Accounts filed on 28-02-2015
Accounts filed on 28-02-2015
trueOliver Swann Gallery Limited030451172015-02-2824860228607024863128609916161313248631286099248631286099248480285113330821199782815624050912522210692816240420867493936894891519860835151151Basis of accounting
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
Consolidation
In the opinion of the director, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the
exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts.
Turnover
Turnover represents amounts due for artworks sold during the year and is shown net of value added tax.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance
for obsolete and slow moving items.
Fixed Assets
All fixed assets are initially recorded at cost.
Financial Instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.EquipmentStraight Line0.0500Leasehold PropertyStraight Line0.1000
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 the transaction. Exchange differences are taken into account in arriving at the operating profit.
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