Company registration number 13734189 (England and Wales)
LAURA WALL ART LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
PAGES FOR FILING WITH REGISTRAR
LAURA WALL ART LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
Notes to the financial statements
3 - 6
LAURA WALL ART LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2025
31 January 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
4
8,600
13,400
Tangible assets
5
20,505
18,451
29,105
31,851
Current assets
Stocks
48,587
43,496
Debtors
6
7,873
4,230
Cash at bank and in hand
22,829
43,278
79,289
91,004
Creditors: amounts falling due within one year
7
(49,908)
(65,255)
Net current assets
29,381
25,749
Total assets less current liabilities
58,486
57,600
Creditors: amounts falling due after more than one year
8
(1,662)
(6,910)
Provisions for liabilities
(3,760)
(3,095)
Net assets
53,064
47,595
Capital and reserves
Called up share capital
22
22
Profit and loss reserves
53,042
47,573
Total equity
53,064
47,595

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

LAURA WALL ART LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2025
31 January 2025
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 June 2025 and are signed on its behalf by:
D Butt
Director
Company Registration No. 13734189
LAURA WALL ART LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
- 3 -
1
Accounting policies
Company information

Laura Wall Art Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Laura Wall Gallery, 10 Northumberland Place, Teignmouth, UK, TQ14 8DD.

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.

1.2
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

 

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

1.3
Intangible fixed assets - goodwill

Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.

1.4
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:

Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

LAURA WALL ART LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
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.

Deferred tax

Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on material timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

 

Deferred tax assets and liabilities are not discounted.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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:

2025
2024
Number
Number
Total
2
2
LAURA WALL ART LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 5 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 February 2024 and 31 January 2025
24,000
Amortisation and impairment
At 1 February 2024
10,600
Amortisation charged for the year
4,800
At 31 January 2025
15,400
Carrying amount
At 31 January 2025
8,600
At 31 January 2024
13,400
5
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2024
-
0
7,258
22,722
29,980
Additions
5,100
1,854
-
0
6,954
At 31 January 2025
5,100
9,112
22,722
36,934
Depreciation and impairment
At 1 February 2024
-
0
3,233
8,296
11,529
Depreciation charged in the year
568
1,111
3,221
4,900
At 31 January 2025
568
4,344
11,517
16,429
Carrying amount
At 31 January 2025
4,532
4,768
11,205
20,505
At 31 January 2024
-
0
4,025
14,426
18,451
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
4,494
834
Other debtors
3,379
3,396
7,873
4,230
LAURA WALL ART LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 6 -
7
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
6,213
6,213
Trade creditors
160
-
0
Taxation and social security
13,911
25,763
Other creditors
29,624
33,279
49,908
65,255
8
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
1,662
6,910

The directors have provided a personal guarantee of up to £25,000 in respect of banking facilities provided by Lloyds Bank PLC ('Lloyds'). At 31 January 2025 the company owed £7,785 to Lloyds (2024: £13,123).

9
Directors' transactions

The company operates from premises leased by the directors who charge the associated costs to the company. The lease runs to 31 December 2027.

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