Silverfin false false 30/04/2024 14/04/2023 30/04/2024 S Barnett 14/04/2023 21 January 2025 The principal activity of the Company during the financial period was artistic creation. 14801582 2024-04-30 14801582 bus:Director1 2024-04-30 14801582 core:CurrentFinancialInstruments 2024-04-30 14801582 core:ShareCapital 2024-04-30 14801582 core:RetainedEarningsAccumulatedLosses 2024-04-30 14801582 core:OtherPropertyPlantEquipment 2023-04-13 14801582 2023-04-13 14801582 core:OtherPropertyPlantEquipment 2024-04-30 14801582 bus:OrdinaryShareClass1 2024-04-30 14801582 bus:OrdinaryShareClass2 2024-04-30 14801582 2023-04-14 2024-04-30 14801582 bus:FilletedAccounts 2023-04-14 2024-04-30 14801582 bus:SmallEntities 2023-04-14 2024-04-30 14801582 bus:AuditExemptWithAccountantsReport 2023-04-14 2024-04-30 14801582 bus:PrivateLimitedCompanyLtd 2023-04-14 2024-04-30 14801582 bus:Director1 2023-04-14 2024-04-30 14801582 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-04-14 2024-04-30 14801582 core:OtherPropertyPlantEquipment 2023-04-14 2024-04-30 14801582 bus:OrdinaryShareClass1 2023-04-14 2024-04-30 14801582 bus:OrdinaryShareClass2 2023-04-14 2024-04-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 14801582 (England and Wales)

SAM BARNETT ART LTD

Unaudited Financial Statements
For the financial period from 14 April 2023 to 30 April 2024
Pages for filing with the registrar

SAM BARNETT ART LTD

Unaudited Financial Statements

For the financial period from 14 April 2023 to 30 April 2024

Contents

SAM BARNETT ART LTD

BALANCE SHEET

As at 30 April 2024
SAM BARNETT ART LTD

BALANCE SHEET (continued)

As at 30 April 2024
Note 30.04.2024
£
Fixed assets
Tangible assets 3 1,411
1,411
Current assets
Cash at bank and in hand 2,707
2,707
Creditors: amounts falling due within one year 4 ( 7,898)
Net current liabilities (5,191)
Total assets less current liabilities (3,780)
Net liabilities ( 3,780)
Capital and reserves
Called-up share capital 5 100
Profit and loss account ( 3,880 )
Total shareholders' deficit ( 3,780)

For the financial period ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Sam Barnett Art Ltd (registered number: 14801582) were approved and authorised for issue by the Director on 21 January 2025. They were signed on its behalf by:

S Barnett
Director
SAM BARNETT ART LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 14 April 2023 to 30 April 2024
SAM BARNETT ART LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 14 April 2023 to 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Sam Barnett Art Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 4 Dovercourt Road, London, SE22 8ST, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

A company's first accounts covering the period from incorporation on 14 April 2023 to 30 April 2024.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

Period from
14.04.2023 to
30.04.2024
Number
Monthly average number of persons employed by the Company during the period, including the director 1

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 14 April 2023 0 0
Additions 1,613 1,613
At 30 April 2024 1,613 1,613
Accumulated depreciation
At 14 April 2023 0 0
Charge for the financial period 202 202
At 30 April 2024 202 202
Net book value
At 30 April 2024 1,411 1,411

4. Creditors: amounts falling due within one year

30.04.2024
£
Other creditors 7,898

5. Called-up share capital

30.04.2024
£
Allotted, called-up and fully-paid
95 Ordinary A shares of £ 1.00 each 95
5 Ordinary B shares of £ 1.00 each 5
100

6. Related party transactions

Transactions with the entity's director

30.04.2024
£
Amounts due to director 5,898

The above is unsecured, interest free and repayable on demand.