Art-write (Hythe) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04707006 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2020

FOR

ART-WRITE (HYTHE) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Accountants' Report

7

DIRECTORS:

C K Brown

N S Moon

REGISTERED OFFICE:

20 Havelock Road

Hastings

East Sussex

TN34 1BP

REGISTERED NUMBER:

04707006 (England and Wales)

ACCOUNTANTS:

Ashdown Hurrey

Chartered Accountants & Business Advisers

28 Wilton Road

Bexhill on Sea

East Sussex

TN40 1EZ

FIXED ASSETS

Intangible assets

4

17,147

20,005

Tangible assets

5

5,070

4,200

22,217

24,205

CURRENT ASSETS

Stocks

73,432

75,315

Debtors

6

1,506

4,615

Cash at bank

5,808

-

80,746

79,930

CREDITORS

Amounts falling due within one year

7

63,973

79,391

NET CURRENT ASSETS

16,773

539

TOTAL ASSETS LESS CURRENT LIABILITIES

38,990

24,744

CREDITORS

Amounts falling due after more than one year

8

(34,639

)

(45,104

)

PROVISIONS FOR LIABILITIES

10

(1,083

)

(798

)

NET ASSETS/(LIABILITIES)

3,268

(21,158

)

CAPITAL AND RESERVES

Called up share capital

104

104

Retained earnings

3,164

(21,262

)

SHAREHOLDERS' FUNDS

3,268

(21,158

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2020 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 March 2021 and were signed on its behalf by:

C K Brown - Director

1.	STATUTORY INFORMATION

Art-write (Hythe) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors have made an assessment and do not consider there to be any material uncertainties about the company's ability to continue as a going concern. The accounts have therefore been prepared on a going concern basis.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax. Turnover is recognised at the point at which the invoice is raised.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of ten years.

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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on cost

Fixtures and fittings

-

15% on reducing balance

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 Statement of Income and Retained Earnings, 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2019 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 May 2019

and 30 April 2020

28,579

AMORTISATION

At 1 May 2019

8,574

Charge for year

2,858

At 30 April 2020

11,432

NET BOOK VALUE

At 30 April 2020

17,147

At 30 April 2019

20,005

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 May 2019

-

24,023

24,023

Additions

2,000

-

2,000

At 30 April 2020

2,000

24,023

26,023

DEPRECIATION

At 1 May 2019

-

19,823

19,823

Charge for year

500

630

1,130

At 30 April 2020

500

20,453

20,953

NET BOOK VALUE

At 30 April 2020

1,500

3,570

5,070

At 30 April 2019

-

4,200

4,200

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.20

30.4.19

£

£

Trade debtors

1,506

4,615

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.20

30.4.19

£

£

Bank loans and overdrafts

12,251

18,253

Trade creditors

35,811

42,365

Tax

7,242

1,505

Social security and other taxes

82

106

VAT

3,706

3,842

Other creditors

977

-

Directors' current accounts

1,541

11,437

Accrued expenses

2,363

1,883

63,973

79,391

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.20

30.4.19

£

£

Bank loans - 1-2 years

12,251

12,251

Bank loans - 2-5 years

22,388

32,853

34,639

45,104

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.4.20

30.4.19

£

£

Bank overdraft

-

6,002

Bank loans

46,890

57,355

46,890

63,357

The bank have a charge over the companies assets as a guarantee relating to the loan and overdraft.

10.	PROVISIONS FOR LIABILITIES

30.4.20

30.4.19

£

£

Deferred tax

Accelerated capital allowances

1,083

798

Deferred

tax

£

Balance at 1 May 2019

798

Charge to Statement of Income and Retained Earnings during year

285

Balance at 30 April 2020

1,083

11.	RELATED PARTY DISCLOSURES

The directors maintain a current account with the company. At the year end the amount owed by the company to the directors was £1,541 (2019: 11,437).

This loan is interest free with no fixed date for repayment.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Art-write (Hythe) Limited for the year ended 30 April 2020 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Art-write (Hythe) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Art-write (Hythe) Limited and state those matters that we have agreed to state to the Board of Directors of Art-write (Hythe) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Art-write (Hythe) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Art-write (Hythe) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Art-write (Hythe) Limited. You consider that Art-write (Hythe) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Art-write (Hythe) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ashdown Hurrey

Chartered Accountants & Business Advisers

28 Wilton Road

Bexhill on Sea

East Sussex

TN40 1EZ

1 March 2021