Company registration number 13003474 (England and Wales)
ENTWISTLE ARTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2021
PAGES FOR FILING WITH REGISTRAR
ENTWISTLE ARTS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
3 - 5
ENTWISTLE ARTS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 NOVEMBER 2021
30 November 2021
- 1 -
2021
Notes
£
£
Current assets
Stocks
9,145
Debtors
4
50,423
Cash at bank and in hand
140,559
200,127
Creditors: amounts falling due within one year
5
(201,000)
Net current liabilities
(873)
Capital and reserves
Called up share capital
100
Profit and loss reserves
(973)
Total equity
(873)
The director of the company has elected not to include a copy of the income statement within the financial statements.
true
For the financial period ended 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the period 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 and signed by the director and authorised for issue on 22 September 2022
L D Entwistle
Director
Company Registration No. 13003474
ENTWISTLE ARTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 NOVEMBER 2021
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 9 November 2020
Period ended 30 November 2021:
Loss and total comprehensive income for the period
-
(973)
(973)
Issue of share capital
100
-
100
Balance at 30 November 2021
100
(973)
(873)
ENTWISTLE ARTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2021
- 3 -
1
Accounting policies
Company information
Entwistle Arts Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
9 Bonhill Street, London, EC2A 4DJ.
1.1
Reporting period
The financial statements cover the period from incorporation on 9 November 2020 to 30 November 2021.
1.2
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 on the historical cost convention except for the modification
to a fair value basis for certain financial instruments as specified in the accounting policies below.
1.3
Going concern
The company is dependent on loans from related parties who have confirmed that these will not be repaid until such time as the company has sufficient funds.
In particular, the continuing COVID-19 coronavirus has caused considerable uncertainty as to the size, nature and duration of the impact that will result from the pandemic and the national response thereto. The director has considered the information available and have reasonable expectation that financial support will continue for the foreseeable future.
Accordingly the director has concluded that the company can continue to adopt the going concern basis in preparing the financial statements.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
1.5
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
ENTWISTLE ARTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.6
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. It only has financial
assets and financial liabilities of a kind that qualify as basic financial instruments.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other receivables 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 less any impairment.
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 derecognised only when the contractual rights to the cash flows from the asset expire
or are settled, or the risks and rewards of ownership are transferred.
Basic financial Liabilities
Basic financial liabilities, including trade and other payables , are initially recognised at transaction price
and subsequently measured at amortised cost using the effective interest method 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged
or cancelled.
1.7
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.
1.8
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
.
1.9
Foreign exchange
Transactions in currencies other than
pounds sterling
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
ENTWISTLE ARTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2021
- 5 -
3
Employees
There were no employees other than the director.
4
Debtors
2021
Amounts falling due within one year:
£
Other debtors
50,423
Other debtors include £30,423 owed from the director. Interest is payable at the HMRC official rate of interest. The loan was repaid within nine months of the year end.
5
Creditors: amounts falling due within one year
2021
£
Other creditors
201,000
Other creditors include £200,000 owed to an entity with a director in common. This is interest-free and repayable on demand.
6
Parent company
The company is controlled by the director.