Company Registration No. 11222495 (England and Wales)
Artisan Retail (Leeds) Limited
Unaudited Financial Statements
For The Year Ended 31 August 2021
ARTISAN RETAIL (LEEDS) LIMITED
Artisan Retail (Leeds) Limited
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
ARTISAN RETAIL (LEEDS) LIMITED
Artisan Retail (Leeds) Limited
BALANCE SHEET
AS AT
31 AUGUST 2021
31 August 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
3
30,886
Tangible assets
4
27,551
30,442
Investments
5
1
27,552
61,328
Current assets
Stocks
31,303
27,965
Debtors
7
58,884
86,278
Cash at bank and in hand
135,037
132,339
225,224
246,582
Creditors: amounts falling due within one year
8
(235,198)
(176,066)
Net current (liabilities)/assets
(9,974)
70,516
Total assets less current liabilities
17,578
131,844
Creditors: amounts falling due after more than one year
9
(162,929)
(236,855)
Net liabilities
(145,351)
(105,011)
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
(146,351)
(106,011)
Total equity
(145,351)
(105,011)
ARTISAN RETAIL (LEEDS) LIMITED
Artisan Retail (Leeds) Limited
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2021
31 August 2021
- 2 -
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 31 August 2021 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 14 March 2022 and are signed on its behalf by:
Ms K Pannu
Director
Company Registration No. 11222495
ARTISAN RETAIL (LEEDS) LIMITED
Artisan Retail (Leeds) Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
- 3 -
1
Accounting policies
Company information
Artisan Retail (Leeds) Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
8 Wells Promenade, Ilkley, LS29 9LF.
1.1
Accounting convention
These financial statements have been prepared in accordance with “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 certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The
financial statements
present information about the company as an individual entity and not about its group
.
1.2
Going concern
The directors have considered all factors, including in the wider economy and Covid-19 pandemic, as part of their assessment of going concern. Although the current economic climate creates both cashflow and profitability risks for the company, the directors believe on balance that they have sufficient resources to enable trading to continue for a period of at least one year from the date of approval of the financial statements, on the basis of information currently available to them as at the point of approval. Accordingly, these financial statements have been prepared on the going concern basis.
true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxe
s, and is recognised at the point of sale to the customer.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
1.5
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:
Fixtures and fittings
4 years straight line
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
.
ARTISAN RETAIL (LEEDS) LIMITED
Artisan Retail (Leeds) Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
1
Accounting policies
(Continued)
- 4 -
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.7
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
If the recoverable amount of an
asset
is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and
delivery charges.
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.
1.9
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
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
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.
ARTISAN RETAIL (LEEDS) LIMITED
Artisan Retail (Leeds) Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
1
Accounting policies
(Continued)
- 5 -
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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
loans from
fellow 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
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.11
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.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
ARTISAN RETAIL (LEEDS) LIMITED
Artisan Retail (Leeds) Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
1
Accounting policies
(Continued)
- 6 -
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.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
ARTISAN RETAIL (LEEDS) LIMITED
Artisan Retail (Leeds) Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
38
26
3
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2020 and 31 August 2021
52,947
Amortisation and impairment
At 1 September 2020
22,061
Amortisation charged for the year
10,589
Impairment losses
20,297
At 31 August 2021
52,947
Carrying amount
At 31 August 2021
At 31 August 2020
30,886
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2020
54,341
Additions
12,676
At 31 August 2021
67,017
Depreciation and impairment
At 1 September 2020
23,899
Depreciation charged in the year
15,567
At 31 August 2021
39,466
Carrying amount
At 31 August 2021
27,551
At 31 August 2020
30,442
ARTISAN RETAIL (LEEDS) LIMITED
Artisan Retail (Leeds) Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
- 8 -
5
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
1
During the year, the company acquired the share capital of Friends of Ham Limited, a dormant company.
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 September 2020
-
Additions
1
At 31 August 2021
1
Carrying amount
At 31 August 2021
1
At 31 August 2020
-
ARTISAN RETAIL (LEEDS) LIMITED
Artisan Retail (Leeds) Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
- 9 -
6
Subsidiaries
Details of the company's subsidiaries at 31 August 2021 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Friends of Ham Limited
8 Wells Promenade, Ilkley, LS29 9LF
Ordinary
100.00
7
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
255
461
Other debtors
58,629
85,817
58,884
86,278
8
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
9,571
3,592
Trade creditors
81,878
60,236
Taxation and social security
65,295
58,298
Other creditors
78,454
53,940
235,198
176,066
Included within b
ank loans and overdrafts
are loans of £9,571
(2020 - £
3,145
)
which
are secured by the UK Government under the Coronavirus Bounce Back Loan Scheme.
9
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
37,929
46,855
Other creditors
125,000
190,000
162,929
236,855
Included within bank loans and overdrafts are loans of
£
37,929
(2020 - £
46,855
)
which
are secured by the UK Government under the Coronavirus Bounce Back Loan Scheme.
ARTISAN RETAIL (LEEDS) LIMITED
Artisan Retail (Leeds) Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
9
Creditors: amounts falling due after more than one year
(Continued)
- 10 -
Creditors which fall due after five years are as follows:
2021
2020
£
£
Payable by instalments
-
7,029
10
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
The following amounts were outstanding at the reporting end date:
2021
2020
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
200,000
240,000