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Filleted

Registration number: 10124366

Artisan Estates Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Artisan Estates Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 10

 

Artisan Estates Ltd

Company Information

Directors

Mr H I G Thomas

Mrs S J Thomas

Mrs A M L Thomas

Mr R J Thomas

Registered office

Pant y Ddaufryn
Penybanc
Llandeilo
SA19 7TB

 

Artisan Estates Ltd

(Registration number: 10124366)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

6,049

195,809

Investment property

6

300,000

-

 

306,049

195,809

Current assets

 

Stocks

7

-

9,000

Debtors

8

400

3,667

Cash at bank and in hand

 

230,423

400,618

 

230,823

413,285

Creditors: Amounts falling due within one year

9

(161,433)

(134,545)

Net current assets

 

69,390

278,740

Total assets less current liabilities

 

375,439

474,549

Creditors: Amounts falling due after more than one year

9

(72,632)

(280,736)

Provisions for liabilities

(28,064)

-

Net assets

 

274,743

193,813

Capital and reserves

 

Called up share capital

40

40

Profit and loss account

274,703

193,773

Total equity

 

274,743

193,813

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 22 November 2024 and signed on its behalf by:

.........................................
Mrs A M L Thomas
Director

   
     
 

Artisan Estates Ltd

Notes to the 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 & Wales.

The address of its registered office is:
Pant y Ddaufryn
Penybanc
Llandeilo
SA19 7TB

These financial statements were authorised for issue by the Board on 22 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of 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.

 

Artisan Estates Ltd

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

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

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

Property

Nil

Plant & machinery

25% written down value

Fixtures & fittings

25% written down value

Investment property

Investment property is carried at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

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 merchandise sold or 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.

 

Artisan Estates Ltd

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss 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 company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Artisan Estates Ltd

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company 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 7 (2023 - 10).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

2,016

2,332

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

187,744

6,370

12,730

206,844

Transfers to/from investment property

(187,744)

-

-

(187,744)

At 31 March 2024

-

6,370

12,730

19,100

Depreciation

At 1 April 2023

-

3,450

7,585

11,035

Charge for the year

-

729

1,287

2,016

At 31 March 2024

-

4,179

8,872

13,051

Carrying amount

At 31 March 2024

-

2,191

3,858

6,049

At 31 March 2023

187,744

2,920

5,145

195,809

Included within the net book value of land and buildings above is £Nil (2023 - £187,744) in respect of freehold land and buildings.
 

 

Artisan Estates Ltd

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

6

Investment properties

2024
£

Transfers to and from owner-occupied property (not to be used after adopting triennial review)

187,744

Fair value adjustments

112,256

At 31 March

300,000

There has been no valuation of investment property by an independent valuer.

7

Stocks

2024
£

2023
£

Other inventories

-

9,000

8

Debtors

2024
£

2023
£

Prepayments

400

343

Other debtors

-

3,324

400

3,667

 

Artisan Estates Ltd

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

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

11

9,573

9,573

Trade creditors

 

1,569

9,121

Taxation and social security

 

34,109

5,407

Directors' loan accounts

 

115,103

107,972

Outstanding defined contribution pension costs

 

-

34

Corporation tax liability

 

646

892

Other creditors

 

433

1,546

 

161,433

134,545

Due after one year

 

Loans and borrowings

11

16,160

26,021

Other non-current financial liabilities

 

56,472

254,715

 

72,632

280,736

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

16,160

26,021

Other non-current financial liabilities

 

56,472

254,715

 

72,632

280,736

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

40

40

40

40

         
 

Artisan Estates Ltd

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

11

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

16,160

26,021

2024
£

2023
£

Current loans and borrowings

Bank borrowings

9,573

9,573

12

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Repayments by director
£

At 31 March 2024
£

Mr H I G Thomas

Interest free loan repayable on demand

(52,734)

(1,783)

(54,517)

       
     

Mrs S J Thomas

Interest free loan repayable on demand

(52,734)

(1,783)

(54,517)

       
     

Mrs A M L Thomas

Interest free loan repayable on demand

(1,252)

(1,783)

(3,035)

       
     

Mr R J Thomas

Interest free loan repayable on demand

(1,252)

(1,783)

(3,035)

       
     

 

 

Artisan Estates Ltd

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

2023

At 1 April 2022
£

Repayments by director
£

At 31 March 2023
£

Mr H I G Thomas

Interest free loan repayable on demand

(65,709)

12,975

(52,734)

       
     

Mrs S J Thomas

Interest free loan repayable on demand

(65,709)

12,975

(52,734)

       
     

Mrs A M L Thomas

Interest free loan repayable on demand

748

(2,000)

(1,252)

       
     

Mr R J Thomas

Interest free loan repayable on demand

748

(2,000)

(1,252)