Company registration number 13295411 (England and Wales)
THE ARTIST COLLECTIVE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
THE ARTIST COLLECTIVE LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 3
THE ARTIST COLLECTIVE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
294,033
301,177
Cash at bank and in hand
2,257
3,703
296,290
304,880
Creditors: amounts falling due within one year
(59,288)
(40,975)
Net current assets
237,002
263,905
Capital and reserves
Called up share capital
3
100
100
Profit and loss reserves
236,902
263,805
Total equity
237,002
263,905
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 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.
These 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, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The director of the company has elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 23 May 2025 and are signed on its behalf by:
Mr B D Lakin
Director
Company registration number 13295411 (England and Wales)
THE ARTIST COLLECTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information
The Artist Collective Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 52 Containerville, 38 The Oval, London, England, E2 9DT.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
The director has considered the working capital needs of the company for a period of twelve months from the date of approval of these financial statements. These financial statements have been prepared on the going concern basis, on the understanding that the director and shareholder will continue to financially support the company during this uncertain period, by not withdrawing his funding and that of other businesses that he controls to the detriment of other unsecured creditors and by providing further working capital as required by the company in order to deliver against its latest business plan.true
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue is recognised upon receipt.
1.4
Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
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.
1.5
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
THE ARTIST COLLECTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
8
7
3
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
4
Related party transactions
No Regrets Management Limited
A company in which B D Lakin has a controlling shareholding
In a previous period, the company loaned the related party funds for working capital. During the year, the company repaid the related party various sums. The amount due from the related party at the year end was £280,233 (2023: £293,677). The amount is unsecured, interest-free and repayable on demand.
Noire Ink London Limited
A company in which B D Lakin indirectly has a 50% interest
In a previous period, the related party loaned the company funds for working capital. The amount due to the related party at the year end was £863 (2023: £863). The amount is unsecured, interest-free and repayable on demand.
No Regrets Bristol Limited
A company in which B D Lakin was a director
In a previous period, the company loaned the related party funds for working capital. This debt, which stood at the time at £19,048, was written off during the year on the dissolution of the related party. The amount due to the related party at the year end was £nil (2023: £10,479).