Company registration number SC436359 (Scotland)
EDGE OF ART LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2020
PAGES FOR FILING WITH REGISTRAR
EDGE OF ART LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
EDGE OF ART LTD
BALANCE SHEET
AS AT
30 NOVEMBER 2020
30 November 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
4
15,825
2,760
Current assets
Stocks
11,902
21,038
Debtors
5
94,541
108,428
Cash at bank and in hand
4,404
3,942
110,847
133,408
Creditors: amounts falling due within one year
6
(112,861)
(101,162)
Net current (liabilities)/assets
(2,014)
32,246
Total assets less current liabilities
13,811
35,006
Creditors: amounts falling due after more than one year
7
(40,000)
Net (liabilities)/assets
(26,189)
35,006
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(26,191)
35,004
Total equity
(26,189)
35,006
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 14 May 2025
Mr W Halenda
Director
Company registration number SC436359 (Scotland)
EDGE OF ART LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 December 2018
2
24,354
24,356
Year ended 30 November 2019:
Profit and total comprehensive income
-
48,450
48,450
Dividends
-
(37,800)
(37,800)
Balance at 30 November 2019
2
35,004
35,006
Year ended 30 November 2020:
Loss and total comprehensive income
-
(54,995)
(54,995)
Dividends
-
(6,200)
(6,200)
Balance at 30 November 2020
2
(26,191)
(26,189)
EDGE OF ART LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 3 -
1
Accounting policies
Company information
Edge Of Art Ltd is a private company limited by shares incorporated in Scotland. The registered office is Flat 2, 14 Seafield Street, Edinburgh, Midlothian, United Kingdom, EH6 7LG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
5% Straight Line
Plant and equipment
20% Straight Line
Fixtures and fittings
25% Straight Line
Motor vehicles
20% Straight Line
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
EDGE OF ART LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.8
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
3
3
EDGE OF ART LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 5 -
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 December 2019
4,926
1,700
6,626
Additions
1,391
5,897
3,407
5,700
16,395
Disposals
(1,700)
(1,700)
At 30 November 2020
1,391
10,823
3,407
5,700
21,321
Depreciation and impairment
At 1 December 2019
2,988
878
3,866
Depreciation charged in the year
41
1,041
286
1,140
2,508
Eliminated in respect of disposals
(878)
(878)
At 30 November 2020
41
4,029
286
1,140
5,496
Carrying amount
At 30 November 2020
1,350
6,794
3,121
4,560
15,825
At 30 November 2019
1,938
822
2,760
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
17,716
30,619
Other debtors
76,825
77,809
94,541
108,428
6
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans
10,000
Trade creditors
16,746
29,086
Corporation tax
20,072
24,960
Other taxation and social security
33,750
16,881
Other creditors
32,293
30,235
112,861
101,162
EDGE OF ART LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 6 -
7
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
40,000
8
Ultimate Controlling Party
The ultimate controlling party is W Halenda.