Artfacts.net Ltd - Accounts to registrar (filleted) - small 18.2

Artfacts.net Ltd - Accounts to registrar (filleted) - small 18.2

ARTFACTS.NET LTD - Company Information

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REGISTERED NUMBER: 04294666 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

ARTFACTS.NET LTD
ARTFACTS.NET LTD (REGISTERED NUMBER: 04294666)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021




Page

Company information 1

Abridged balance sheet 2

Notes to the financial statements 4


ARTFACTS.NET LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2021







DIRECTORS: M Claassen
T Terdjman
R W F Normanton





SECRETARY: Johnsons Financial Management Limited





REGISTERED OFFICE: 1-2 Craven Road
London
W5 2UA





REGISTERED NUMBER: 04294666 (England and Wales)





ACCOUNTANTS: Johnsons, Chartered Accountants
1-2 Craven Road
Ealing
London
W5 2UA
Page 1
ARTFACTS.NET LTD (REGISTERED NUMBER: 04294666)

ABRIDGED BALANCE SHEET
31 DECEMBER 2021

2021 2020
Notes €    €   
FIXED ASSETS
Intangible assets 4 720,533 99,614
Tangible assets 5 601,620 561,345
Investments 6 25,000 25,000
1,347,153 685,959

CURRENT ASSETS
Debtors 88,314 12,455
Cash at bank 660,422 213,174
748,736 225,629
CREDITORS
Amounts falling due within one year (78,610 ) (585,210 )
NET CURRENT ASSETS/(LIABILITIES) 670,126 (359,581 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
2,017,279
326,378

CAPITAL AND RESERVES
Called up share capital 115,819 61,999
Share premium 2,739,375 653,156
Retained earnings (837,915 ) (388,777 )
SHAREHOLDERS' FUNDS 2,017,279 326,378

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 notes form part of these financial statements

Page 2 continued...
ARTFACTS.NET LTD (REGISTERED NUMBER: 04294666)

ABRIDGED BALANCE SHEET - continued
31 DECEMBER 2021


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

All the members have consented to the preparation of an abridged Balance sheet for the year ended 31 December 2021 in accordance with Section 444(2A) of the Companies Act 2006.

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 28 September 2022 and were signed on its behalf by:





M Claassen - Director


The notes form part of these financial statements

Page 3
ARTFACTS.NET LTD (REGISTERED NUMBER: 04294666)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1. STATUTORY INFORMATION

Artfacts.net Ltd 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.

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.

TURNOVER
Turnover represents services provided during the year, excluding value added tax.

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.

Intangible assets are made up of the internal capitalisation of costs in relation to the intellectual property held in the Database and ongoing development of the company's Limna app. These will be amortised from completion.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office equipment - 25% on reducing balance

The development of the new website is under construction and therefore no depreciation has been provided for during the year.

INVESTMENTS IN SUBSIDIARIES
Investments in subsidiary undertakings are recognised at cost.

FOREIGN CURRENCIES
Assets and liabilities in foreign currencies are translated into Euros at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into Euros at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. The company's functional currency is Euros.

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.

Page 4 continued...
ARTFACTS.NET LTD (REGISTERED NUMBER: 04294666)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

2. ACCOUNTING POLICIES - continued

IMPAIRMENT
The company assesses at each balance sheet date whether there is any indication of a significant and permanent reduction in the value of its intangible assets and investments. If there is such an indication, an impairment review is carried out. The company assesses the recoverable amount of the intangible asset at the balance sheet.

The recoverable amount is the higher of the amount that could be obtained by selling the asset and the amount that could be obtained through using the asset. The amount that could be obtained through using the asset is based on an estimate of discounted future cash flows. Actual discounted cash flows could vary significantly as compared to the estimates due to the assumptions used in the estimation process.

When the recoverable amount of an intangible fixed asset or investment is less than its carrying value, an impairment loss is recognised in the profit and loss account and the carrying value of the intangible fixed asset or investment is reduced by the amount of the loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Totals
€   
COST
At 1 January 2021 99,614
Additions 620,919
At 31 December 2021 720,533
NET BOOK VALUE

At 31 December 2021 720,533
At 31 December 2020 99,614

5. TANGIBLE FIXED ASSETS
Totals
€   
COST
At 1 January 2021 598,281
Additions 41,215
At 31 December 2021 639,496
DEPRECIATION
At 1 January 2021 36,936
Charge for year 940
At 31 December 2021 37,876
NET BOOK VALUE
At 31 December 2021 601,620
At 31 December 2020 561,345

Page 5 continued...
ARTFACTS.NET LTD (REGISTERED NUMBER: 04294666)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

6. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
€   
COST
At 1 January 2021
and 31 December 2021 25,000
NET BOOK VALUE
At 31 December 2021 25,000
At 31 December 2020 25,000

The company acquired the entire share capital in Artfacts.Net GmbH on 20 November 2017.

7. RELATED PARTY DISCLOSURES

At 31 December 2021 the company was owed €61,264 (2020: €nil) by Artfacts.Net GmbH.

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