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Company registration number: 10143010
Artofus Limited
Unaudited filleted financial statements
31 December 2023
Artofus Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Artofus Limited
Directors and other information
Directors A H Jackson
E A B Jackson
M E Tusch
Company number 10143010
Registered office Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
Accountants Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
Artofus Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Artofus Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Artofus Limited for the year ended 31 December 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Artofus Limited, as a body, in accordance with the terms of our engagement letter dated 29 September 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Artofus Limited and state those matters that we have agreed to state to the board of directors of Artofus Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Artofus Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Artofus Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Artofus Limited. You consider that Artofus Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Artofus Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
24 October 2024
Artofus Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 1 1
__________ __________
1 1
Current assets
Cash at bank and in hand 519,507 646,087
__________ __________
519,507 646,087
Creditors: amounts falling due
within one year 6 ( 4,860,392) ( 4,991,600)
__________ __________
Net current liabilities ( 4,340,885) ( 4,345,513)
__________ __________
Total assets less current liabilities ( 4,340,884) ( 4,345,512)
__________ __________
Net liabilities ( 4,340,884) ( 4,345,512)
__________ __________
Capital and reserves
Called up share capital 1 1
Profit and loss account ( 4,340,885) ( 4,345,513)
__________ __________
Shareholders deficit ( 4,340,884) ( 4,345,512)
__________ __________
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 October 2024 , and are signed on behalf of the board by:
E A B Jackson
Director
Company registration number: 10143010
Artofus Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Vaughan Chambers, Vaughan Road, Harpenden, AL5 4EE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts are prepared on a going concern basis which assumes the continued support of the company's directors and shareholder.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
Plant and machinery Total
£ £
Cost
At 1 January 2023 and 31 December 2023 5,358 5,358
__________ __________
Depreciation
At 1 January 2023 and 31 December 2023 5,357 5,357
__________ __________
Carrying amount
At 31 December 2023 1 1
__________ __________
At 31 December 2022 1 1
__________ __________
6. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 142 -
Amounts owed to group undertakings and undertakings in which the company has a participating interest 4,858,500 4,990,000
Other creditors 1,750 1,600
__________ __________
4,860,392 4,991,600
__________ __________
7. Controlling party
As at 31 December 2023, the immediate and ultimate parent undertaking was Unifai Holdings Limited.