Art Pewter-Silver Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC045838

ART PEWTER-SILVER LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

43,760

56,547

Tangible assets

5

32,013

7,581

Investments

6

-

-

75,773

64,128

CURRENT ASSETS

Stocks

441,698

552,168

Debtors

7

199,949

183,011

Cash at bank and in hand

139,457

77,800

781,104

812,979

CREDITORS

Amounts falling due within one year

8

71,680

70,923

NET CURRENT ASSETS

709,424

742,056

TOTAL ASSETS LESS CURRENT LIABILITIES

785,197

806,184

CREDITORS

Amounts falling due after more than one year

9

(62,590

)

(101,974

)

PROVISIONS FOR LIABILITIES

(6,071

)

(1,136

)

NET ASSETS

716,536

703,074

CAPITAL AND RESERVES

Called up share capital

250

250

Profit and loss account

716,286

702,824

SHAREHOLDERS' FUNDS

716,536

703,074

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 February 2022 and were signed on its behalf by:

S F Dawson-Bowman - Director

1.	STATUTORY INFORMATION

Art Pewter-Silver Limited is a private company, limited by shares, registered in Scotland. The registered office is 11 Glenfield Road, East Kilbride, Glasgow, G75 0RA.

The financial statements are presented in Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard. The financial statements have been prepared under the historical cost convention.

Going concern

The financial statements have been prepared on a going concern basis. The validity of this is dependent on the financial performance of the company following the restrictions and other conditions placed throughout the UK due to the Covid 19 pandemic. After due consideration on the potential impact and future commitments, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Preparation of consolidated financial statements

The financial statements contain information about Art Pewter-Silver Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Judgements

The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The directors consider there are no such significant judgements.

Turnover

Turnover comprises the invoiced cost of goods sold during the year, excluding value added tax, and net of trade discounts. The company's policy is to recognise a sale when substantively all the risks and rewards in connection with the goods have been passed to the buyer.

Goodwill

Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the balance sheet and amortised over its estimated useful life up to a maximum of 8 and 1/4 years. This length of time is presumed to be the maximum useful life of purchased goodwill because it is difficult to make projections beyond this period. Goodwill is reviewed for impairment at the end of the first full financial year following each acquisition and subsequently, as and when necessary, if circumstances emerge that indicate that the carrying value may not be recoverable.

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.

Patents and licences are being amortised evenly over their estimated useful life of four years.

Tangible fixed assets

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

Plant and machinery etc

-

33.3% on cost, 33% on reducing balance and 10% on reducing balance

Tangible fixed assets are included at cost less accumulated depreciation and accumulated impairment losses.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like goodwill, plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.

Government grants

Government grants relating to revenue expenditure are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that become receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in the income in the period in which it becomes receivable.

Grants related to the purchase of assets are recognised on a systematic basis over the useful economic life of the underlying assets that were acquired with the grant.

Investments in subsidiaries

Investments representing shareholdings in unquoted subsidiary undertakings are included at cost less any provision for impairment.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to sell.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in the profit or loss account.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Taxation

Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Pension costs and other post-retirement benefits

The company operates defined contribution pension schemes for directors and employees. The assets of each scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

Operating lease commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2020 - 21 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 January 2021

and 31 December 2021

250,000

65,000

315,000

AMORTISATION

At 1 January 2021

213,637

44,816

258,453

Charge for year

6,060

6,727

12,787

At 31 December 2021

219,697

51,543

271,240

NET BOOK VALUE

At 31 December 2021

30,303

13,457

43,760

At 31 December 2020

36,363

20,184

56,547

Goodwill was acquired on the purchase of Textile Heritage Collection in 2003 and Hamilton and Young in 2018.

Other intangible assets are design assignations. These are title to cross-stitch designs assigned to the company by freelance designers. These have been written off over their useful life of 4 years.

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2021

168,304

Additions

35,237

At 31 December 2021

203,541

DEPRECIATION

At 1 January 2021

160,723

Charge for year

10,805

At 31 December 2021

171,528

NET BOOK VALUE

At 31 December 2021

32,013

At 31 December 2020

7,581

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2021

and 31 December 2021

154,346

PROVISIONS

At 1 January 2021

and 31 December 2021

154,346

NET BOOK VALUE

At 31 December 2021

-

At 31 December 2020

-

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

93,761

78,011

Amounts owed by group undertakings

100,000

100,000

Other debtors

6,188

5,000

199,949

183,011

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

40,000

36,667

Trade creditors

3,659

19,157

Taxation and social security

25,021

11,160

Other creditors

3,000

3,939

71,680

70,923

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

62,590

101,974

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

-

4,167

10.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loan

58,423

88,641

A bank loan is secured by a bond and floating charge over the assets of the company.