Verdigris Art Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10445553 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 October 2019

for

Verdigris Art Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Certified Accountants' Report

7

DIRECTORS:

A C Gamble

C P Britz

REGISTERED OFFICE:

Unit 3 - 5 Lochin Marine

Rock Channel

East Rye

Sussex

TN31 7HJ

REGISTERED NUMBER:

10445553 (England and Wales)

ACCOUNTANTS:

CPS Accountancy Ltd

Chartered Certified Accountants

C205 The Chocolate Factory

5 Clarendon Road

Wood Green

London

N22 6XJ

FIXED ASSETS

Tangible assets

4

2,369

1,219

CURRENT ASSETS

Stocks

5

19,000

-

Debtors

6

25,510

-

Cash at bank and in hand

25,102

15,724

69,612

15,724

CREDITORS

Amounts falling due within one year

7

68,960

21,337

NET CURRENT ASSETS/(LIABILITIES)

652

(5,613

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,021

(4,394

)

CAPITAL AND RESERVES

Called up share capital

8

1

1

Retained earnings

9

3,020

(4,395

)

SHAREHOLDERS' FUNDS

3,021

(4,394

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2019 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 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 Board of Directors and authorised for issue on 14 September 2020 and were signed on its behalf by:

A C Gamble - Director

1.	STATUTORY INFORMATION

Verdigris Art Ltd 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.

Computer equipment

-

25% on reducing balance

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange

ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling

at the rate of exchange ruling at the date of transaction. Exchange differences are taken into

account in arriving at the operating result.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - 2 ).

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 November 2018

1,625

Additions

1,941

At 31 October 2019

3,566

DEPRECIATION

At 1 November 2018

406

Charge for year

791

At 31 October 2019

1,197

NET BOOK VALUE

At 31 October 2019

2,369

At 31 October 2018

1,219

5.

STOCKS

31.10.19

31.10.18

£

£

Finished goods

19,000

-

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.19

31.10.18

£

£

Trade debtors

25,510

-

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.19

31.10.18

£

£

Tax

7,396

-

VAT

32,502

3,364

Other creditors

21,562

16,473

Accrued expenses

7,500

1,500

68,960

21,337

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.10.19

31.10.18

value:

£

£

1

Ordinary

1

1

1

9.

RESERVES

Retained

earnings

£

At 1 November 2018

(4,395

)

Profit for the year

37,415

Dividends

(30,000

)

At 31 October 2019

3,020

The following reproduces the text of the report prepared for the directors in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act 2006,

the company is only required to file a Balance Sheet. Readers are cautioned that the Income

Statement and certain other primary statements and the Report of the Directors are not

required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your

approval the financial statements of Verdigris Art Ltd for the year ended 31 October 2019 which

comprise the Income Statement, Balance Sheet and the related notes from the company's accounting

records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Verdigris Art Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Verdigris Art Ltd and state those matters that we have agreed to state to the Board of Directors of Verdigris Art Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Verdigris Art Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Verdigris Art Ltd. You consider that Verdigris Art Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Verdigris Art Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

CPS Accountancy Ltd

Chartered Certified Accountants

C205 The Chocolate Factory

5 Clarendon Road

Wood Green

London

N22 6XJ

14 September 2020