Sally Mitchell Fine Arts Limited Filleted accounts for Companies House (small and micro)

SALLY MITCHELL FINE ARTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05640534

SALLY MITCHELL FINE ARTS LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 March 2020

SALLY MITCHELL FINE ARTS LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2020

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

SALLY MITCHELL FINE ARTS LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	Mr J P S Mitchell
	Mrs S Mitchell

Company secretary	Mrs S Mitchell

Registered office	The Newcastle Arms
	Market Place
	Tuxford
	Newark
	Nottinghamshire
	NG22 0LA

Accountants	Streets LLP
	Chartered Accountants
	Tower House
	Lucy Tower Street
	Lincoln
	Lincolnshire
	LN1 1XW

SALLY MITCHELL FINE ARTS LIMITED

STATEMENT OF FINANCIAL POSITION

31 March 2020

	2020	2019
Note	£	£

Fixed assets

Tangible assets	5	356,140	379,635

Current assets

Stocks		547,958	572,533
Debtors	6	13,140	10,154
Cash at bank and in hand		18,600	14,069
		-----------	-----------
		579,698	596,756

Creditors: amounts falling due within one year	7	69,116	630,752
		-----------	-----------
Net current assets/(liabilities)		510,582	( 33,996)
		-----------	-----------
Total assets less current liabilities		866,722	345,639

Provisions	2,735	–
	-----------	-----------
Net assets	863,987	345,639
	-----------	-----------

SALLY MITCHELL FINE ARTS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2020

	2020	2019
Note	£	£

Capital and reserves

Called up share capital	322,100	322,100
Profit and loss account	541,887	23,539
	-----------	-----------
Shareholders funds	863,987	345,639
	-----------	-----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

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

These financial statements were approved by the board of directors and authorised for issue on 25 February 2021 , and are signed on behalf of the board by:

Mr J P S Mitchell	Mrs S Mitchell
Director	Director

Company registration number: 05640534

SALLY MITCHELL FINE ARTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Newcastle Arms, Market Place, Tuxford, Newark, Nottinghamshire, NG22 0LA.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The UK economy continues to be affected by the Coronavirus pandemic. The potential effects to the company and its future prospects cannot be fully quantified but the directors remain committed to the protection of the business. This is being regularly reviewed by the directors. In addition the directors are mindful of the significant ongoing support being offered by the Government. Accordingly the financial statements have been prepared on a going concern basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. Significant judgements There are no judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies which have a significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: (i) Depreciation charges The annual depreciation charge for tangible assets is sensitive to changes in the useful economic lives and residual values of the assets. These are reviewed periodically by the Directors to ensure that they reflect both external and internal factors.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	4% straight line
Plant and machinery	-	25% reducing balance
Fixtures and fittings	-	25% reducing balance
Motor vehicles	-	25% reducing balance

	Equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognized only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognized at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognized at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortized cost. Other financial instruments, including derivatives, are recognized at fair value, with any subsequent changes to fair value recognized in profit or loss.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 8 (2019: 8 ).

5. Tangible assets

	Freehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Apr 2019	482,114	22,861	127,747	26,359	9,435	668,516
Additions	–	–	117	–	358	475
	-----------	---------	-----------	---------	--------	-----------
At 31 Mar 2020	482,114	22,861	127,864	26,359	9,793	668,991
	-----------	---------	-----------	---------	--------	-----------
Depreciation
At 1 Apr 2019	121,096	20,294	119,498	23,649	4,344	288,881
Charge for the year	19,284	642	2,072	677	1,295	23,970
	-----------	---------	-----------	---------	--------	-----------
At 31 Mar 2020	140,380	20,936	121,570	24,326	5,639	312,851
	-----------	---------	-----------	---------	--------	-----------
Carrying amount
At 31 Mar 2020	341,734	1,925	6,294	2,033	4,154	356,140
	-----------	---------	-----------	---------	--------	-----------
At 31 Mar 2019	361,018	2,567	8,249	2,710	5,091	379,635
	-----------	---------	-----------	---------	--------	-----------

6. Debtors

	2020	2019
	£	£
Trade debtors	6,457	1,328
Other debtors	6,683	8,826
	---------	---------
	13,140	10,154
	---------	---------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	444	–
Trade creditors	10,083	9,046
Corporation tax	442	12,172
Social security and other taxes	2,961	8,095
Other creditors	55,186	601,439
	---------	-----------
	69,116	630,752
	---------	-----------