Company Registration No. 05686433 (England and Wales)
ARTICA GALLERIES LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020
ARTICA GALLERIES LIMITED
CONTENTS
Page
Directors' report
1
Balance sheet
2
Notes to the financial statements
3 - 4
ARTICA GALLERIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2020
- 1 -
The directors present their annual report and financial statements for the year ended 30 April 2020.
Principal activities
The company
is dormant and
did not trade during the year
or in the previous year.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
E Sheleg
G Washington
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
G Washington
Director
7 April 2021
ARTICA GALLERIES LIMITED
BALANCE SHEET
AS AT 30 APRIL 2020
30 April 2020
- 2 -
2020
2019
Notes
£
£
£
£
Current assets
Debtors
3
15,096
15,096
Creditors: amounts falling due within one year
4
(14,014)
(14,014)
Net current assets
1,082
1,082
Capital and reserves
Called up share capital
300
300
Profit and loss reserves
782
782
Total equity
1,082
1,082
For the financial year ended 30 April 2020 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant 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 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 7 April 2021 and are signed on its behalf by:
G Washington
Director
Company Registration No. 05686433
ARTICA GALLERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020
- 3 -
1
Accounting policies
Company information
Artica Galleries Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 15 Spitfire Road, Erdington, Birmingham, West Midlands, B24 9PR.
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
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.
Basic financial assets
Basic financial assets, which include
debtors
, 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 and
amounts
from
group companies, 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
payments
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.
1.3
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
ARTICA GALLERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
-
-
3
Debtors
2020
2019
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
14,469
14,469
Other debtors
627
627
15,096
15,096
4
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
14,014
14,014
5
Financial commitments, guarantees and contingent liabilities
The company is part of a cross guarantee bank facility with its ultimate parent and fellow subsidiary companies with a total group liability at 30 April 2020 of £Nil (2019: £Nil). The bank has a fixed floating charge over the assets of the company.
6
Parent company
Halcyon Fine Art Group Holdings Limited is the parent company of the smallest group that prepares group accounts and of which the company is a member. The registered office address of Halcyon Fine Art Group Holdings Limited is 29 New Bond Street, London W1S 2RL.