CM Fine Arts Limited - Accounts to registrar (filleted) - small 18.2

CM Fine Arts Limited - Accounts to registrar (filleted) - small 18.2

CM FINE ARTS LIMITED - Company Information

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REGISTERED NUMBER: 09402905 (England and Wales)



UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

FOR

CM FINE ARTS LIMITED
CM FINE ARTS LIMITED (REGISTERED NUMBER: 09402905)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


CM FINE ARTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2020







DIRECTOR: C Moore





REGISTERED OFFICE: 57 Macfarlane Road
London
W12 7JY





REGISTERED NUMBER: 09402905 (England and Wales)





ACCOUNTANTS: Lucentum Business Services Ltd
Kingfisher House
11 Hoffmanns Way
Chelmsford
Essex
CM1 1GU
Page 1
CM FINE ARTS LIMITED (REGISTERED NUMBER: 09402905)

BALANCE SHEET
31 MARCH 2020

31.3.20 31.3.19
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 3,024 2,362

CURRENT ASSETS
Stocks 6 184,708 212,724
Debtors 7 23,243 3,556
Cash at bank 3,575 134
211,526 216,414
CREDITORS
Amounts falling due within one year 8 119,739 119,959
NET CURRENT ASSETS 91,787 96,455
TOTAL ASSETS LESS CURRENT
LIABILITIES
94,811
98,817

CAPITAL AND RESERVES
Called up share capital 9 1 1
Retained earnings 94,810 98,816
SHAREHOLDERS' FUNDS 94,811 98,817

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 6 January 2021 and
were signed by:





C Moore - Director


The notes form part of these financial statements

Page 2
CM FINE ARTS LIMITED (REGISTERED NUMBER: 09402905)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020

1. STATUTORY INFORMATION

CM Fine Arts 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.

The presentation currency of the financial statements is the Pound Sterling (£).


Monetary amounts in these financial statements is rounded to the nearest £.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out
below. These policies have been consistently applied to all the years presented, unless otherwise
stated.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding
discounts, rebates, value added tax and other sales taxes.

Turnover is recognised when the amount of revenue can be measured reliably, when it is probable
that future economic benefits will flow to the entity and when specific criteria have been met.

Turnover is recognised at the date the goods are provided to the customer and when settlement of
shares are received.

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 reducing balance

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of
depreciation and any impairment losses. Depreciation of a tangible fixed asset begins when it is in
the location and condition necessary available for the use intended.

Tangible fixed asset depreciation is included in administrative expenses in the Income Statement.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted if
appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount
and are recognised in the Income Statement.

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

Page 3 continued...
CM FINE ARTS LIMITED (REGISTERED NUMBER: 09402905)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2020

3. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in non puttable ordinary shares.

Taxation
Taxation for the year comprises current 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 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.

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.

Going concern
The director has considered the cashflow requirements of the company for a period of twelve months
from the date of approval of these financial statements and is satisfied that sufficient financial
resources will continue to be made.

Accordingly these financial statements have been prepared on a going concern basis.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2019 3,149
Additions 1,670
At 31 March 2020 4,819
DEPRECIATION
At 1 April 2019 787
Charge for year 1,008
At 31 March 2020 1,795
NET BOOK VALUE
At 31 March 2020 3,024
At 31 March 2019 2,362

Page 4 continued...
CM FINE ARTS LIMITED (REGISTERED NUMBER: 09402905)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2020

6. STOCKS
31.3.20 31.3.19
£    £   
Stocks 184,708 212,724

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.20 31.3.19
£    £   
Other debtors 23,243 3,556

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.20 31.3.19
£    £   
Other creditors 119,739 119,959

9. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 31.3.20 31.3.19
value: £    £   
1 Ordinary £1 1 1

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Included within other creditors at the balance sheet date is an amount of £119,538 (2019: £118,658)
due to the director of the company.

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is C Moore.

Page 5