Modern Artbuyer Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 07949922 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2023

for

Modern Artbuyer Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mrs J Lloyd-Smith

REGISTERED OFFICE:

Sylvan Lodge

1 Cliffe Drive Limpley Stoke

Bath

Somerset

BA2 7FY

REGISTERED NUMBER:

07949922 (England and Wales)

ACCOUNTANTS:

Moore

Chartered Accountants

30 Gay Street

Bath

BA1 2PA

FIXED ASSETS

Intangible assets

4

1,390

1,889

Tangible assets

5

108

130

1,498

2,019

CURRENT ASSETS

Debtors

6

2,939

5,610

Cash at bank

11,413

13,624

14,352

19,234

CREDITORS

Amounts falling due within one year

7

28,655

27,029

NET CURRENT LIABILITIES

(14,303

)

(7,795

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(12,805

)

(5,776

)

CAPITAL AND RESERVES

Called up share capital

8

1

1

Retained earnings

(12,806

)

(5,777

)

SHAREHOLDERS' FUNDS

(12,805

)

(5,776

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 22 December 2023 and were signed by:

Mrs J Lloyd-Smith - Director

1.	STATUTORY INFORMATION

Modern Artbuyer 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Website are being amortised evenly over their estimated useful life of nil years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Website

- Amortised over 10 years

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

20% on reducing balance

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Website

£

COST

At 1 April 2022

and 31 March 2023

4,990

AMORTISATION

At 1 April 2022

3,101

Amortisation for year

499

At 31 March 2023

3,600

NET BOOK VALUE

At 31 March 2023

1,390

At 31 March 2022

1,889

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2022

and 31 March 2023

201

458

659

DEPRECIATION

At 1 April 2022

120

409

529

Charge for year

12

10

22

At 31 March 2023

132

419

551

NET BOOK VALUE

At 31 March 2023

69

39

108

At 31 March 2022

81

49

130

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

991

703

Other debtors

1,948

4,907

2,939

5,610

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Taxation and social security

2,935

1,310

Other creditors

25,720

25,719

28,655

27,029

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.23

31.3.22

value:

£

£

1

Ordinary

£1

1

1

9.	RELATED PARTY DISCLOSURES

GENERO LIMITED

Mrs J Lloyd-Smith's husband is the sole director and shareholder of Genero Limited.

Included in creditors is £25,000 (2022 - £25,000) owed to Genero Limited.

10.	ULTIMATE CONTROLLING PARTY

The company was under the control of Mrs J Lloyd -Smith throughout the current and previous year and she is the sole director and shareholder.