Ainscough Contemporary Art Limited - Accounts to registrar (filleted) - small 23.1.2
Ainscough Contemporary Art Limited - Accounts to registrar (filleted) - small 23.1.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2022 |
| FOR |
| AINSCOUGH CONTEMPORARY ART LIMITED |
| AINSCOUGH CONTEMPORARY ART LIMITED (REGISTERED NUMBER: 03052231) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Year Ended 31 August 2022 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| AINSCOUGH CONTEMPORARY ART LIMITED |
| COMPANY INFORMATION |
| for the Year Ended 31 August 2022 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Douglas Bank House |
| Wigan Lane |
| Wigan |
| Lancashire |
| WN1 2TB |
| AINSCOUGH CONTEMPORARY ART LIMITED (REGISTERED NUMBER: 03052231) |
| STATEMENT OF FINANCIAL POSITION |
| 31 August 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Revaluation reserve |
| Fair value reserve |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| 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. |
| AINSCOUGH CONTEMPORARY ART LIMITED (REGISTERED NUMBER: 03052231) |
| STATEMENT OF FINANCIAL POSITION - continued |
| 31 August 2022 |
| 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 |
| AINSCOUGH CONTEMPORARY ART LIMITED (REGISTERED NUMBER: 03052231) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Year Ended 31 August 2022 |
| 1. | STATUTORY INFORMATION |
| Ainscough Contemporary Art Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historic cost convention as modified by the revaluation of certain assets. |
| The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. |
| The principal accounting policies adopted in the preparation of the financial statements are set out below. |
| The company is dependent on the financial support of the director, Mrs C A Ford. At the balance sheet date the director's current account amounted to £330,594 (2021: £338,673) and would normally be repayable on demand. The director, however, has indicated that she will not demand repayment of the loan during a period of at least one year from the date on which the directors approve the financial statements. The directors have prepared plans and forecasts for the next twelve months and are taking the necessary action to reduce the losses and restore profitability. On this basis, together the willingness of the director to provide further financial support where necessary, the directors consider the company to be a going concern, but inherently, there can be no certainty to these views. |
| Turnover |
| Turnover represents the invoice value, excluding value added tax, of goods sold to customers in the year. |
| Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the customer, which is usually at the point when the customer receives the goods. |
| Tangible fixed assets |
| Land and buildings | - |
| Plant and machinery etc | - |
| Investment property |
| Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| AINSCOUGH CONTEMPORARY ART LIMITED (REGISTERED NUMBER: 03052231) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 August 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company has elected to apply the provisions of FRS 102 Section 11 'Basic Financial Instruments' to all of its financial instruments. |
| The following assets and liabilities are classified as financial instruments; trade debtors, Directors' loan accounts, trade creditors, accruals and bank loans. |
| Financial instruments that are payable or receivable within one year, typically trade debtors, Directors' loan accounts, trade creditors and accruals, are measured initially and subsequently at the discounted amount of the cash or other consideration that is expected to be paid or received. |
| Financial instruments repayable in more than one year such as bank loans are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method unless the effect of discounting would be immaterial. |
| 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 tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 |
| AINSCOUGH CONTEMPORARY ART LIMITED (REGISTERED NUMBER: 03052231) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 August 2022 |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 September 2021 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 August 2022 |
| DEPRECIATION |
| At 1 September 2021 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 August 2022 |
| NET BOOK VALUE |
| At 31 August 2022 |
| At 31 August 2021 |
| Cost or valuation at 31 August 2022 is represented by: |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| Valuation in 2017 | 100,594 | - | 100,594 |
| Cost | 549,406 | 26,078 | 575,484 |
| 650,000 | 26,078 | 676,078 |
| If the freehold property had not been revalued it would have been included at the following historical cost: |
| 2022 | 2021 |
| £ | £ |
| Cost | 549,406 | 549,406 |
| Aggregate depreciation | 142,845 | 142,845 |
| The freehold property was valued on an open market basis on 31 August 2020 by the directors . |
| AINSCOUGH CONTEMPORARY ART LIMITED (REGISTERED NUMBER: 03052231) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 August 2022 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 September 2021 |
| and 31 August 2022 |
| NET BOOK VALUE |
| At 31 August 2022 |
| At 31 August 2021 |
| Investment property was valued by the directors at fair value on 31 August 2020. |
| Fair value at 31 August 2022 is represented by: |
| £ |
| Valuation in 2013 | 414,295 |
| Valuation in 2014 | (50,000 | ) |
| Valuation in 2015 | 300,000 |
| Cost | 285,705 |
| 950,000 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Bank loans |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 161,301 | - |
| AINSCOUGH CONTEMPORARY ART LIMITED (REGISTERED NUMBER: 03052231) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 August 2022 |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2022 | 2021 |
| £ | £ |
| Bank loans |