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Filleted
Registration number: 12351320

Tribal Art London Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Tribal Art London Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Tribal Art London Ltd

Company Information

Director

Ms V Rogers

Registered office

Dinas, Talog Talog
Carmarthen
SA33 6PD

 

Tribal Art London Ltd

(Registration number: 12351320)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

5,000

5,000

Tangible assets

5

6,804

8,134

 

11,804

13,134

Current assets

 

Debtors

6

9,588

546

Cash at bank and in hand

 

1,179

-

 

10,767

546

Creditors: Amounts falling due within one year

7

(16,833)

(8,739)

Net current liabilities

 

(6,066)

(8,193)

Net assets

 

5,738

4,941

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

5,737

4,940

Shareholders' funds

 

5,738

4,941

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 12 March 2025
 

.........................................
Ms V Rogers
Director

   
     
 

Tribal Art London Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Dinas, Talog Talog
Carmarthen
SA33 6PD
Wales

These financial statements were authorised for issue by the director on 12 March 2025.

2

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 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 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

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises current 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.

 

Tribal Art London Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

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.

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

Fixtures and Fittings

25% Reducing Balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intangible assets

0%

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Tribal Art London Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Borrowings

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Tribal Art London Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2024

5,000

5,000

At 31 December 2024

5,000

5,000

Amortisation

Carrying amount

At 31 December 2024

5,000

5,000

At 31 December 2023

5,000

5,000

5

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 January 2024

10,846

10,846

Additions

767

767

At 31 December 2024

11,613

11,613

Depreciation

At 1 January 2024

2,712

2,712

Charge for the year

2,097

2,097

At 31 December 2024

4,809

4,809

Carrying amount

At 31 December 2024

6,804

6,804

At 31 December 2023

8,134

8,134

 

Tribal Art London Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

3,686

-

Other debtors

5,902

546

 

9,588

546

 

Tribal Art London Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

9

-

30

Trade creditors

 

42

-

Other creditors

 

840

960

Director 1 current account

 

15,951

7,749

 

16,833

8,739

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

       

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

-

30

 

Tribal Art London Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

10

Related party transactions

Transactions with the director

2024

At 1 January 2024
£

Repayments by director
£

At 31 December 2024
£

Ms V Rogers

Interest free loan repayable on demand

(7,749)

(8,202)

(15,951)

2023

At 1 January 2023
£

Other payments made to company by director
£

At 31 December 2023
£

Ms V Rogers

Interest free loan repayable on demand

(2,649)

(5,100)

(7,749)