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REGISTERED NUMBER: 03052231 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

FOR

AINSCOUGH CONTEMPORARY ART LIMITED

AINSCOUGH CONTEMPORARY ART LIMITED (REGISTERED NUMBER: 03052231)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 August 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


AINSCOUGH CONTEMPORARY ART LIMITED

COMPANY INFORMATION
for the Year Ended 31 August 2024







DIRECTOR: Mrs C A Ford





REGISTERED OFFICE: Lower Stadbury Manor
Aveton Gifford
Devon
TQ7 4PD





REGISTERED NUMBER: 03052231 (England and Wales)





ACCOUNTANTS: Fairhurst Accountants Ltd
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB

AINSCOUGH CONTEMPORARY ART LIMITED (REGISTERED NUMBER: 03052231)

STATEMENT OF FINANCIAL POSITION
31 August 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 417,269 431,395
Investment property 5 950,000 950,000
1,367,269 1,381,395

CURRENT ASSETS
Stocks 232,806 250,004
Debtors 6 13,027 4,519
Cash at bank 54,750 44,278
300,583 298,801
CREDITORS
Amounts falling due within one year 7 703,433 716,033
NET CURRENT LIABILITIES (402,850 ) (417,232 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

964,419

964,163

PROVISIONS FOR LIABILITIES 82,734 82,734
NET ASSETS 881,685 881,429

CAPITAL AND RESERVES
Called up share capital 300,002 300,002
Revaluation reserve 100,594 100,594
Fair value reserve 666,731 666,731
Retained earnings (185,642 ) (185,898 )
SHAREHOLDERS' FUNDS 881,685 881,429

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

AINSCOUGH CONTEMPORARY ART LIMITED (REGISTERED NUMBER: 03052231)

STATEMENT OF FINANCIAL POSITION - continued
31 August 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 May 2025 and were signed by:





Mrs C A Ford - Director


AINSCOUGH CONTEMPORARY ART LIMITED (REGISTERED NUMBER: 03052231)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

Ainscough Contemporary Art Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historic cost convention as modified by the revaluation of certain assets.

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 principal accounting policies adopted in the preparation of the financial statements are set out below.

The company is dependent on the financial support of the director, Mrs C A Ford. At the balance sheet date the director's current account amounted to £336,708 (2023: £339,518) and would normally be repayable on demand. The director, however, has indicated that she will not demand repayment of the loan during a period of at least one year from the date on which the directors approve the financial statements. The directors have prepared plans and forecasts for the next twelve months and are taking the necessary action to reduce the losses and restore profitability. On this basis, together the willingness of the director to provide further financial support where necessary, the directors consider the company to be a going concern, but inherently, there can be no certainty to these views.

Turnover
Turnover represents the invoice value, excluding value added tax, of goods sold to customers in the year.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the customer, which is usually at the point when the customer receives the goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 33% on cost

Investment property
Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

AINSCOUGH CONTEMPORARY ART LIMITED (REGISTERED NUMBER: 03052231)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of FRS 102 Section 11 'Basic Financial Instruments' to all of its financial instruments.

The following assets and liabilities are classified as financial instruments; trade debtors, Directors' loan accounts, trade creditors, accruals and bank loans.

Financial instruments that are payable or receivable within one year, typically trade debtors, Directors' loan accounts, trade creditors and accruals, are measured initially and subsequently at the discounted amount of the cash or other consideration that is expected to be paid or received.

Financial instruments repayable in more than one year such as bank loans are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method unless the effect of discounting would be immaterial.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

AINSCOUGH CONTEMPORARY ART LIMITED (REGISTERED NUMBER: 03052231)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2024

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 September 2023
and 31 August 2024 650,000 27,119 677,119
DEPRECIATION
At 1 September 2023 220,845 24,879 245,724
Charge for year 13,000 1,126 14,126
At 31 August 2024 233,845 26,005 259,850
NET BOOK VALUE
At 31 August 2024 416,155 1,114 417,269
At 31 August 2023 429,155 2,240 431,395

Cost or valuation at 31 August 2024 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2017 100,594 - 100,594
Cost 549,406 27,119 576,525
650,000 27,119 677,119

If the freehold property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 549,406 549,406
Aggregate depreciation 142,845 142,845

The freehold property was valued on an open market basis on 31 August 2020 by the directors .

AINSCOUGH CONTEMPORARY ART LIMITED (REGISTERED NUMBER: 03052231)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2023
and 31 August 2024 950,000
NET BOOK VALUE
At 31 August 2024 950,000
At 31 August 2023 950,000

Investment property was valued by the directors at fair value on 31 August 2020.

Fair value at 31 August 2024 is represented by:
£   
Valuation in 2013 414,295
Valuation in 2014 (50,000 )
Valuation in 2015 300,000
Cost 285,705
950,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 12,940 -
Other debtors 87 4,519
13,027 4,519

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 201,665 215,821
Trade creditors 13,023 7,163
Taxation and social security 4,744 6,239
Other creditors 484,001 486,810
703,433 716,033

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 201,665 215,821