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COMPANY REGISTRATION NUMBER: 06546372
Ad Art Limited
Filleted Unaudited Financial Statements
31 March 2025
Ad Art Limited
Financial Statements
Year ended 31 March 2025
Contents
Pages
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 6
Ad Art Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Ad Art Limited
Year ended 31 March 2025
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ad Art Limited for the year ended 31 March 2025, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Ad Art Limited, as a body, in accordance with the terms of our engagement letter dated 18 July 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Ad Art Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ad Art Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Ad Art Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ad Art Limited. You consider that Ad Art Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Ad Art Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
HEBBLETHWAITES Chartered Accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
21 May 2025
Ad Art Limited
Statement of Financial Position
31 March 2025
2025
2024
Note
£
£
Fixed assets
Tangible assets
4
21,604
24,005
Current assets
Debtors
5
483,620
445,282
Cash at bank and in hand
572,714
517,266
------------
---------
1,056,334
962,548
Creditors: amounts falling due within one year
6
51,643
54,995
------------
---------
Net current assets
1,004,691
907,553
------------
---------
Total assets less current liabilities
1,026,295
931,558
Provisions
Taxation including deferred tax
1,573
1,716
------------
---------
Net assets
1,024,722
929,842
------------
---------
Ad Art Limited
Statement of Financial Position (continued)
31 March 2025
2025
2024
Note
£
£
Capital and reserves
Called up share capital
3
3
Profit and loss account
1,024,719
929,839
------------
---------
Shareholders funds
1,024,722
929,842
------------
---------
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 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 19 May 2025 , and are signed on behalf of the board by:
Mrs G Deakin
Director
Company registration number: 06546372
Ad Art Limited
Notes to the Financial Statements
Year ended 31 March 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 33 Dalebrook Court, Stumperlowe Crescent Road, Sheffield, S10 3PQ.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rental services, stated net of Value Added Tax.
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.
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.
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:
Signage
-
10% reducing balance
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.
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 statement of financial position and the amount of the provision as an expense.
4. Tangible assets
Signage
Total
£
£
Cost
At 1 April 2024 and 31 March 2025
56,116
56,116
--------
--------
Depreciation
At 1 April 2024
32,111
32,111
Charge for the year
2,401
2,401
--------
--------
At 31 March 2025
34,512
34,512
--------
--------
Carrying amount
At 31 March 2025
21,604
21,604
--------
--------
At 31 March 2024
24,005
24,005
--------
--------
5. Debtors
2025
2024
£
£
Other debtors
483,620
445,282
---------
---------
6. Creditors: amounts falling due within one year
2025
2024
£
£
Corporation tax
42,293
45,264
Social security and other taxes
8,350
8,731
Other creditors
1,000
1,000
--------
--------
51,643
54,995
--------
--------
7. Related party transactions
A loan account exists as between this company and a related party, under common directorship and control. At the year end date of 31 March 2025, the related party was indebted to Ad Art Ltd, in this regard, in the sum of £473,620 (2024: £445,282). There are no formal terms for repayment of this loan and interest is not being charged.