Company Registration No. 03368804 (England and Wales)
ARTISAN DEVELOPMENTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017
PAGES FOR FILING WITH REGISTRAR
ARTISAN DEVELOPMENTS LTD
COMPANY INFORMATION
Director
A D Cooper
Secretary
Perrys Secretaries Limited
Company number
03368804
Registered office
19-21 Swan Street
West Malling
Kent
ME19 6JU
Accountants
Perrys Accountants Limited
Chartered Accountants
The Square
Wrotham
Sevenoaks
Kent
TN15 7AA
ARTISAN DEVELOPMENTS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ARTISAN DEVELOPMENTS LTD (REGISTERED NUMBER: 03368804)
BALANCE SHEET
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
16,097
21,460
Current assets
Stocks
5,000
-
Debtors
4
194,672
178,722
Cash at bank and in hand
-
100
199,672
178,822
Creditors: amounts falling due within one year
5
(106,551)
(110,767)
Net current assets
93,121
68,055
Total assets less current liabilities
109,218
89,515
Provisions for liabilities
(2,382)
(3,783)
Net assets
106,836
85,732
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
106,834
85,730
Total equity
106,836
85,732
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 31 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he 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.
ARTISAN DEVELOPMENTS LTD (REGISTERED NUMBER: 03368804)
BALANCE SHEET (CONTINUED)
2017
2016
Notes
£
£
£
£
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 February 2018 and are signed on its behalf by:
A D Cooper
Director
ARTISAN DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017
- 3 -
1
Accounting policies
Company information
Artisan Developments Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
19-21 Swan Street, West Malling, Kent, ME19 6JU.
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 a
mounts
in these financial statements are
rounded to the nearest £
1
.
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 represents net invoiced sales of goods, excluding value added tax.
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:
Plant and machinery
25% on reducing balance
Fixtures, fittings & equipment
25% on reducing balance
Computer equipment
33% on reducing balance
Motor vehicles
25% on 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
.
1.4
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 replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
ARTISAN DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
1
Accounting policies
(Continued)
- 4 -
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2016 - 2
).
ARTISAN DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
- 5 -
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 June 2016 and 31 May 2017
12,613
6,438
2,460
74,030
95,541
Depreciation and impairment
At 1 June 2016
11,027
6,379
2,460
54,213
74,079
Depreciation charged in the year
396
15
-
4,954
5,365
At 31 May 2017
11,423
6,394
2,460
59,167
79,444
Carrying amount
At 31 May 2017
1,190
44
-
14,863
16,097
At 31 May 2016
1,586
59
-
19,817
21,460
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
24,672
4,167
Other debtors
170,000
174,555
194,672
178,722
5
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
17,325
12,600
Trade creditors
17,437
49,327
Corporation tax
22,562
16,425
Other taxation and social security
2,485
3,919
Other creditors
46,742
28,496
106,551
110,767
ARTISAN DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
- 6 -
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary A of £1 each
1
1
1 Ordinary B of £1 each
1
1
2
2
7
Related party transactions
At the year end the company was owed £170,000 (2016: £170,000) From Forstal Properties Limited, a company in which A D Cooper is also a director and shareholder.
At the year end the company owed £19,381 (2016: £Nil) to Artisan Developments (Kent) Limited, a company in which A D Cooper is also a director and shareholder.
8
Directors' transactions
Included within other creditors is a directors' loan account balance of £15,041 (2016: £11,605).
During the year dividends of £Nil (2016: £54,530) were paid to the director.
9
Controlling party
The company is controlled by the director, A D Cooper, by virtue of his shareholding in the company.