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REGISTRAR OF COMPANIES

Registration number: 03509879

Artform (UK) Limited

Unaudited Financial Statements

31 December 2024

image-name

 

Artform (UK) Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Artform (UK) Limited
for the Year Ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Artform (UK) Limited for the year ended 31 December 2024 as set out on pages 2 to 11 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 http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Artform (UK) Limited, as a body, in accordance with the terms of our engagement letter dated 25 February 2022. Our work has been undertaken solely to prepare for your approval the accounts of Artform (UK) Limited and state those matters that we have agreed to state to the Board of Directors of Artform (UK) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Artform (UK) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Artform (UK) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Artform (UK) Limited. You consider that Artform (UK) 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 accounts of Artform (UK) 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 accounts.



Dodd & Co Limited
Chartered Accountants
Clint Mill
Cornmarket
PENRITH
CA11 7HW

3 April 2025

 

Artform (UK) Limited

(Registration number: 03509879)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

312,157

349,146

Current assets

 

Stocks

176,657

173,885

Debtors

5

9,085

6,631

Cash at bank and in hand

 

280,893

204,659

 

466,635

385,175

Creditors: Amounts falling due within one year

6

(232,195)

(206,549)

Net current assets

 

234,440

178,626

Total assets less current liabilities

 

546,597

527,772

Creditors: Amounts falling due after more than one year

6

(42,222)

(124,874)

Provisions for liabilities

(26,626)

(30,462)

Net assets

 

477,749

372,436

Capital and reserves

 

Allotted, called up and fully paid share capital

30,000

30,000

Revaluation reserve

35,343

42,583

Profit and loss account

412,406

299,853

Total equity

 

477,749

372,436

 

Artform (UK) Limited

(Registration number: 03509879)
Balance Sheet as at 31 December 2024 (continued)

For the financial year ending 31 December 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 3 April 2025 and signed on its behalf by:
 

.........................................

P G Thomas

Company secretary and director

.........................................

K D Roper

Director

 

Artform (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Station Yard
Plumpton
PENRITH
CA11 9GT

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.


Government grants
Grants relating to revenue are recognised in the profit and loss account on a systematic basis over the periods in which the related costs are recognised for which the grant is intended to compensate.

Grants for the purpose of giving immediate financial support with no future related costs to be incurred are recognised in the profit and loss account when the grant proceeds become receivable.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Artform (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses, excluding land and buildings which are stated at revalued amounts.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

2% and 5% straight line

Plant and equipment

15% reducing balance basis

Furniture, fittings and office equipment

15% reducing balance basis

Motor vehicles

25% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Artform (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Artform (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 32 (2023 - 28).

4

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 January 2024

534,705

67,558

63,960

68,446

734,669

At 31 December 2024

534,705

67,558

63,960

68,446

734,669

Depreciation

At 1 January 2024

278,400

40,528

29,755

36,840

385,523

Charge for the year

19,642

4,055

8,552

4,740

36,989

At 31 December 2024

298,042

44,583

38,307

41,580

422,512

Carrying amount

At 31 December 2024

236,663

22,975

25,653

26,866

312,157

At 31 December 2023

256,305

27,030

34,205

31,606

349,146

Revaluation

The fair value of the company's freehold land and buildings was revalued on 31 March 2006 by an independent valuer. The name and qualification of the independent valuer are J J H Birley FRICS. Under the transitional provisions of FRS102 this valuation was treated as deemed cost and no further revaluations have been made.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £201,320 (2023 - £213,722).

 

Artform (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

5

Debtors

2024
£

2023
£

Trade debtors

-

1,280

Other debtors

9,085

5,351

9,085

6,631

 

Artform (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

14,600

36,420

Trade creditors

 

67,439

54,503

Taxation and social security

 

37,850

35,178

Corporation tax liability

 

71,512

33,213

Other creditors

 

40,794

47,235

 

232,195

206,549

Due after one year

 

Loans and borrowings

7

41,639

124,188

Other creditors

 

583

686

 

42,222

124,874

2024
£

2023
£

After more than five years by instalments

2,574

8,636

2,574

8,636

7

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

5,474

27,294

Hire purchase and finance lease liabilities

9,126

9,126

14,600

36,420

 

Artform (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

5,474

27,294

Hire purchase and finance lease liabilities

9,126

9,126

14,600

36,420

Bank borrowings are secured by fixed and floating charges over the company's assets.

Hire purchase and finance lease liabilities are secured on the assets to which they relate.

Other borrowings from P G Thomas (director) are secured on a piece of land adjacent to Station Road. The maximum value of the security is £40,000.

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

25,918

99,341

Hire purchase and finance lease liabilities

15,721

24,847

41,639

124,188

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

25,918

99,341

Hire purchase and finance lease liabilities

15,721

24,847

41,639

124,188

Bank borrowings are secured by fixed and floating charges over the company's assets.

Hire purchase and finance lease liabilities are secured on the assets to which they relate.

 

Artform (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

8

Related party transactions

Transactions with directors

2024

At 1 January 2024
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 December 2024
£

K D Roper

Loan

1,015

3,340

(970)

-

(1,500)

-

1,885

               
         

P G Thomas

Loan

1,336

4,023

(970)

-

(1,500)

-

2,889

               
         

 

2023

At 1 January 2023
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 December 2023
£

K D Roper

Loan

-

1,015

-

-

-

-

1,015

               
         

P G Thomas

Loan

-

1,336

-

-

-

-

1,336

               
         

 

Directors' advances are repayable on demand.

No interest has been charged on advances to directors.