MORETTI FINE ART LIMITED - Accounts to registrar (filleted)

REGISTERED NUMBER: 05139336 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2018

for

MORETTI FINE ART LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G Caioni

Mrs B G F Pusiol

SECRETARY:

ABT ADVISORY LTD

REGISTERED OFFICE:

Office 3, Peverel House

Maldon Road

Hatfield Peverel

Essex

CM32JF

REGISTERED NUMBER:

05139336 (England and Wales)

ACCOUNTANTS:

ABT Advisory Ltd

Office 3

Peverel House

Maldon Road

Hatfield Peverel

Essex

CM3 2JF

FIXED ASSETS

Tangible assets

4

17,035

CURRENT ASSETS

Stocks

1,089,204

1,026,164

Debtors

5

235,464

22,036

Cash at bank and in hand

28,942

24,779

1,353,610

1,072,979

CREDITORS

Amounts falling due within one year

6

1,187,836

925,340

NET CURRENT ASSETS

165,774

147,639

TOTAL ASSETS LESS CURRENT
LIABILITIES

182,809

164,674

PROVISIONS FOR LIABILITIES

2,487

NET ASSETS

180,322

162,187

CAPITAL AND RESERVES

Called up share capital

1

Retained earnings

180,321

162,186

SHAREHOLDERS' FUNDS

180,322

162,187

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 26 September 2019 and were signed on its behalf
by:

G Caioni - Director

1.	STATUTORY INFORMATION

MORETTI FINE ART 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.

Tangible fixed assets

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

Plant and machinery etc

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2017 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

COST

At 1 January 2018

and 31 December 2018

17,035

25,336

42,371

DEPRECIATION

At 1 January 2018

and 31 December 2018

-

25,336

NET BOOK VALUE

At 31 December 2018

17,035

-

17,035

At 31 December 2017

17,035

-

17,035

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

Trade debtors

228,172

13,406

Other debtors

7,292

8,630

235,464

22,036

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

Trade creditors

416,427

141,238

Taxation and social security

3,630

(11,414

)

Other creditors

767,779

795,516

1,187,836

925,340

7.	ULTIMATE CONTROLLING PARTY

The controlling party is SMC Family Office SA.

The ultimate controlling party is SMC Family Office SA.

MORETTI FINE ART LIMITED - Accounts to registrar (filleted) - small 18.2

MORETTI FINE ART LIMITED - Accounts to registrar (filleted) - small 18.2