Registered number
09373250
Art Resize Ltd
Filleted Accounts
31 January 2024
Art Resize Ltd
Registered number: 09373250
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 30,149 244
Current assets
Stocks 58,000 36,000
Debtors 4 364 3,444
Cash at bank and in hand 9,929 10,290
68,293 49,734
Creditors: amounts falling due within one year 5 (60,867) (46,612)
Net current assets 7,426 3,122
Total assets less current liabilities 37,575 3,366
Creditors: amounts falling due after more than one year 6 (31,636) (23,334)
Provisions for liabilities (5,807) (31)
Net assets/(liabilities) 132 (19,999)
Capital and reserves
Called up share capital 1 1
Profit and loss account 131 (20,000)
Shareholders' funds 132 (19,999)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Artur Sawczynski
Director
Approved by the board on 30 May 2024
Art Resize Ltd
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are recognised at transaction price net of any transaction costs.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Current and deferred tax liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023 30,731
Additions 32,329
At 31 January 2024 63,060
Depreciation
At 1 February 2023 30,487
Charge for the year 2,424
At 31 January 2024 32,911
Net book value
At 31 January 2024 30,149
At 31 January 2023 244
4 Debtors 2024 2023
£ £
Trade debtors 364 100
Other debtors - repayable director's loan - 3,344
364 3,444
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts 6,313 -
Trade creditors 11,752 8,030
Taxation and social security costs 30,577 28,582
Other creditors 2,225 -
60,867 46,612
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 13,622 23,334
Obligations under finance lease and hire purchase contracts 18,014 -
31,636 23,334
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Artur Sawczynski
Rapayable within 6 months 3,644 (3,644) -
3,644 - (3,644) -
8 Other information
Art Resize Ltd is a private company limited by shares and incorporated in England. Its registered office is:
8 Lichfield Road
Hounslow
Middx
TW4 6HS
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