PARTY ART LIMITED

PARTY ART LIMITED

PARTY ART LIMITED - Company Information

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PARTY ART LIMITED

Company Registration Number:
03130646 (England and Wales)

Unaudited abridged accounts for the year ended 30 June 2019

Period of accounts

Start date: 01 January 2018

End date: 30 June 2019

PARTY ART LIMITED

Contents of the Financial Statements

for the Period Ended 30 June 2019

Balance sheet
Notes

PARTY ART LIMITED

Balance sheet

As at 30 June 2019


Notes
18 months to 30 June 2019
2017


£
£
Fixed assets
Tangible assets: 3 172,484 167,607
Total fixed assets: 172,484 167,607
Current assets
Debtors: 4 284,054 563,322
Cash at bank and in hand: 32,906 67,410
Total current assets: 316,960 630,732
Creditors: amounts falling due within one year:   (7,040) (12,267)
Net current assets (liabilities): 309,920 618,465
Total assets less current liabilities: 482,404 786,072
Creditors: amounts falling due after more than one year:   (1,442,350) (785,550)
Total net assets (liabilities): (959,946) 522
Capital and reserves
Called up share capital: 100 100
Profit and loss account: (960,046) 422
Shareholders funds: (959,946) 522

The notes form part of these financial statements

PARTY ART LIMITED

Balance sheet statements

For the year ending 30 June 2019 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 25 June 2020
and signed on behalf of the board by:

Name: Andrew Crankshaw
Status: Director

The notes form part of these financial statements

PARTY ART LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2019

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Tangible fixed assets and depreciation policy

Fixed Assets: All fixed assets are initially recorded at cost. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost less estimated residual value based on prices prevailing at the date of acquisition of each asset evenly over its expected useful life, as follows: Plant and Machinery - 15% on reducing balance

PARTY ART LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2019

2. Employees

18 months to 30 June 2019 2017
Average number of employees during the period 0 0

PARTY ART LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2019

3. Tangible Assets

Total
Cost £
At 01 January 2018 261,450
Additions 34,500
At 30 June 2019 295,950
Depreciation
At 01 January 2018 93,843
Charge for year 29,623
At 30 June 2019 123,466
Net book value
At 30 June 2019 172,484
At 31 December 2017 167,607

PARTY ART LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2019

4. Debtors

18 months to 30 June 2019 2017
££
Debtors due after more than one year: 284,054 563,322

£356683 was owed to the company by Regent Greeting Cards Limited, which was placed into administration on 10 February 2015, under the control of Howard Smith and Jonny Marston of KPMG LLP. The administration was concluded in 2018 and this bad debt has been crystallised in the accounts for the 18 month period ended 30 June 2019.

PARTY ART LIMITED

Notes to the Financial Statements

for the Period Ended 30 June 2019

5. Related party transactions

Both the company and the Related Party share common ownershipAt 31 December 2017, the company was owed £356683 (2016: £401683) by Regent Greeting Cards Limited. The company jointly provided monies with David Mark Regan to Regent Greeting Cards Limited to provide additional working capital facilities. Regent Greeting Cards Limited was placed into administration on 10 February 2015, and was under the control of Howard Smith and Jonny Marston of KPMG LLP and the administration was concluded in the autumn of 2018 giving rise to significant bad debts for the company.As reported in the accounts ended 31 December 2017, as a post balance sheet event, the above conclusion of the administration of the administration of Regent Greeting Cards Limited in 2018 has crystallised the following for the company:In 2011 and 2012 the company jointly with David Mark Regan made available monies by way of loans to Regent Greeting Cards Limited. The company agreed to provide a guarantee to David Mark Regan relating to the monies he made available at the time, amounting to £700,000. In the event of any default by Regent Greeting Cards Limited and not repaying any or all of the loans to David Mark Regan, the guarantee would crystallise. As the administration has now been concluded and it has been confirmed that there are insufficient funds to repay the company or David Mark Regan, the company has crystallised the company's bad debt (as reported above) and the effect of the guarantee (£700,000) given to David Mark Regan in the company's accounts for the period ended 30 June 2019. The amount of the bad debt and guarantee is significant. However, notwithstanding this significant bad debt and guarantee, the company continues to trade normally. The realisation of this bad debt and guarantee has had a significant negative effect on the company's profit and loss account and balance sheet in the period ended June 2019, however the company's current and future trading is expected to continue normally.