Art & Science International Limited Filleted accounts for Companies House (small and micro)
Art & Science International Limited Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
05027773
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FINANCIAL STATEMENTS |
YEAR ENDED 31 MARCH 2019
CONTENTS |
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Statement of financial position |
1 |
Notes to the financial statements |
3 |
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STATEMENT OF FINANCIAL POSITION |
2019 |
2018 |
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Note |
£ |
£ |
£ |
FIXED ASSETS
Intangible assets |
6 |
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Tangible assets |
7 |
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CURRENT ASSETS
Stocks |
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Debtors |
8 |
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Cash at bank and in hand |
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CREDITORS: amounts falling due within one year |
9 |
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NET CURRENT LIABILITIES |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS: amounts falling due after more than one year |
10 |
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PROVISIONS
Taxation including deferred tax |
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NET ASSETS |
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STATEMENT OF FINANCIAL POSITION (continued) |
2019 |
2018 |
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Note |
£ |
£ |
£ |
CAPITAL AND RESERVES
Called up share capital |
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Share premium account |
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Profit and loss account |
(
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(
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SHAREHOLDERS FUNDS |
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In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
Director's responsibilities:
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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
;
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
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These financial statements were approved by the
board of directors
and authorised for issue on
10 December 2019
, and are signed on behalf of the board by:
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Director |
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Company registration number:
05027773
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NOTES TO THE FINANCIAL STATEMENTS |
YEAR ENDED 31 MARCH 2019
1.
GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Onega House, 112 Main Road, Sidcup, Kent, DA14 6NE, England.
2.
STATEMENT OF COMPLIANCE
3.
ACCOUNTING POLICIES
Basis of preparation
Judgements and key sources of estimation uncertainty
Revenue recognition
Taxation
Foreign currencies
Intangible assets
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Distribution rights |
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over 10 years
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If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
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:
Tooling |
- |
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Motor Vehicles |
- |
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Equipment |
- |
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Impairment of fixed assets
Stocks
Finance leases and hire purchase contracts
Provisions
Financial instruments
Defined contribution plans
4.
EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to
9
(2018:
9
).
5.
TAX ON PROFIT/(LOSS)
Major components of tax expense/(income)
2019 |
2018 |
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£ |
£ |
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Current tax:
UK current tax expense/(income) |
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(
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Deferred tax:
Origination and reversal of timing differences |
(
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(
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Tax on profit/(loss) |
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(
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6.
INTANGIBLE ASSETS
Distribution rights |
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£ |
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Cost |
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At 1 April 2018 and 31 March 2019 |
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Amortisation |
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At 1 April 2018 |
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Charge for the year |
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At 31 March 2019 |
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Carrying amount |
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At 31 March 2019 |
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At 31 March 2018 |
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7.
TANGIBLE ASSETS
Tooling |
Motor vehicles |
Equipment |
Total |
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£ |
£ |
£ |
£ |
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Cost |
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At 1 April 2018 |
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– |
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Additions |
– |
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Disposals |
– |
– |
(
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(
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At 31 March 2019 |
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Depreciation |
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At 1 April 2018 |
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– |
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Charge for the year |
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Disposals |
– |
– |
(
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(
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At 31 March 2019 |
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Carrying amount |
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At 31 March 2019 |
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At 31 March 2018 |
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– |
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15,764
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Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles |
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£ |
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At 31 March 2019 |
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At 31 March 2018 |
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8.
DEBTORS
2019 |
2018 |
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£ |
£ |
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Trade debtors |
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Other debtors |
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9.
CREDITORS:
amounts falling due within one year
2019 |
2018 |
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£ |
£ |
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Bank loans and overdrafts |
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Trade creditors |
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Corporation tax |
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Social security and other taxes |
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Other creditors |
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10.
CREDITORS:
amounts falling due after more than one year
2019 |
2018 |
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£ |
£ |
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Bank loans and overdrafts |
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Other creditors |
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11.
FINANCE LEASES AND HIRE PURCHASE CONTRACTS
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2019 |
2018 |
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£ |
£ |
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Not later than 1 year |
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– |
Later than 1 year and not later than 5 years |
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– |
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12.
DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2019 |
2018 |
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£ |
£ |
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Included in provisions |
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13.
DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
During the year the director did not enter into any advances, credits or guarantees with the company.