ARTFITZ LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1 NOVEMBER 2023 TO 30 OCTOBER 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

N H Robinson

Miss J O Robinson

Miss P J Robinson

C Thompson

H Williams

REGISTERED OFFICE:

Fairfax House

6a Mill Field Road

Cottingley Business Park

Bradford

West Yorkshire

BD16 1PY

REGISTERED NUMBER:

06892702 (England and Wales)

ACCOUNTANTS:

Wilkinson and Partners

Chartered Accountants

Fairfax House

6a Mill Field Road

Cottingley Business Park

Bradford

West Yorkshire

BD16 1PY

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

742,799

858,132

742,799

858,132

CURRENT ASSETS

Stocks

1,433,808

1,657,588

Debtors

6

4,673,220

5,013,738

Investments

7

100,000

100,000

Cash at bank and in hand

213,499

452,102

6,420,527

7,223,428

CREDITORS

Amounts falling due within one year

8

1,461,269

2,364,695

NET CURRENT ASSETS

4,959,258

4,858,733

TOTAL ASSETS LESS CURRENT LIABILITIES

5,702,057

5,716,865

CREDITORS

Amounts falling due after more than one year

9

(37,874

)

(78,385

)

PROVISIONS FOR LIABILITIES

10

(166,052

)

(192,535

)

NET ASSETS

5,498,131

5,445,945

CAPITAL AND RESERVES

Called up share capital

11

46,875

46,875

Revaluation reserve

12

314,000

314,000

Retained earnings

5,137,256

5,085,070

SHAREHOLDERS' FUNDS

5,498,131

5,445,945

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 October 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 October 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2025 and were signed on its behalf by:

N H Robinson - Director

1.	STATUTORY INFORMATION

Artfitz Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 balance sheet date.

Deferred tax

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

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 73 (2023 - 79 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2023

and 30 October 2024

15,000

AMORTISATION

At 1 November 2023

and 30 October 2024

15,000

NET BOOK VALUE

At 30 October 2024

-

At 31 October 2023

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST OR VALUATION

At 1 November 2023

1,818,629

32,406

83,716

1,934,751

Additions

23,424

-

-

23,424

At 30 October 2024

1,842,053

32,406

83,716

1,958,175

DEPRECIATION

At 1 November 2023

995,886

25,094

55,639

1,076,619

Charge for period

129,038

2,700

7,019

138,757

At 30 October 2024

1,124,924

27,794

62,658

1,215,376

NET BOOK VALUE

At 30 October 2024

717,129

4,612

21,058

742,799

At 31 October 2023

822,743

7,312

28,077

858,132

Cost or valuation at 30 October 2024 is represented by:

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

Valuation in 2015

314,000

-

-

314,000

Cost

1,528,053

32,406

83,716

1,644,175

1,842,053

32,406

83,716

1,958,175

If plant and machinery had not been revalued it would have been included at the following historical cost:

30.10.24

31.10.23

£

£

Cost

1,251,275

1,251,275

Aggregate depreciation

354,776

354,776

Plant and machinery was valued on an open market basis basis on 1 November 2015 by the director .

The net book value of tangible fixed assets includes £NIL (2023 - £ 367,688 ) in respect of assets held under hire purchase contracts.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.10.24

31.10.23

£

£

Trade debtors

1,557,629

2,040,726

Other debtors

3,017,778

2,875,109

Tax

92,790

92,790

Prepayments

5,023

5,113

4,673,220

5,013,738

7.	CURRENT ASSET INVESTMENTS

30.10.24

31.10.23

£

£

Unlisted investments

100,000

100,000

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.10.24

31.10.23

£

£

Bank loans and overdrafts

42,750

46,650

Hire purchase contracts

-

83,287

Trade creditors

485,602

1,114,819

Tax

433,580

443,292

Social security and other taxes

33,445

50,930

VAT

222,802

382,376

Other creditors

13,167

11,620

Directors' current accounts

10,176

-

Accrued expenses

219,747

231,721

1,461,269

2,364,695

The loan from the director is interest free and repayable on demand.

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.10.24

31.10.23

£

£

Bank loans - 1-2 years

37,874

48,400

Bank loans - 2-5 years

-

29,985

37,874

78,385

10.	PROVISIONS FOR LIABILITIES

30.10.24

31.10.23

£

£

Deferred tax

166,052

192,535

Deferred

tax

£

Balance at 1 November 2023

192,535

Accelerated capital allowances

(26,483

)

Balance at 30 October 2024

166,052

The provision for deferred taxation is made up entirely of accelerated capital allowances.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.10.24

31.10.23

value:

£

£

37,500

'A' Ordinary shares

£1.00

37,500

37,500

9,375

'B' Ordinary shares

£1.00

9,375

9,375

46,875

46,875

12.

RESERVES

Revaluation

reserve

£

At 1 November 2023

and 30 October 2024

314,000

13.	RELATED PARTY DISCLOSURES

During the year management charges were paid to the holding company, Keylighting Limited, amounting to £30,000 (2023: £40,000).

An inter-company loan exists with Keylighting Limited. As at 31/10/2024 the amount due from Keylighting Limited was 2,899,070 (2023: £2,875,109)).The loan is interest free and repayable on demand.

14.	ULTIMATE CONTROLLING PARTY

The controlling party is Keylighting Limited.