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REGISTERED NUMBER: 11158878 (England and Wales)










Financial Statements for the Year Ended 31 January 2024

for

McCartney Arts Ltd

McCartney Arts Ltd (Registered number: 11158878)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Report of the Accountants 8

McCartney Arts Ltd

Company Information
for the Year Ended 31 January 2024







DIRECTOR: J McCartney





REGISTERED OFFICE: Lawford Hall Farmhouse
Church Hill
Lawford
Manningtree
Essex
CO11 2JX





REGISTERED NUMBER: 11158878 (England and Wales)





ACCOUNTANTS: Wood & Associates LLP
Chartered Certified Accountants
Maritime House
Basin Road North
Hove
East Sussex
BN41 1WR

McCartney Arts Ltd (Registered number: 11158878)

Balance Sheet
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 23,914 29,892
Tangible assets 5 6,494 7,031
Investments 6 2,392 -
32,800 36,923

CURRENT ASSETS
Stocks 11,224 12,284
Debtors 7 39,430 38,610
Cash at bank and in hand 99,609 83,473
150,263 134,367
CREDITORS
Amounts falling due within one year 8 69,751 47,695
NET CURRENT ASSETS 80,512 86,672
TOTAL ASSETS LESS CURRENT
LIABILITIES

113,312

123,595

CREDITORS
Amounts falling due after more than one
year

9

(18,969

)

(23,080

)

PROVISIONS FOR LIABILITIES 11 (1,120 ) (1,102 )
NET ASSETS 93,223 99,413

CAPITAL AND RESERVES
Called up share capital 12 100 100
Share premium 13 84,016 84,016
Retained earnings 13 9,107 15,297
SHAREHOLDERS' FUNDS 93,223 99,413

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

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

The director acknowledges his 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.

McCartney Arts Ltd (Registered number: 11158878)

Balance Sheet - continued
31 January 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 October 2024 and were signed by:





J McCartney - Director


McCartney Arts Ltd (Registered number: 11158878)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

McCartney Arts Ltd 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.

Turnover
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

McCartney Arts Ltd (Registered number: 11158878)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - NIL ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2023
and 31 January 2024 59,785
AMORTISATION
At 1 February 2023 29,893
Charge for year 5,978
At 31 January 2024 35,871
NET BOOK VALUE
At 31 January 2024 23,914
At 31 January 2023 29,892

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2023 13,249
Additions 1,535
Disposals (675 )
At 31 January 2024 14,109
DEPRECIATION
At 1 February 2023 6,218
Charge for year 1,849
Eliminated on disposal (452 )
At 31 January 2024 7,615
NET BOOK VALUE
At 31 January 2024 6,494
At 31 January 2023 7,031

McCartney Arts Ltd (Registered number: 11158878)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
Additions 2,392
At 31 January 2024 2,392
NET BOOK VALUE
At 31 January 2024 2,392

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors 27,490 32,083
Other debtors 11,940 6,527
39,430 38,610

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans and overdrafts 7,400 7,400
Trade creditors 6,415 3,047
Taxation and social security 20,565 13,971
Other creditors 35,371 23,277
69,751 47,695

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.24 31.1.23
£    £   
Bank loans 18,969 23,080

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.1.24 31.1.23
£    £   
Within one year - 11,703
Between one and five years - 19,505
- 31,208

11. PROVISIONS FOR LIABILITIES
31.1.24 31.1.23
£    £   
Deferred tax 1,120 1,102

McCartney Arts Ltd (Registered number: 11158878)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

11. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 February 2023 1,102
Increase in capital allowances
in excess of depreciation 18
Balance at 31 January 2024 1,120

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.1.24 31.1.23
value: £    £   
100 Ordinary £1 100 100

13. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 February 2023 15,297 84,016 99,313
Profit for the year 30,810 30,810
Dividends (37,000 ) (37,000 )
At 31 January 2024 9,107 84,016 93,123

14. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

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

31.1.24 31.1.23
£    £   
J McCartney
Balance outstanding at start of year - 5,375
Amounts advanced 8,545 -
Amounts repaid - (5,375 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 8,545 -

15. RELATED PARTY DISCLOSURES

During the year, total dividends of £37,000 (2023 - £29,000) were paid to the director .

The director, J McCartney, was the controlling party throughout the current year.

As at 31 January 2024 J McCartney owed the company £8,545 (2023 was owed £1,827 by the company). This was the maximum balance owing during the year. This loan is interest free with no set repayment terms.

McCartney Arts Ltd

Report of the Accountants to the Director of
McCartney Arts Ltd

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 January 2024 set out on pages one to ten and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






Wood & Associates LLP
Chartered Certified Accountants
Maritime House
Basin Road North
Hove
East Sussex
BN41 1WR


31 October 2024