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No description of principal activity
2023-04-01
Sage Accounts Production Advanced 2023 - FRS102_2023
20,834
11,823
5,208
17,031
3,803
9,011
xbrli:pure
xbrli:shares
iso4217:GBP
08762072
2023-04-01
2024-03-31
08762072
2024-03-31
08762072
2023-03-31
08762072
2022-04-01
2023-03-31
08762072
2023-03-31
08762072
2022-03-31
08762072
bus:RegisteredOffice
2023-04-01
2024-03-31
08762072
bus:LeadAgentIfApplicable
2023-04-01
2024-03-31
08762072
bus:Director1
2023-04-01
2024-03-31
08762072
core:WithinOneYear
2024-03-31
08762072
core:WithinOneYear
2023-03-31
08762072
core:ShareCapital
2024-03-31
08762072
core:ShareCapital
2023-03-31
08762072
core:RetainedEarningsAccumulatedLosses
2024-03-31
08762072
core:RetainedEarningsAccumulatedLosses
2023-03-31
08762072
bus:SmallEntities
2023-04-01
2024-03-31
08762072
bus:AuditExemptWithAccountantsReport
2023-04-01
2024-03-31
08762072
bus:SmallCompaniesRegimeForAccounts
2023-04-01
2024-03-31
08762072
bus:PrivateLimitedCompanyLtd
2023-04-01
2024-03-31
08762072
bus:FullAccounts
2023-04-01
2024-03-31
08762072
core:ComputerEquipment
2023-04-01
2024-03-31
08762072
core:ComputerEquipment
2024-03-31
08762072
core:ComputerEquipment
2023-03-31
COMPANY REGISTRATION NUMBER:
08762072
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
YEAR ENDED 31 MARCH 2024
Officers and professional advisers |
1 |
|
|
Statement of financial position |
2 |
|
|
Notes to the financial statements |
4 |
|
|
OFFICERS AND PROFESSIONAL ADVISERS |
|
Registered office |
168 Church Road |
|
Hove |
|
East Sussex |
|
BN3 2DL |
|
|
Accountants |
UHY Hacker Young |
|
Chartered accountants |
|
168 Church Road |
|
Hove |
|
BN3 2DL |
|
|
STATEMENT OF FINANCIAL POSITION |
|
31 March 2024
Fixed assets
Tangible assets |
5 |
3,803 |
9,011 |
|
|
|
|
Current assets
Stocks |
469,943 |
172,221 |
Debtors |
6 |
533,082 |
620,295 |
Cash at bank and in hand |
42,670 |
416,432 |
|
------------- |
------------- |
|
1,045,695 |
1,208,948 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
1,048,483 |
1,208,642 |
|
------------- |
------------- |
Net current (liabilities)/assets |
(
2,788) |
306 |
|
------- |
------- |
Total assets less current liabilities |
1,015 |
9,317 |
|
------- |
------- |
Net assets |
1,015 |
9,317 |
|
------- |
------- |
|
|
|
|
Capital and reserves
Called up share capital |
100 |
100 |
Profit and loss account |
915 |
9,217 |
|
------- |
------- |
Shareholders funds |
1,015 |
9,317 |
|
------- |
------- |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
STATEMENT OF FINANCIAL POSITION (continued) |
|
31 March 2024
These financial statements were approved by the
board of directors
and authorised for issue on
24 March 2025
, and are signed on behalf of the board by:
Company registration number:
08762072
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 31 MARCH 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, East Sussex, BN3 2DL.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the director.
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.
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:
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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2023: Nil).
5.
Tangible assets
|
Equipment |
Total |
|
£ |
£ |
Cost |
|
|
At 1 April 2023 and 31 March 2024 |
20,834 |
20,834 |
|
--------- |
--------- |
Depreciation |
|
|
At 1 April 2023 |
11,823 |
11,823 |
Charge for the year |
5,208 |
5,208 |
|
--------- |
--------- |
At 31 March 2024 |
17,031 |
17,031 |
|
--------- |
--------- |
Carrying amount |
|
|
At 31 March 2024 |
3,803 |
3,803 |
|
--------- |
--------- |
At 31 March 2023 |
9,011 |
9,011 |
|
--------- |
--------- |
|
|
|
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
530,209 |
617,153 |
Other debtors |
2,873 |
3,142 |
|
---------- |
---------- |
|
533,082 |
620,295 |
|
---------- |
---------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
22,377 |
31,667 |
Trade creditors |
850,501 |
1,000,761 |
Social security and other taxes |
16,291 |
14,528 |
Other creditors |
159,314 |
161,686 |
|
------------- |
------------- |
|
1,048,483 |
1,208,642 |
|
------------- |
------------- |
|
|
|
8.
Director's advances, credits and guarantees
As at 31 March 2024 the company owed the director £29,402 (2023: £54,249)
9.
Related party transactions
The company was under the control of Mr Delvoye throughout the current and previous year. Mr Delvoye is the managing director and majority shareholder. As at 31 March 2024 the company was owed £530,209 (2023: £617,153) by the related party Delvoye Art N.V. a company registered in Belgium which is effectively under the control of Mr Delvoye. During the period, the company made sales of £Nil (2023: £5,879) to Delvoye Art N.V and purchases from Delvoye Art N.V. of £Nil (2023: £Nil). During the period the company incurred a management charge from Delvoye Art N.V of £17,327 (2023: £17,145).