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Registration number: 07436131

Life With Art Trading Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Life With Art Trading Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Life With Art Trading Limited

(Registration number: 07436131)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

4,286

1,467

Current assets

 

Debtors

5

23,008

35,848

Cash at bank and in hand

 

41,069

325,050

 

64,077

360,898

Creditors: Amounts falling due within one year

6

(68,362)

(362,364)

Net current liabilities

 

(4,285)

(1,466)

Net assets

 

1

1

Capital and reserves

 

Called up share capital

1

1

Shareholders' funds

 

1

1

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 November 2024 and signed on its behalf by:
 

K N King
Director

   
     
 

Life With Art Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Freshford House
Redcliffe Way
Bristol
BS1 6NL

These financial statements were authorised for issue by the Board on 11 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- the costs incurred and to be incurred in respect of the transaction can be reliably measured; and
- specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised as income over the periods necessary to match them with the related costs which they are intended to compensate.

 

Life With Art Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Finance income and costs policy

Finance income and expenses are recognised using the effective interest method.

Tax

The current tax charge is calculated on the basis of the tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws thats have been enacted or substantively enacted at the reporting date.

The carrying amount of deferred tax assets is reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recoverd based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture and equipment

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Life With Art Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 6 (2023 - 6).

 

Life With Art Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Furniture and equipment
£

Total
£

Cost or valuation

At 1 April 2023

14,134

14,134

Additions

3,638

3,638

At 31 March 2024

17,772

17,772

Depreciation

At 1 April 2023

12,667

12,667

Charge for the year

819

819

At 31 March 2024

13,486

13,486

Carrying amount

At 31 March 2024

4,286

4,286

At 31 March 2023

1,467

1,467

5

Debtors

2024
£

2023
£

Trade debtors

22,608

30,115

Other debtors

-

5,333

Prepayments

400

400

23,008

35,848

6

Creditors

Due within one year

Note

2024
£

2023
£

 

Trade creditors

 

213

-

Amounts due to related parties

8

31,999

337,744

Social security and other taxes

 

31,455

19,148

Other creditors

 

603

920

Accruals

 

4,092

4,552

 

68,362

362,364

 

Life With Art Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are unpaid pensions contributions of £603 (2023 - £920).

8

Related party transactions

Summary of transactions with parent

The company has taken advantage of the exemption under FRS 102 Section 33 not to disclose related party transactions with its parent, 100% of whose voting rights are wholly-controlled by Life With Art.
 

9

Parent and ultimate parent undertaking

Life With Art Trading Limited is wholly owned by Life With Art, a Charity registered in England No. 1138836 and in Scotland No. SC042755.

 The company's immediate parent is Life With Art, incorporated in England and Wales.

  These financial statements are available upon request from:
Freshford House
Redcliffe Way
Bristol
BS1 6NL