REGISTERED NUMBER: |
FRICTIONLESS FINE ARTS LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
REGISTERED NUMBER: |
FRICTIONLESS FINE ARTS LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FRICTIONLESS FINE ARTS LIMITED (REGISTERED NUMBER: 12958900) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
FRICTIONLESS FINE ARTS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
T/A Maynard Johns |
37 Mill Street |
Bideford |
DEVON |
EX39 2JJ |
FRICTIONLESS FINE ARTS LIMITED (REGISTERED NUMBER: 12958900) |
ABRIDGED BALANCE SHEET |
31 MARCH 2023 |
2023 | 2022 |
as restated |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
FRICTIONLESS FINE ARTS LIMITED (REGISTERED NUMBER: 12958900) |
ABRIDGED BALANCE SHEET - continued |
31 MARCH 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
FRICTIONLESS FINE ARTS LIMITED (REGISTERED NUMBER: 12958900) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Frictionless Fine Arts Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
Current or deferred taxation assets and liabilities are not discounted. |
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. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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. |
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. |
FRICTIONLESS FINE ARTS LIMITED (REGISTERED NUMBER: 12958900) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
These financial statements have been prepared on a going concern basis as the directors have agreed to provide ongoing financial support via their directors' loan accounts. |
The directors have assessed the company's financial position as well as considered the future sales expectation. They have concluded that the company will still be able to trade for at least the next eighteen months. They, therefore, consider it correct to continue to adopt the going concern basis of accounting. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 April 2022 |
Disposals | ( |
) |
At 31 March 2023 |
AMORTISATION |
At 1 April 2022 |
Amortisation for year |
Eliminated on disposal | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
FRICTIONLESS FINE ARTS LIMITED (REGISTERED NUMBER: 12958900) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 April 2022 |
Additions |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
6. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
as restated |
£ | £ |
Secured loan | 336,245 | - |
The loan has been secured with a fixed and floating charge over the present and future assets of the company, in addition to this the directors Mr A Kleiner and Ms M McDowall have personally guaranteed up to £281,481 plus interest and finally there is a charge over the issued share capital. |
7. | RELATED PARTY DISCLOSURES |
During the year,a loan of £58,255.19 was received from the parent company. The balance outstanding at the year end was £914,152.70 (2022 - £855,897.51). The loan is interest free with no fixed date for repayment. |
During the year, a repayment of a loan of £163.92 was made to a company under common control. The balance outstanding to the company at the year end was £35.28 (2022 - £199.20). The loan is interest free with no fixed date for repayment. |
8. | ULTIMATE PARENT COMPANY |
The ultimate parent company is Frictionless Holdings Limited whose registered address is 37 Mill Street, Bideford, Devon, England, EX39 2JJ. |
FRICTIONLESS FINE ARTS LIMITED (REGISTERED NUMBER: 12958900) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
9. | GOING CONCERN |
These financial statements have been prepared on a going concern basis as the directors have agreed to provide ongoing financial support via their directors' loan accounts. |
The directors have assessed the company's financial position as well as considered the future sales expectation. They have concluded that the company will still be able to trade for at least the next eighteen months. They, therefore, consider it correct to continue to adopt the going concern basis of accounting. |