Company registration number SC436359 (Scotland)
EDGE OF ART LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
PAGES FOR FILING WITH REGISTRAR
EDGE OF ART LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
EDGE OF ART LTD
BALANCE SHEET
AS AT
30 NOVEMBER 2021
30 November 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
9,754
15,825
Current assets
Stocks
5,118
11,902
Debtors
5
108,580
94,541
Cash at bank and in hand
1,981
4,404
115,679
110,847
Creditors: amounts falling due within one year
6
(119,667)
(112,861)
Net current liabilities
(3,988)
(2,014)
Total assets less current liabilities
5,766
13,811
Creditors: amounts falling due after more than one year
7
(37,380)
(40,000)
Net liabilities
(31,614)
(26,189)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(31,616)
(26,191)
Total equity
(31,614)
(26,189)

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

For the financial year ended 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

The member has 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.

The financial statements were approved and signed by the director and authorised for issue on 7 August 2025
Mr W  Halenda
Director
Company Registration No. SC436359
EDGE OF ART LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 December 2019
2
35,004
35,006
Year ended 30 November 2020:
Loss and total comprehensive income for the year
-
(54,995)
(54,995)
Dividends
-
(6,200)
(6,200)
Balance at 30 November 2020
2
(26,191)
(26,189)
Year ended 30 November 2021:
Loss and total comprehensive income for the year
-
(5,425)
(5,425)
Balance at 30 November 2021
2
(31,616)
(31,614)
EDGE OF ART LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 3 -
1
Accounting policies
Company information

Edge Of Art Ltd is a private company limited by shares incorporated in Scotland. The registered office is Flat 2, 14 Seafield Street, Edinburgh, Midlothian, United Kingdom, EH6 7LG.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
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:

Leasehold improvements
5% straight line
Plant and equipment
20% straight line
Fixtures and fittings
25% straight line
Motor vehicles
20% straight line
1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.5
Taxation

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

EDGE OF ART LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
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.

1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.7
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.8
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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:

2021
2020
Number
Number
Total
3
3
EDGE OF ART LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 5 -
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 December 2020
1,391
10,823
3,407
5,700
21,321
Additions
-
0
1,380
-
0
-
0
1,380
Disposals
-
0
-
0
-
0
(5,700)
(5,700)
At 30 November 2021
1,391
12,203
3,407
-
0
17,001
Depreciation and impairment
At 1 December 2020
41
4,029
286
1,140
5,496
Depreciation charged in the year
69
1,972
850
-
0
2,891
Eliminated in respect of disposals
-
0
-
0
-
0
(1,140)
(1,140)
At 30 November 2021
110
6,001
1,136
-
0
7,247
Carrying amount
At 30 November 2021
1,281
6,202
2,271
-
0
9,754
At 30 November 2020
1,350
6,794
3,121
4,560
15,825
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
9,357
17,716
Corporation tax recoverable
17,006
-
0
Other debtors
82,217
76,825
108,580
94,541
6
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
9,477
10,000
Trade creditors
19,787
16,746
Corporation tax
16,953
20,072
Other taxation and social security
29,556
33,750
Other creditors
43,894
32,293
119,667
112,861
EDGE OF ART LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 6 -
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
37,380
40,000
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