Artfacts.net Ltd - Accounts to registrar (filleted) - small 23.1

REGISTERED NUMBER: 04294666 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022

FOR

ARTFACTS.NET LTD

Page

Company information

1

Balance sheet

2

Notes to the financial statements

3

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

FIXED ASSETS

Intangible assets

4

1,171,363

720,533

Tangible assets

5

644,673

601,620

Investments

6

25,000

25,000

1,841,036

1,347,153

CURRENT ASSETS

Debtors

7

361,272

185,145

Cash at bank

44,329

660,422

405,601

845,567

CREDITORS

Amounts falling due within one year

8

(168,345

)

(78,610

)

NET CURRENT ASSETS

237,256

766,957

TOTAL ASSETS LESS CURRENT LIABILITIES

2,078,292

2,114,110

CAPITAL AND RESERVES

Called up share capital

115,819

115,819

Share premium

2,739,375

2,739,375

Loan capital

988,352

-

Retained earnings

(1,765,254

)

(741,084

)

SHAREHOLDERS' FUNDS

2,078,292

2,114,110

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2022 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 Income statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13th April 2023 and were signed on its behalf by:

M Claassen - Director

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 the 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.

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.

CONVERTIBLE LOAN NOTES

Convertible notes were issued during the year to existing shareholders with a short maturity date. The convertible notes bear no interest and are convertible into shares based on the occurrence of certain conversion events.In the event that the convertible notes have not converted prior to the maturity date the convertible notes shall be repayable in full on the maturity date unless the noteholder majority have chosen to convert all of the outstanding convertible notes into shares. The convertible loan has been included as loan capital under capital and reserves on the Balance Sheet.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2021 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

€

COST

At 1st January 2022

720,533

Additions

450,830

At 31st December 2022

1,171,363

NET BOOK VALUE

At 31st December 2022

1,171,363

At 31st December 2021

720,533

5.	TANGIBLE FIXED ASSETS

Office

Website

equipment

Totals

€

€

€

COST

At 1st January 2022

622,903

16,593

639,496

Additions

42,775

2,441

45,216

At 31st December 2022

665,678

19,034

684,712

DEPRECIATION

At 1st January 2022

27,494

10,382

37,876

Charge for year

-

2,163

2,163

At 31st December 2022

27,494

12,545

40,039

NET BOOK VALUE

At 31st December 2022

638,184

6,489

644,673

At 31st December 2021

595,409

6,211

601,620

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

€

COST

At 1st January 2022

and 31st December 2022

25,000

NET BOOK VALUE

At 31st December 2022

25,000

At 31st December 2021

25,000

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

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

as restated

€

€

Trade debtors

7,677

-

Other debtors

73,260

61,264

Tax

209,557

96,831

VAT

70,778

27,050

361,272

185,145

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

as restated

€

€

Trade creditors

105,839

8,737

Social security and other taxes

14,192

17,400

Other creditors

36,469

37,795

Director's current account

4,123

4,174

Accrued expenses

7,722

10,504

168,345

78,610

9.	RELATED PARTY DISCLOSURES

At 31 December 2022 the company was owed €71,659 (2021: €61,264) by Artfacts.Net GmbH.