ARTEZ_LIMITED - Accounts

ARTEZ LIMITED - Company Information

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Company Registration No. 07448742 (England and Wales)

ARTEZ LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2016

ARTEZ LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

ARTEZ LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 NOVEMBER 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

100,164

105,802

Current assets

Debtors

1,335,413

966,240

Cash at bank and in hand

747,821

601,328

2,083,234

1,567,568

Creditors: amounts falling due within one year

(1,734,295)

(1,306,353)

Net current assets

348,939

261,215

Total assets less current liabilities

449,103

367,017

Creditors: amounts falling due after more than one year

(7,112)

(19,458)

Provisions for liabilities

(17,217)

(14,618)

424,774

332,941

Capital and reserves

Called up share capital

100

Profit and loss account

424,674

332,841

Shareholders' funds

424,774

332,941

For the financial year ended 30 November 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 5 May 2017

M P Banton

Director

Company Registration No. 07448742

ARTEZ LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 NOVEMBER 2016

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.3

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings Leasehold

10% Straight line

Fixtures, fittings & equipment

20% Straight line

Motor vehicles

20% Straight line

1.4

Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.5

Long term contracts

Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.

1.6

Pensions

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.7

Deferred taxation

Deferred taxation is recognised in respect of all timing differences which have originated but not reversed at the balance sheet date. Timing differences are differences between taxable profits and the results as stated in the financial statements which arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised for tax purposes.

A net deferred tax asset is regarded as recoverable and therefore recognised only when it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of underlying timing differences can be deducted.

Deferred tax is not recognised when fixed assets are revalued unless by the balance sheet date there is a binding agreement to sell the revalued asset and the resulting gain or loss has been recognised in the financial statements. Neither is deferred tax recognised when fixed assets are sold and it is more likely than not that the taxable gain will be rolled over, being charged to tax only if and when the replacement assets are sold.

ARTEZ LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 NOVEMBER 2016

- 3 -

Fixed assets

Tangible assets

Cost

At 1 December 2015

128,943

Additions

22,048

At 30 November 2016

150,991

Depreciation

At 1 December 2015

23,141

Charge for the year

27,686

At 30 November 2016

50,827

Net book value

At 30 November 2016

100,164

At 30 November 2015

105,802

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £12,680 (2015 - £13,167).

Creditors: amounts falling due after more than one year

The aggregate amount of creditors for which security has been given amounted to £7,112 (2015 - £19,458).

Share capital

2016

2015

Allotted, called up and fully paid

40 'A' Ordinary Shares of £1 each

60 'B' Ordinary Shares of £1 each

100

Ultimate parent company

The company is a subsidiary of Artez Group Limited, a company incorporated in England and Wales. Artez Group Limited is controlled by Michael Peter Banton, based on his majority shareholding.