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Registered number: 13293342
The Artist Room Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Goldwyns London LLP
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 13293342
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 5,000 10,000
Tangible Assets 5 61,671 3,616
66,671 13,616
CURRENT ASSETS
Stocks 6 1,409,002 1,371,962
Debtors 7 186,604 161,730
Cash at bank and in hand 188,572 214,374
1,784,178 1,748,066
Creditors: Amounts Falling Due Within One Year 8 (1,565,697 ) (1,488,676 )
NET CURRENT ASSETS (LIABILITIES) 218,481 259,390
TOTAL ASSETS LESS CURRENT LIABILITIES 285,152 273,006
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (2,241 ) -
NET ASSETS 282,911 273,006
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 282,811 272,906
SHAREHOLDERS' FUNDS 282,911 273,006
Page 1
Page 2
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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr M Astaire
Director
23/10/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
The Artist Room Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13293342 . The registered office is C/O Goldwyns London LLP, No.1 Royal Exchange, London, EC3V 3DG.
2. Accounting Policies
2.1. Basis of Preparation of 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.
The financial statements are prepared in UK sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest UK pound.
The principle accounting policies adopted are set below.
2.2. Going Concern Disclosure
The director has considered the prospect of the business for the next twelve months and beyond and has arrived at a reasonable expectation the company will continue to meet its obligations as they fall due. The director has also pledged his financial support to assist with this if required. On this basis, the director will continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
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.
Intangible assets include  website development which is being amortised evenly over its' estimated useful life of four years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold Improvements Over the remaining term of the lease
Fixtures & Fittings 25% Straight line
Computer Equipment 25% Straight line
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
2.8. Foreign Currencies
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 rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.9. 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 statement of financial position date.
Deferred Tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. 
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised.  Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2.10. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
2.11. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets 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.
2.12. Critical Accounting Judgements and Key Sources of Estimation Uncertainty
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily ascertainable from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual outcomes may differ from these estimates.
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the year in which the estimates are revised.
Accrued Expenditure
The company includes a provision for invoices which are yet to be received from and amounts paid in advance to suppliers.These provisions are estimated based upon the expected values of the invoices which are issued and services received following the year end.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Intangible Assets
Website development
£
Cost
As at 1 April 2023 20,000
As at 31 March 2024 20,000
Amortisation
As at 1 April 2023 10,000
Provided during the period 5,000
As at 31 March 2024 15,000
...CONTINUED
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Page 5
Net Book Value
As at 31 March 2024 5,000
As at 1 April 2023 10,000
5. Tangible Assets
Land & Property
Leasehold Improvements Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 - 83 6,130 6,213
Additions 62,347 12,972 - 75,319
As at 31 March 2024 62,347 13,055 6,130 81,532
Depreciation
As at 1 April 2023 - 42 2,555 2,597
Provided during the period 12,469 3,263 1,532 17,264
As at 31 March 2024 12,469 3,305 4,087 19,861
Net Book Value
As at 31 March 2024 49,878 9,750 2,043 61,671
As at 1 April 2023 - 41 3,575 3,616
6. Stocks
2024 2023
£ £
Finished goods 1,409,002 1,371,962
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 60,737 156,975
Prepayments and accrued income 39,613 4,755
Other debtors 62,500 -
VAT recoverable 23,754 -
186,604 161,730
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 4,558 49,905
Corporation tax 3,103 56,275
Other taxes and social security - 1,285
VAT recoverable - 30,086
Other creditors 431 -
Pensions payable 290 257
Accruals and deferred income 4,175 4,800
Director's loan account 1,553,140 1,346,068
1,565,697 1,488,676
9. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 2,241 -
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
The nominal value per share is £1 and as at 31 March 2024 there are 100 Ordinary shares in issue.
11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as follows:
2024 2023
£ £
Not later than one year 137,000 12,000
Later than one year and not later than five years 159,250 -
296,250 12,000
12. Pension Commitments
The company operates a defined contribution pension scheme for directors and staff. The assets of the scheme are held separately from those of the company in an independently administered fund. At the statement of financial position date unpaid contributions of £290 were due to the fund. They are included in creditors and shown seperatly.
13. Related Party Transactions
The Director's loan account balance of Mr M Astaire, the sole director and shareholder of the company, totalled £1,553,140 as at the year-end, which is a current liability, interest free and repayable on demand.
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