Company Registration No. 05636429 (England and Wales)
ARTSO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2020
PAGES FOR FILING WITH REGISTRAR
ARTSO LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
ARTSO LIMITED
BALANCE SHEET
AS AT 28 FEBRUARY 2020
28 February 2020
- 1 -
2020
2019
Notes
£
£
£
£
Current assets
Stocks
291,174
299,656
Debtors
3
7,986
16,053
Cash at bank and in hand
8,524
14,023
307,684
329,732
Creditors: amounts falling due within one year
4
(666,333)
(580,159)
Net current liabilities
(358,649)
(250,427)
Capital and reserves
Called up share capital
5
100,002
100,002
Profit and loss reserves
(458,651)
(350,429)
Total equity
(358,649)
(250,427)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 28 February 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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.
The financial statements were approved by the board of directors and authorised for issue on 18 December 2020 and are signed on its behalf by:
M. H. Marx
Director
Company Registration No. 05636429
ARTSO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2020
- 2 -
1
Accounting policies
Company information
Artso Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Acre House, 11-15 William Road, London, NW1 3ER, United Kingdom.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company incurred losses of £108,222 in the year and had a net deficit of £358,649 at the balance sheet date. The directors have also considered the effect of the Covid-19 outbreak. The directors consider that the outbreak is unlikely to cause a significant disruption to the company’s business and are confident that the company can continue as a going concern for a period of at least twelve months from the date of approval of these financial statements.
true
The validity of this assumption is on the basis of that the company will continue to be supported by the directors.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods
sold
in the normal course of business
, and
is shown net of VAT
.
1.4
Stocks
Stocks
is valued at the lower of cost and net realisable value. Cost includes all direct costs incurred in bringing the stocks
to their present location and condition.
Net realisable value is based on estimated selling price less further costs expected to be incurred to completion and disposal.
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.
1.5
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand and deposits held at call with banks.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
ARTSO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2020
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2019 - 1).
3
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
7,392
15,052
Other debtors
594
1,001
7,986
16,053
ARTSO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2020
- 4 -
4
Creditors: amounts falling due within one year
2020
2019
£
£
Other taxation and social security
436
1,735
Other creditors
659,116
575,924
Accruals and deferred income
6,781
2,500
666,333
580,159
5
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
100,002 Ordinary Shares of £1 each
100,002
100,002
100,002
100,002
6
Events after the reporting date
The directors have considered the effect of the Covid-19 outbreak, that has been spreading throughout the world in early 2020, on the company’s activities. This outbreak is unlikely to cause a significant disruption to the company’s business but at the date of approval of these financial statements, the extent and quantum of the disruption remains uncertain.