ACCOUNTS - Final Accounts

ACCOUNTS - Final Accounts

ELB ART LIMITED - Company Information

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Caseware UK (AP4) 2020.0.247 2020.0.247 2020-12-312020-12-311true2020-01-01falseArt consultancy services1trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07077458 2020-01-01 2020-12-31 07077458 2019-01-01 2019-12-31 07077458 2020-12-31 07077458 2019-12-31 07077458 c:Director1 2020-01-01 2020-12-31 07077458 d:CurrentFinancialInstruments 2020-12-31 07077458 d:CurrentFinancialInstruments 2019-12-31 07077458 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 07077458 d:CurrentFinancialInstruments d:WithinOneYear 2019-12-31 07077458 d:ShareCapital 2020-12-31 07077458 d:ShareCapital 2019-12-31 07077458 d:RetainedEarningsAccumulatedLosses 2020-12-31 07077458 d:RetainedEarningsAccumulatedLosses 2019-12-31 07077458 c:OrdinaryShareClass1 2020-01-01 2020-12-31 07077458 c:OrdinaryShareClass1 2020-12-31 07077458 c:OrdinaryShareClass1 2019-12-31 07077458 c:FRS102 2020-01-01 2020-12-31 07077458 c:AuditExempt-NoAccountantsReport 2020-01-01 2020-12-31 07077458 c:FullAccounts 2020-01-01 2020-12-31 07077458 c:PrivateLimitedCompanyLtd 2020-01-01 2020-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07077458












ELB ART LIMITED
UNAUDITED
FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020
 
ELB ART LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1
Notes to the Financial Statements
 
2 - 4

 
ELB ART LIMITED
REGISTERED NUMBER:07077458

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2020

2020
2019
Note
£
£

  

Current assets
  

Stocks
 4 
23,902
20,476

Debtors: amounts falling due within one year
 5 
-
204

Cash at bank and in hand
  
69,458
11,033

  
93,360
31,713

Current liabilities
  

Creditors: amounts falling due within one year
 6 
(68,625)
(26,562)

Net assets
  
24,735
5,151


Capital and reserves
  

Called up share capital 
 7 
1
1

Profit and loss account
  
24,734
5,150

  
24,735
5,151


The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 September 2021.




E Margoline
Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1
 
ELB ART LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

1.


General information

The company is a limited liability company incorporated in England and Wales with its registered office at 27 Neville Street, London, United Kingdom, United Kingdom, SW7 3AS.
The principal activity of the company continued to be that of art consultancy services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Director has considered the impact of ongoing worldwide events in relation to the COVID-19 pandemic and the ongoing impact on the company's operations and is taking all necessary action to ensure that the company continues to be able meet its running costs and liabilities as they fall due for at least 12 months from the date of her approval of these financial statements. Based on her current assessment of the situation and available financial resources, the director considers it appropriate to prepare the financial statements on a going concern basis.

 
2.3

Revenue

Turnover comprises revenue recognised by the company in respect of goods supplied during the year, exclusive of Value Added Tax.
Revenue is recognised in the period in which the goods are sold.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the statement of comprehensive income.

 
2.5

Debtors

Short term debtors are measured at the transaction price

 
2.6

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like other debtors and creditors and loans from related parties.

 
2.7

Creditors

Short term creditors are measured at the transaction price.

Page 2
 
ELB ART LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

2.Accounting policies (continued)

 
2.8

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is £ sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.9

Taxation

Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
 - The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
 - Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.


3.


Employees

The average monthly number of employees, including director, during the year was 1 (2019 - 1).


4.


Stocks

2020
2019
£
£

Goods for resale
23,902
20,476


Page 3
 
ELB ART LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

5.


Debtors

2020
2019
£
£


Other debtors
-
204



6.


Creditors: Amounts falling due within one year

2020
2019
£
£

Trade creditors
18,381
564

Taxation and social security
13,585
-

Other creditors
23,848
23,848

Accruals
12,811
2,150

68,625
26,562



7.


Share capital

2020
2019
£
£
Authorised, allotted, called up and fully paid



1 (2019 - 1) Ordinary share of £1
1
1

 
Page 4