REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 |
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EXETER ARTS TRADING SERVICES LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 |
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FOR |
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EXETER ARTS TRADING SERVICES LIMITED |
EXETER ARTS TRADING SERVICES LIMITED (REGISTERED NUMBER: 06280657) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 | to | 7 |
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EXETER ARTS TRADING SERVICES LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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3 Southernhay West |
Exeter |
Devon |
EX1 1JG |
EXETER ARTS TRADING SERVICES LIMITED (REGISTERED NUMBER: 06280657) |
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BALANCE SHEET |
31 MARCH 2021 |
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31.3.21 | 31.3.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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( |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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NET ASSETS/(LIABILITIES) |
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( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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( |
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SHAREHOLDERS' FUNDS |
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( |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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EXETER ARTS TRADING SERVICES LIMITED (REGISTERED NUMBER: 06280657) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2021 |
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1. | STATUTORY INFORMATION |
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Exeter Arts Trading Services Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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Turnover |
Turnover represents the invoiced value of goods and services supplied by the company, net of value added tax and trade discounts. |
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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. |
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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: |
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Equipment 15% |
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Equipment held under finance agreement 33% |
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Leasehold Improvements 10% |
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Office equipment 15% |
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Government grants |
Revenue based grants are recognised as income when received or receivable. |
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Capital based grants are recognised as income on a systematic basis over the expected useful life of the asset. Where part of the grant relating to an asset is deferred it is recoginsied as deferred income. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
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EXETER ARTS TRADING SERVICES LIMITED (REGISTERED NUMBER: 06280657) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2021 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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 year end and that are expected to apply to the reversal of the timing difference. |
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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. |
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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. |
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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. |
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Pension costs and other post-retirement benefits |
The company contributes to the People's Pension Scheme, a defined contributions scheme, on behalf of certain employees. Contributions payable in the year are charged in the profit and loss account. |
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The accounts have been prepared on a going concern basis. In response to the Covid-19 pandemic, the company has successfully met its financial commitments by raising new income from a mix of grants and other government funding schemes. During the year the company also arranged an overdraft facility for the first time. Post year-end the company launched a very successful new trading outlet.As a result, the directors are of the opinion that sufficient finance will be available to enable the company to continue trading for at least twelve months after the date of the approval of these accounts. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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EXETER ARTS TRADING SERVICES LIMITED (REGISTERED NUMBER: 06280657) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2021 |
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4. | INTANGIBLE FIXED ASSETS |
Computer |
software |
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COST |
At 1 April 2020 |
and 31 March 2021 |
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AMORTISATION |
At 1 April 2020 |
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Amortisation for year |
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At 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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5. | TANGIBLE FIXED ASSETS |
Leasehold | Office |
improvements | Equipment | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2020 |
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Additions |
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At 31 March 2021 |
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DEPRECIATION |
At 1 April 2020 |
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Charge for year |
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At 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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EXETER ARTS TRADING SERVICES LIMITED (REGISTERED NUMBER: 06280657) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2021 |
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5. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Equipment |
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COST |
At 1 April 2020 |
and 31 March 2021 |
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DEPRECIATION |
At 1 April 2020 |
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Charge for year |
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At 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.21 | 31.3.20 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.21 | 31.3.20 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts (see note 9) |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.3.21 | 31.3.20 |
£ | £ |
Hire purchase contracts (see note 9) |
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EXETER ARTS TRADING SERVICES LIMITED (REGISTERED NUMBER: 06280657) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2021 |
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9. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
31.3.21 | 31.3.20 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable operating | leases |
31.3.21 | 31.3.20 |
£ | £ |
Within one year |
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Between one and five years |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.3.21 | 31.3.20 |
£ | £ |
Hire purchase contracts | 6,931 | - |
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11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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12. | ULTIMATE CONTROLLING PARTY |
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Exeter Phoenix Limited owns 100% of the issued share capital in the company and consequently the company is a full subsidiary of Exeter Phoenix Limited, registered office address Bradninch Place, Gandy Street, Exeter, EX4 3LS. |
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Consolidated accounts are prepared by the parent and are available to the public. |