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Registered number: 04548195
ART SCREEN PRINTS LIMITED
Unaudited Financial Statements
For The Year Ended 29 February 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04548195
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 11,800 8,000
Tangible Assets 5 10,693 12,034
22,493 20,034
CURRENT ASSETS
Stocks 6 66,018 91,718
Debtors 7 75,676 52,572
Cash at bank and in hand 120 48,233
141,814 192,523
Creditors: Amounts Falling Due Within One Year 8 (299,761 ) (318,203 )
NET CURRENT ASSETS (LIABILITIES) (157,947 ) (125,680 )
TOTAL ASSETS LESS CURRENT LIABILITIES (135,454 ) (105,646 )
NET LIABILITIES (135,454 ) (105,646 )
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account (135,554 ) (105,746 )
SHAREHOLDERS' FUNDS (135,454) (105,646)
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For the year ending 29 February 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
C D Ford
Director
26 November 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
ART SCREEN PRINTS LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 04548195 . The registered office is 80 Borough Road, Middlesbrough, TS1 2JN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements. The director has agreed to defer his loan in favour of all other creditors to the extent of £150,000.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 50 years.
2.5. Research and Development
Website development costs depreciated over 3 years straight line basis.
2.6. 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 Nil
Plant & Machinery 25% reducing balance basis
Fixtures & Fittings 25% reducing balance basis
2.7. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 7)
7 7
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4. Intangible Assets
Goodwill Development Costs Total
£ £ £
Cost
As at 1 March 2023 200,000 1,305 201,305
Additions - 6,000 6,000
As at 29 February 2024 200,000 7,305 207,305
Amortisation
As at 1 March 2023 192,000 1,305 193,305
Provided during the period 200 2,000 2,200
As at 29 February 2024 192,200 3,305 195,505
Net Book Value
As at 29 February 2024 7,800 4,000 11,800
As at 1 March 2023 8,000 - 8,000
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 March 2023 3,382 39,450 20,102 62,934
Additions - - 1,111 1,111
As at 29 February 2024 3,382 39,450 21,213 64,045
Depreciation
As at 1 March 2023 - 34,054 16,846 50,900
Provided during the period - 1,357 1,095 2,452
As at 29 February 2024 - 35,411 17,941 53,352
Net Book Value
As at 29 February 2024 3,382 4,039 3,272 10,693
As at 1 March 2023 3,382 5,396 3,256 12,034
6. Stocks
2024 2023
£ £
Finished goods 61,018 75,822
Work in progress 5,000 15,896
66,018 91,718
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7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 69,111 47,908
Other debtors 6,565 4,664
75,676 52,572
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 14,035 11,305
Bank loans and overdrafts 32,637 38,371
Other creditors 231,075 214,262
Taxation and social security 22,014 54,265
299,761 318,203
Other creditors includes an amount of £226,369 owing to the director. He has agreed to defer
£140,000 of this loan in favour of all other creditors.
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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