ACCOUNTS - Final Accounts

Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-311art consultancy servicestrue2022-01-01falsetrue1The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07077458 2022-01-01 2022-12-31 07077458 2021-01-01 2021-12-31 07077458 2022-12-31 07077458 2021-12-31 07077458 c:Director1 2022-01-01 2022-12-31 07077458 d:OtherPropertyPlantEquipment 2022-01-01 2022-12-31 07077458 d:OtherPropertyPlantEquipment 2022-12-31 07077458 d:OtherPropertyPlantEquipment 2021-12-31 07077458 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 07077458 d:CurrentFinancialInstruments 2022-12-31 07077458 d:CurrentFinancialInstruments 2021-12-31 07077458 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 07077458 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 07077458 d:ShareCapital 2022-12-31 07077458 d:ShareCapital 2021-12-31 07077458 d:RetainedEarningsAccumulatedLosses 2022-12-31 07077458 d:RetainedEarningsAccumulatedLosses 2021-12-31 07077458 c:OrdinaryShareClass1 2022-01-01 2022-12-31 07077458 c:OrdinaryShareClass1 2022-12-31 07077458 c:OrdinaryShareClass1 2021-12-31 07077458 c:FRS102 2022-01-01 2022-12-31 07077458 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 07077458 c:FullAccounts 2022-01-01 2022-12-31 07077458 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07077458

ELB ART LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022


ELB ART LIMITED

CONTENTS

	Page
Statement of Financial Position	1
Notes to the Financial Statements	2 - 5


ELB ART LIMITED REGISTERED NUMBER:07077458

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2022

		2022		2021
Note		£		£

Fixed assets
Tangible assets	4		3,547		-
Current assets
Stocks	5	55,856		55,856
Debtors: amounts falling due within one year	6	1,017		56,770
Cash at bank and in hand		30,982		29,022
		87,855		141,648
Current liabilities
Creditors: amounts falling due within one year	7	(56,634)		(106,367)
Net current assets			31,221		35,281
Net assets			34,768		35,281

Capital and reserves
Called up share capital	8	1	1
Profit and loss account		34,767	35,280
		34,768	35,281

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 3 July 2023.

E Margoline

Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1


ELB ART LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

1.	General information

Elb Art Limited is a private limited company incorporated in England and Wales and its registered office at 27 Neville Street, London, 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

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.

2.3

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.

2.4

Debtors

Short term debtors are measured at the transaction price

2.5

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.

2.6

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 2022

2.Accounting policies (continued)

2.7

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.

2.8

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.

Employees

The average monthly number of employees, including directors, during the year was 1 (2021 - 1).

Page 3


ELB ART LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

4.	Tangible fixed assets

		Other fixed assets
		£
	Cost
	Additions	4,480
	At 31 December 2022	4,480
	Depreciation
	Charge for the year on owned assets	933
	At 31 December 2022	933
	Net book value
	At 31 December 2022	3,547
	At 31 December 2021	-

5.	Stocks
		2022	2021
		£	£

	Goods for resale	55,856	55,856

Debtors

					2022	2021
					£	£


Trade debtors	-	56,770
Other debtors	1,017	-
	1,017	56,770

Page 4


ELB ART LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

7.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Trade creditors	126	13,022
Taxation and social security	-	5,039
Other creditors	54,358	54,142
Accruals	2,150	34,164
	56,634	106,367

8.	Share capital
		2022	2021
		£	£

Authorised, allotted, called up and fully paid

1 (2021 - 1) Ordinary share of £1	1	1

Page 5