Company Registration No. 08971620 (England and Wales)
Artwatch Ltd
Unaudited accounts
for the year ended 31 March 2024
Artwatch Ltd
Unaudited accounts
Contents
Artwatch Ltd
Company Information
for the year ended 31 March 2024
Company Number
08971620 (England and Wales)
Registered Office
4 The Towers
10 Engle Park
London
NW7 2HB
Accountants
Solid Ltd
Eagle House
163 City Road
London
EC1V 1NR
Artwatch Ltd
Statement of financial position
as at 31 March 2024
Cash at bank and in hand
41,731
63,308
Creditors: amounts falling due within one year
(41,941)
(27,497)
Net current assets
37,048
58,090
Total assets less current liabilities
38,238
58,380
Creditors: amounts falling due after more than one year
(14,187)
(16,936)
Called up share capital
100
100
Profit and loss account
23,951
41,344
Shareholders' funds
24,051
41,444
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 8 October 2024 and were signed on its behalf by
Laura Imami
Director
Company Registration No. 08971620
Artwatch Ltd
Notes to the Accounts
for the year ended 31 March 2024
Artwatch Ltd is a private company, limited by shares, registered in England and Wales, registration number 08971620. The registered office is 4 The Towers, 10 Engle Park, London, NW7 2HB.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
over 4 years
Computer equipment
over 4 years
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Stocks have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Cash and cash equivalents
Cash and cash equivalents are basic financial instruments and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Artwatch Ltd
Notes to the Accounts
for the year ended 31 March 2024
4
Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 April 2023
1,976
-
1,976
At 31 March 2024
2,309
808
3,117
At 1 April 2023
1,686
-
1,686
Charge for the year
207
34
241
At 31 March 2024
1,893
34
1,927
At 31 March 2024
416
774
1,190
At 31 March 2023
290
-
290
Amounts falling due within one year
Accrued income and prepayments
153
-
Other debtors
14,837
1,420
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
3,107
3,107
Trade creditors
14,169
3,044
Taxes and social security
115
2,841
Loans from directors
23,459
17,459
7
Creditors: amounts falling due after more than one year
2024
2023
BBL loan backed by 100% government guarantee and financing of first year's interest by means of government grant.
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
Artwatch Ltd
Notes to the Accounts
for the year ended 31 March 2024
9
Average number of employees
During the year the average number of employees was 2 (2023: 2).