Art Centre (Leeds) Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 07448492

ART CENTRE (LEEDS) LTD

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 December 2024

ART CENTRE (LEEDS) LTD

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

CONTENTS	PAGES

Statement of financial position	1 to 2

Notes to the financial statements	3 to 5

ART CENTRE (LEEDS) LTD

STATEMENT OF FINANCIAL POSITION

31 December 2024

	2024		2023
Note	£	£	£

INVESTMENT PROPERTY

Tangible assets	5		3,600,943	3,604,710

CURRENT ASSETS

Debtors	6	1,671,861	1,256,441
Cash at bank and in hand		50,288	52,992
		------------	------------
		1,722,149	1,309,433

PREPAYMENTS AND ACCRUED INCOME	5,500		5,187

CREDITORS: amounts falling due within one year	7	( 189,457)		( 291,955)
		------------		------------
NET CURRENT ASSETS			1,538,192	1,022,665
			------------	------------
TOTAL ASSETS LESS CURRENT LIABILITIES			5,139,135	4,627,375

CREDITORS: amounts falling due after more than one year	8		( 1,920,969)	( 1,516,590)

PROVISIONS	( 536,175)	( 536,174)
	------------	------------
NET ASSETS	2,681,991	2,574,611
	------------	------------

CAPITAL AND RESERVES

Called up share capital	102	102
Profit and loss account	2,681,889	2,574,509
	------------	------------
SHAREHOLDERS FUNDS	2,681,991	2,574,611
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the 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 financial statements for the year in question in accordance with section 476 ;

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

ART CENTRE (LEEDS) LTD

STATEMENT OF FINANCIAL POSITION (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 24 September 2025 , and are signed on behalf of the board by:

R M Murray

Director

Company registration number: 07448492

ART CENTRE (LEEDS) LTD

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 20-22 Bridge End, Leeds, LS1 4DJ.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises revenue recognised by the company in respect of services, exclusive of Value Added Tax.

Deferred tax

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

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation to date.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures and fittings	-	25% reducing balance

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at transaction price and thereafter at fair value with changes recognised in profit and loss. The company holds the following financial assets and liabilities: Cash, Short-term trade and other debtors, and creditors. Cash in the balance sheet comprises cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account before operating profit.

4. TAX ON PROFIT

Major components of tax expense

	2024	2023
	£	£

Current tax:

UK current tax expense	34,971	32,942

Deferred tax:

Origination and reversal of timing differences	–	191,074
	--------	---------
Tax on profit	34,971	224,016
	--------	---------

5. TANGIBLE ASSETS

	Investment property	Fixtures and fittings	Total
	£	£	£
Valuation
At 1 January 2024 and 31 December 2024	3,600,000	15,354	3,615,354
	------------	--------	------------
Depreciation
At 1 January 2024	–	10,644	10,644
Charge for the year	–	3,767	3,767
	------------	--------	------------
At 31 December 2024	–	14,411	14,411
	------------	--------	------------
Carrying amount
At 31 December 2024	3,600,000	943	3,600,943
	------------	--------	------------
At 31 December 2023	3,600,000	4,710	3,604,710
	------------	--------	------------

Investment property has been valued on an open market basis by the directors as at 31 December 2024.

6. DEBTORS

	2024	2023
	£	£
Trade debtors	1,676	291
Other debtors	1,670,185	1,256,150
	------------	------------
	1,671,861	1,256,441
	------------	------------

7. CREDITORS: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	59,031	177,805
Trade creditors	25,601	13,391
Corporation tax	48,451	40,540
Social security and other taxes	16,507	21,482
Other creditors	39,867	38,737
	---------	---------
	189,457	291,955
	---------	---------

8. CREDITORS: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	1,920,969	1,516,590
	------------	------------

9. DEFERRED TAX

The deferred tax included in the statement of financial position is as follows:

	2024	2023
	£	£
Included in provisions	536,175	536,174
	---------	---------