Art-write (Hythe) Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 04707006 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

FOR

ART-WRITE (HYTHE) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Accountants' Report

8

DIRECTOR:

C K Brown

REGISTERED OFFICE:

20 Havelock Road

Hastings

East Sussex

TN34 1BP

REGISTERED NUMBER:

04707006 (England and Wales)

ACCOUNTANTS:

Ashdown Hurrey

Chartered Accountants & Business Advisers

20 Havelock Road

Hastings

East Sussex

TN34 1BP

FIXED ASSETS

Intangible assets

4

11,431

14,289

Tangible assets

5

30,824

24,156

42,255

38,445

CURRENT ASSETS

Stocks

6

72,468

68,000

Debtors

7

1,203

2,117

Cash at bank

-

12,305

73,671

82,422

CREDITORS

Amounts falling due within one year

8

128,819

86,785

NET CURRENT LIABILITIES

(55,148

)

(4,363

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(12,893

)

34,082

CREDITORS

Amounts falling due after more than one year

9

(52,457

)

(66,134

)

PROVISIONS FOR LIABILITIES

(5,857

)

(4,590

)

NET LIABILITIES

(71,207

)

(36,642

)

CAPITAL AND RESERVES

Called up share capital

104

104

Retained earnings

(71,311

)

(36,746

)

SHAREHOLDERS' FUNDS

(71,207

)

(36,642

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 January 2023 and were signed 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.

In preparing the financial statements, the directors are required to make an assessment of the ability of the company to continue as a going concern. The directors have considered all available evidence for the company which covers the 12 month period from the date of signing these financial statements. Against the backdrop of the COVID-19 Pandemic the directors have paid particular attention to likely cashflow requirements and the future availability of adequate cashflow to the company.

On the basis of this consideration, the directors are confident that the company has adequate resources to continue in operational existence and to meet its liabilities as they fall due for the foreseeable future. In reaching this conclusion they are satisfied that no material uncertainty exists. As a result of the above, the directors have concluded that it remains appropriate to adopt a going concern basis of preparation in these financial statements and that no material uncertainty exists in reaching this conclusion.

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

Government grants

In accordance with s24 of FRS 102 these are treated using the accruals model and so are recognised in income on a systematic basis over the periods in which the company recognises the related costs for which the grants are intended to compensate.

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 Income Statement, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 May 2021

and 30 April 2022

28,579

AMORTISATION

At 1 May 2021

14,290

Amortisation for year

2,858

At 30 April 2022

17,148

NET BOOK VALUE

At 30 April 2022

11,431

At 30 April 2021

14,289

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 May 2021

27,028

25,612

52,640

Additions

18,775

-

18,775

At 30 April 2022

45,803

25,612

71,415

DEPRECIATION

At 1 May 2021

7,257

21,227

28,484

Charge for year

11,451

656

12,107

At 30 April 2022

18,708

21,883

40,591

NET BOOK VALUE

At 30 April 2022

27,095

3,729

30,824

At 30 April 2021

19,771

4,385

24,156

6.

STOCKS

30.4.22

30.4.21

£

£

Stocks

72,468

68,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.22

30.4.21

£

£

Trade debtors

1,050

2,117

Prepayments

153

-

1,203

2,117

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.22

30.4.21

£

£

Bank loans and overdrafts

25,831

24,808

Hire purchase contracts

5,667

-

Trade creditors

78,892

51,462

Tax

-

2,339

Social security and other taxes

12,652

77

VAT

4,095

4,620

Other creditors

-

977

Directors' current accounts

282

130

Accrued expenses

1,400

2,372

128,819

86,785

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.22

30.4.21

£

£

Bank loans - 1-2 years

23,726

24,808

Bank loans - 2-5 years

21,783

41,326

Hire purchase contracts

6,948

-

52,457

66,134

10.	SECURED DEBTS

The following secured debts are included within creditors:

30.4.22

30.4.21

£

£

Bank overdraft

1,035

-

Bank loans

70,305

90,942

71,340

90,942

National Westminster Bank PLC hold fixed and floating charges dated 28 April 2004 over the undertaking and all property and assets, present and future, including goodwill, bookdebts, uncalled capital, buildings, fixtures, fixed plant and machinery.

11.	RELATED PARTY DISCLOSURES

The directors maintain a current account with the company. At the year end the amount the company owed to the directors was £282 (2021: £130).

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

The following reproduces the text of the report prepared for the director 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 Director 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 2022 which comprise the Income Statement, 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 director of Art-write (Hythe) Limited 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 director of Art-write (Hythe) Limited 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 director 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 loss 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

20 Havelock Road

Hastings

East Sussex

TN34 1BP

18 January 2023