Registered number
SC622936
HELENSBURGH ART HUB
Filleted Accounts
31 March 2024
HELENSBURGH ART HUB
Registered number: SC622936
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 - 245
Current assets
Debtors 4 47 -
Cash at bank and in hand 8,228 77
8,275 77
Creditors: amounts falling due within one year 5 (10,236) (8,469)
Net current liabilities (1,961) (8,392)
Net liabilities (1,961) (8,147)
Capital and reserves
Profit and loss account (1,961) (8,147)
Shareholders' funds (1,961) (8,147)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Karlyn Marshall
Director
Approved by the board on 8 January 2025
HELENSBURGH ART HUB
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
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).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 3 years
Stocks
The majority of stock is on a sale and return basis and is therefore not included as an asset in the balance sheet as ownership is still with supplier untill the goods are sold.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Grants
Grants received are accounted for using the accruals model. Grants related to revenue are recognised in the period that the related costs are incurred for which the grant is intended to compensate.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 3,432
At 31 March 2024 3,432
Depreciation
At 1 April 2023 3,187
Charge for the year 245
At 31 March 2024 3,432
Net book value
At 31 March 2024 -
At 31 March 2023 245
4 Debtors 2024 2023
£ £
Deferred tax asset 47 -
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 502 453
Other creditors 9,734 8,016
10,236 8,469
6 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
- - - -
7 Grants Received 2024 2023
£ £
Co-op (art materials) 300
Argyll & Bute Supporting Communities Fund 2,500 2,500
National Lottery Awards for All (wages support) 7,500
Arnold Clark 1,000
Fyne Homes (wages support) 2,500
Inspiralba (wages support) 8,980
First Por Ltd 33,000
35,500 22,780
8 Related party transactions
As at 31 March 2024 there is £6,890.28 owing to the director, Karlyn Marshall (2023 -£5,136)
9 Controlling party
The company is limited by guarantee and therefore there is no registerable person with significant control in relation to the company.
10 Other information
HELENSBURGH ART HUB is a private company limited by shares and incorporated in Scotland. Its registered office is:
77 West Clyde Street
Helensburgh
Scotland
G848BB
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