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ART TECHNOLOGIES LIMITED

Registered Number
12560270
(England and Wales)

Unaudited Financial Statements for the Year ended
30 April 2024

ART TECHNOLOGIES LIMITED
Company Information
for the year from 1 May 2023 to 30 April 2024

Directors

GOURLAY, James Patrick
MALINAUSKAS, Augustinas

Registered Address

Arquen House 4-6 Spicer Street
Spicer Street
St. Albans
AL3 4PQ

Registered Number

12560270 (England and Wales)
ART TECHNOLOGIES LIMITED
Balance Sheet as at
30 April 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets3274,69978,500
Tangible assets46,9047,677
281,60386,177
Current assets
Stocks529,58234,710
Debtors6479,677325,273
Cash at bank and on hand674,870326,313
1,184,129686,296
Creditors amounts falling due within one year7(176,031)(651,959)
Net current assets (liabilities)1,008,09834,337
Total assets less current liabilities1,289,701120,514
Net assets1,289,701120,514
Capital and reserves
Called up share capital163139
Share premium3,096,8171,360,142
Profit and loss account(1,807,279)(1,239,767)
Shareholders' funds1,289,701120,514
The financial statements were approved and authorised for issue by the Board of Directors on 30 January 2025, and are signed on its behalf by:
GOURLAY, James Patrick
Director
Registered Company No. 12560270
ART TECHNOLOGIES LIMITED
Notes to the Financial Statements
for the year ended 30 April 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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 rendering of services.
Defined contribution pension plan
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss. Current tax represents the amount of tax payable or receivable in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid or recovered using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired.
Cryptocurrency assets
Cryptocurrency assets are classified as intangible assets and are initially measured at cost. Subsequently, they are revalued at fair value at each reporting date, with gains or losses arising from changes in fair value recognised in profit or loss. Fair value is determined using observable market prices, given that an active market now exists across many digital exchanges.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Office Equipment4
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss.
2.Average number of employees

20242023
Average number of employees during the year67
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 May 2378,50078,500
Additions163,384163,384
Revaluations114,941114,941
Disposals(82,126)(82,126)
At 30 April 24274,699274,699
Net book value
At 30 April 24274,699274,699
At 30 April 2378,50078,500
4.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 May 2315,96415,964
Additions3,7263,726
At 30 April 2419,69019,690
Depreciation and impairment
At 01 May 238,2878,287
Charge for year4,4994,499
At 30 April 2412,78612,786
Net book value
At 30 April 246,9046,904
At 30 April 237,6777,677
5.Stocks

2024

2023

££
Other stocks29,58234,710
Total29,58234,710
6.Debtors: amounts due within one year

2024

2023

££
Other debtors464,762325,273
Prepayments and accrued income14,915-
Total479,677325,273
Included in Other Debtors is an intercompany loan totalling £50,043 owed by a subsidiary company, Verse Inc, based in the United States of America.
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables102,11543,512
Convertible loans-563,729
Taxation and social security14,21310,415
Other creditors20,57222,310
Accrued liabilities and deferred income39,13111,993
Total176,031651,959
During the year the Convertible Loan Notes totalling £563,729 were converted into Equity on 6 April 2024.