0
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No description of principal activity
2021-08-01
Sage Accounts Production Advanced 2021 - FRS102_2021
7,690
779
8,469
4,235
834
5,069
3,400
3,455
xbrli:pure
xbrli:shares
iso4217:GBP
10296064
2021-08-01
2022-07-31
10296064
2022-07-31
10296064
2021-07-31
10296064
2021-07-31
10296064
bus:OrdinaryShareClass1
2021-08-01
2022-07-31
10296064
bus:Director1
2021-08-01
2022-07-31
10296064
core:WithinOneYear
2022-07-31
10296064
core:WithinOneYear
2021-07-31
10296064
core:ShareCapital
2022-07-31
10296064
core:ShareCapital
2021-07-31
10296064
core:RetainedEarningsAccumulatedLosses
2022-07-31
10296064
core:RetainedEarningsAccumulatedLosses
2021-07-31
10296064
bus:SmallEntities
2021-08-01
2022-07-31
10296064
bus:AuditExemptWithAccountantsReport
2021-08-01
2022-07-31
10296064
bus:FullAccounts
2021-08-01
2022-07-31
10296064
bus:SmallCompaniesRegimeForAccounts
2021-08-01
2022-07-31
10296064
bus:PrivateLimitedCompanyLtd
2021-08-01
2022-07-31
10296064
bus:OrdinaryShareClass1
2022-07-31
10296064
bus:OrdinaryShareClass1
2021-07-31
10296064
core:ComputerEquipment
2021-08-01
2022-07-31
10296064
core:ComputerEquipment
2021-07-31
10296064
core:ComputerEquipment
2022-07-31
10296064
1
2021-08-01
2022-07-31
10296064
core:KeyManagementIndividualGroup1
2021-08-01
2022-07-31
COMPANY REGISTRATION NUMBER:
10296064
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
31 July 2022
Fixed assets
Tangible assets |
5 |
3,400 |
3,455 |
|
|
|
|
Current assets
Stocks |
6 |
302,634 |
220,578 |
Debtors |
7 |
36,000 |
263 |
Cash at bank and in hand |
85,731 |
177,252 |
|
--------- |
--------- |
|
424,365 |
398,093 |
|
|
|
|
Creditors: amounts falling due within one year |
8 |
7,870 |
7,522 |
|
--------- |
--------- |
Net current assets |
416,495 |
390,571 |
|
--------- |
--------- |
Total assets less current liabilities |
419,895 |
394,026 |
|
--------- |
--------- |
Net assets |
419,895 |
394,026 |
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
9 |
1 |
1 |
Profit and loss account |
419,894 |
394,025 |
|
--------- |
--------- |
Shareholders funds |
419,895 |
394,026 |
|
--------- |
--------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
15 July 2023
, and are signed on behalf of the board by:
Company registration number:
10296064
Notes to the Financial Statements |
|
Year ended 31 July 2022
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 43 Vinery Road, Cambridge, CB1 3DN.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current period. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Equipment |
- |
20% reducing balance |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4.
Employees
The average number of persons employed by the company during the year amounted to nil (2021: nil).
5.
Tangible assets
|
Equipment |
|
£ |
Cost |
|
At 1 August 2021 |
7,690 |
Additions |
779 |
|
------- |
At 31 July 2022 |
8,469 |
|
------- |
Depreciation |
|
At 1 August 2021 |
4,235 |
Charge for the year |
834 |
|
------- |
At 31 July 2022 |
5,069 |
|
------- |
Carrying amount |
|
At 31 July 2022 |
3,400 |
|
------- |
At 31 July 2021 |
3,455 |
|
------- |
|
|
6.
Stocks
|
2022 |
2021 |
|
£ |
£ |
Artwork held for resale |
302,634 |
220,578 |
|
--------- |
--------- |
|
|
|
7.
Debtors
|
2022 |
2021 |
|
£ |
£ |
Trade debtors |
36,000 |
– |
Other debtors |
– |
263 |
|
-------- |
---- |
|
36,000 |
263 |
|
-------- |
---- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2022 |
2021 |
|
£ |
£ |
Corporation tax |
6,082 |
5,454 |
Social security and other taxes |
638 |
918 |
Other creditors |
1,150 |
1,150 |
|
------- |
------- |
|
7,870 |
7,522 |
|
------- |
------- |
|
|
|
9.
Called up share capital
Issued, called up and fully paid
|
2022 |
2021 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
1 |
1 |
1 |
1 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
10.
Events after the end of the reporting period
The company acknowledges the current outbreak of coronavirus (COVID-19) and its potentially adverse economic impact. The director continues to closely monitor the ongoing impact of COVID-19 on the company's operations and the wider economy. The company has shown to be resilient during this year and has been operating as expected.
11.
Director's advances, credits and guarantees
Included in other debtors is an amount of £nil (2021: £263) owed by the director to the company. No interest was charged on any outstanding amounts during the year.
12.
Related party transactions
During the year, a member of key management personnel purchased stock of £nil (2021: £69,480) at open market value. The company purchased stock of £nil (2021: £100,000) from a member of key management personnel also at open market value.