2023-03-01 2024-02-28 false No description of principal activity Capium Accounts Production 1.1 10611935 bus:FullAccounts 2023-03-01 2024-02-28 10611935 bus:FRS102 2023-03-01 2024-02-28 10611935 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-28 10611935 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-28 10611935 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-28 10611935 2023-03-01 2024-02-28 10611935 2024-02-28 10611935 bus:RegisteredOffice 2023-03-01 2024-02-28 10611935 core:WithinOneYear 2024-02-28 10611935 core:AfterOneYear 2024-02-28 10611935 bus:Director1 2023-03-01 2024-02-28 10611935 bus:Director1 2024-02-28 10611935 bus:Director1 2022-03-01 2023-02-28 10611935 2022-03-01 10611935 bus:LeadAgentIfApplicable 2023-03-01 2024-02-28 10611935 2022-03-01 2023-02-28 10611935 2023-02-28 10611935 core:WithinOneYear 2023-02-28 10611935 core:AfterOneYear 2023-02-28 10611935 bus:EntityAccountantsOrAuditors 2022-03-01 2023-02-28 10611935 core:ComputerEquipment 2023-03-01 2024-02-28 10611935 core:ComputerEquipment 2024-02-28 10611935 core:ComputerEquipment 2023-02-28 10611935 core:LeasedAssetsHeldAsLessee core:PlantMachinery 2024-02-28 10611935 core:LeasedAssetsHeldAsLessee core:PlantMachinery 2023-02-28 10611935 core:CostValuation core:Non-currentFinancialInstruments 2024-02-28 10611935 core:CostValuation core:Non-currentFinancialInstruments 2023-02-28 10611935 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-02-28 10611935 core:DisposalsDecreaseInInvestments core:Non-currentFinancialInstruments 2024-02-28 10611935 core:RevaluationsIncreaseDecreaseInInvestments core:Non-currentFinancialInstruments 2024-02-28 10611935 core:Non-currentFinancialInstruments 2024-02-28 10611935 core:Non-currentFinancialInstruments 2023-02-28 10611935 core:ShareCapital 2024-02-28 10611935 core:ShareCapital 2023-02-28 10611935 core:RetainedEarningsAccumulatedLosses 2024-02-28 10611935 core:RetainedEarningsAccumulatedLosses 2023-02-28 10611935 dpl:Item1 2023-03-01 10611935 dpl:Item1 2024-02-28 10611935 dpl:Item1 2022-03-01 10611935 dpl:Item1 2023-02-28 iso4217:GBP xbrli:shares xbrli:pure
Registered Number: 10611935
England and Wales

 

 

 

LAB ART LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 March 2023

End date: 28 February 2024
Director L Alen Buckley
Registered Number 10611935
Registered Office 5g Lansdowne Road
Holland Park
London
United Kingdom
W11 3AL
Accountants Windfall Accounting LLP
Windfall House, D1 The Courtyard
Alban Park Hatfield Road
St. Albans
AL4 0LA
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 260    577 
260    577 
Current assets      
Stocks 4 104,500    130,000 
Cash at bank and in hand 672    6,738 
105,172    136,738 
Creditors: amount falling due within one year 5 (282,190)   (283,762)
Net current assets (177,018)   (147,024)
 
Total assets less current liabilities (176,758)   (146,447)
Net assets (176,758)   (146,447)
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account (176,858)   (146,547)
Shareholders' funds (176,758)   (146,447)
 


For the year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 26 November 2024 and were signed by:


-------------------------------
L Alen Buckley
Director
2
General Information
Lab Art Ltd is a private company, limited by shares, registered in England and Wales, registration number 10611935, registration address 5g Lansdowne Road, Holland Park, London, United Kingdom, W11 3AL.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The company's financial statements have been prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the company's needs. In assessing going concern, the directors have a reasonable expectation that the company will continue as a going concern and is able to meet all of its obligations as they fall due for minimum of 12 months from the date of approval of these financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
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 balance sheet date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Computer Equipment 20% Straight Line
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees

    
Average number of employees during the year was 1 (2023 : 1).
3.

Tangible fixed assets

Cost or valuation Computer Equipment   Total
  £   £
At 01 March 2023  
Additions 2,366    2,366 
Disposals  
At 28 February 2024 2,366    2,366 
Depreciation
At 01 March 2023 1,789    1,789 
Charge for year 317    317 
On disposals  
At 28 February 2024 2,106    2,106 
Net book values
Closing balance as at 28 February 2024 260    260 
Opening balance as at 01 March 2023 577    577 


4.

Stocks

2024
£
  2023
£
Stocks 104,500    130,000 
104,500    130,000 

5.

Creditors: amount falling due within one year

2024
£
  2023
£
Accrued Expenses 2,100    1,980 
Other Creditors 6,854    6,854 
Directors' Current Accounts 273,236    274,928 
282,190    283,762 

6.

Related party transaction

Creditors due within one year include an interest free amount of £273,236 (2023 - 274,928) due to the director. This amount is repayable on demand.
3