Registration number:
Global Art Supplies Limited
for the Year Ended 31 July 2024
Global Art Supplies Limited
Contents
Company Information |
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Directors' Report |
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Accountants' Report |
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Abridged Balance Sheet |
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Notes to the Unaudited Abridged Financial Statements |
Global Art Supplies Limited
Company Information
Directors |
Mrs Janette S Mackie Mr Jason James Mackie E Sauer |
Registered office |
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Global Art Supplies Limited
Directors' Report for the Year Ended 31 July 2024
The directors present their report and the abridged financial statements for the year ended 31 July 2024.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is the sale and distribution of art materials.
Small companies provision statement
This report has 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.
Approved and authorised by the
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Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Global Art Supplies Limited
for the Year Ended 31 July 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Global Art Supplies Limited for the year ended 31 July 2024 as set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the Board of Directors of Global Art Supplies Limited, as a body, in accordance with the terms of our engagement letter dated 12 March 2009. Our work has been undertaken solely to prepare for your approval the accounts of Global Art Supplies Limited and state those matters that we have agreed to state to the Board of Directors of Global Art Supplies Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Global Art Supplies Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Global Art Supplies Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Global Art Supplies Limited. You consider that Global Art Supplies Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Global Art Supplies Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Certified Accountants
The Boscombe Centre
Amesbury
Wiltshire
SP4 7SD
Global Art Supplies Limited
(Registration number: 03798939)
Abridged Balance Sheet as at 31 July 2024
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2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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( |
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Prepayments and accrued income |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Accruals and deferred income |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Retained earnings |
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Shareholders' funds |
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For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Global Art Supplies Limited
(Registration number: 03798939)
Abridged Balance Sheet as at 31 July 2024
Approved and authorised by the
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Global Art Supplies Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
The principal place of business is:
Unit 2
High Post Business Centre
Salisbury
Wiltshire
SP4 6AT
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 abridged 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 abridged 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
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.
Global Art Supplies Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024
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.
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 |
Plant & machinery |
15% reducing balance basis |
Fixtures & fittings |
15% reducing balance basis |
Motor vehicles |
15% reducing balance basis |
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.
Borrowings
Global Art Supplies Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024
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.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Share capital |
Allotted, called up and fully paid shares
Global Art Supplies Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024
2024 |
2023 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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2 |
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2 |
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Related party transactions |
Transactions with directors |
2024 |
At 1 August 2023 |
Advances to director |
Repayments by director |
At 31 July 2024 |
Directors Loan Account 1 |
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( |
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Directors Loan Account 2 |
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( |
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11,830 |
17,854 |
(11,830) |
17,854 |
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2023 |
At 1 August 2022 |
Advances to director |
At 31 July 2023 |
Directors Loan Account 1 |
( |
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Directors Loan Account 2 |
( |
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(4,225) |
16,055 |
11,830 |
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Summary of transactions with all entities with joint control or significant interest
The goods were purchased on normal commercial terms. At the end of the year Global Art Supplies Limited owed £21,865 (2023: £181,620) to Max Sauer S.A.
Summary of transactions with other related parties
The services billed during the year amounted to £3,993 (2023: £3,993) and have been calculated at a commercial rate.