,625)

(10,255)

Net current assets

 

78,454

59,881

Net assets

 

95,544

77,072

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

95,444

76,972

Shareholders' funds

 

95,544

77,072

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 29 October 2024
 

.........................................
P Artemi
Director

 

Artemi Limited

Notes to the Financial Statements for the Year Ended 31 August 2024
__________________________________________________________________________

1

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

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

Furniture and equipment

25% reducing balance basis

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.

 

Artemi Limited

Notes to the Financial Statements for the Year Ended 31 August 2024
__________________________________________________________________________

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. 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.

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.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

Artemi Limited

Notes to the Financial Statements for the Year Ended 31 August 2024
__________________________________________________________________________

3

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 September 2023

1,550,000

1,550,000

At 31 August 2024

1,550,000

1,550,000

Amortisation

At 1 September 2023

1,550,000

1,550,000

At 31 August 2024

1,550,000

1,550,000

Carrying amount

At 31 August 2024

-

-

 

Artemi Limited

Notes to the Financial Statements for the Year Ended 31 August 2024
__________________________________________________________________________

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

269,095

33,301

302,396

At 31 August 2024

269,095

33,301

302,396

Depreciation

At 1 September 2023

246,309

33,301

279,610

Charge for the year

5,696

-

5,696

At 31 August 2024

252,005

33,301

285,306

Carrying amount

At 31 August 2024

17,090

-

17,090

At 31 August 2023

17,191

-

17,191

5

Stocks

2024
£

2023
£

Other inventories

27,500

25,000

6

Debtors

Current

2024
£

2023
£

Trade debtors

48,159

12,024

Other debtors

10,169

26,829

 

58,328

38,853

 

Artemi Limited

Notes to the Financial Statements for the Year Ended 31 August 2024
__________________________________________________________________________

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

-

255

Other creditors

10,625

10,000

10,625

10,255

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share of £1 each

100

100

100

100