ARTS SPECIALIST CONTRACTS LIMITED

Company Registration Number:
NI652866 (Northern Ireland)

Unaudited abridged accounts for the year ended 30 September 2024

Period of accounts

Start date: 01 October 2023

End date: 30 September 2024

ARTS SPECIALIST CONTRACTS LIMITED

Contents of the Financial Statements

for the Period Ended 30 September 2024

Balance sheet
Notes

ARTS SPECIALIST CONTRACTS LIMITED

Balance sheet

As at 30 September 2024


Notes

2024

2023


£

£
Fixed assets
Tangible assets: 3 144,307 87,245
Total fixed assets: 144,307 87,245
Current assets
Stocks: 19,414 14,520
Debtors:   155,957 64,622
Cash at bank and in hand: 280,071 276,632
Total current assets: 455,442 355,774
Creditors: amounts falling due within one year:   (239,803) (135,124)
Net current assets (liabilities): 215,639 220,650
Total assets less current liabilities: 359,946 307,895
Creditors: amounts falling due after more than one year:   (11,986) (2,511)
Provision for liabilities: (27,226) (11,120)
Total net assets (liabilities): 320,734 294,264
Capital and reserves
Called up share capital: 101 101
Share premium account: 2,999 2,999
Profit and loss account: 317,634 291,164
Shareholders funds: 320,734 294,264

The notes form part of these financial statements

ARTS SPECIALIST CONTRACTS LIMITED

Balance sheet statements

For the year ending 30 September 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 26 March 2025
and signed on behalf of the board by:

Name: Damien Fearon
Status: Director

The notes form part of these financial statements

ARTS SPECIALIST CONTRACTS LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2024

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Other accounting policies

General information The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 37 Killowen Old Road, Rostrevor, Newry, Co Down, BT34 3AD. Basis of preparation The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The abridged financial statements are prepared in sterling, which is the functional currency of the entity. Revenue recognition Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Income tax The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference. Foreign currencies Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: Plant and machinery - 20% straight line Office Equipment - 33% straight line Fixtures and fittings - 20% straight line Other assets - 10% straight line Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units. Stocks Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Finance leases and hire purchase contracts Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability. Provisions Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

ARTS SPECIALIST CONTRACTS LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2024

2. Employees

2024 2023
Average number of employees during the period 4 6

ARTS SPECIALIST CONTRACTS LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2024

3. Tangible Assets

Total
Cost £
At 01 October 2023 307,954
Additions 108,587
Disposals (75,245)
At 30 September 2024 341,296
Depreciation
At 01 October 2023 220,709
Charge for year 31,910
On disposals (55,630)
At 30 September 2024 196,989
Net book value
At 30 September 2024 144,307
At 30 September 2023 87,245

ARTS SPECIALIST CONTRACTS LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2024

4. Loans to directors

At the year end the directors were owed £62,956 (2023 - £10,609) by the company.