| S A Fine Arts Limited |
| Registered number: |
06345253 |
| Statement of financial position |
| as at 31 August 2021 |
|
| Notes |
|
|
2021 |
|
|
2020 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
994 |
|
|
- |
|
| Current assets |
| Stocks |
|
|
41,495 |
|
|
41,495 |
| Debtors |
4 |
|
503 |
|
|
1,452 |
| Cash at bank and in hand |
|
|
49,630 |
|
|
29,883 |
|
|
|
91,628 |
|
|
72,830 |
|
| Creditors: amounts falling due within one year |
5 |
|
(162,916) |
|
|
(152,368) |
|
| Net current liabilities |
|
|
|
(71,288) |
|
|
(79,538) |
|
| Total assets less current liabilities |
|
|
|
(70,294) |
|
|
(79,538) |
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
(28,000) |
|
|
(24,583) |
|
|
|
| Net liabilities |
|
|
|
(98,294) |
|
|
(104,121) |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
100 |
|
|
100 |
| Profit and loss account |
|
|
|
(98,394) |
|
|
(104,221) |
|
| Shareholder's funds |
|
|
|
(98,294) |
|
|
(104,121) |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Sangeeta Ahuja |
| Director |
| Approved by the board on 18 January 2022 |
|
| S A Fine Arts Limited |
| Notes to the financial statements |
| for the year ended 31 August 2021 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant and machinery |
over 3 years |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
|
Government Grants |
|
Government grants are recognised where there is reasonable assurance that the grant will be received, and all attached conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed.
During the period, the company benefited from receipts from the UK government under CJRS and Bounce Back Loan Scheme (BBLS). |
|
| 2 |
Employees |
2021 |
|
2020 |
| Number |
Number |
|
|
Average number of persons employed by the company including directors |
|
1 |
|
1 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery etc |
| £ |
|
Cost |
|
At 1 September 2020 |
2,936 |
|
Additions |
1,485 |
|
At 31 August 2021 |
4,421 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 September 2020 |
2,936 |
|
Charge for the year |
491 |
|
At 31 August 2021 |
3,427 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 August 2021 |
994 |
|
|
| 4 |
Debtors |
2021 |
|
2020 |
| £ |
£ |
|
|
Other debtors |
503 |
|
1,452 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2021 |
|
2020 |
| £ |
£ |
|
|
Bank loans and overdrafts |
7,074 |
|
417 |
|
Trade creditors |
3,289 |
|
8,754 |
|
Other taxes and social security costs |
277 |
|
- |
|
Other creditors |
152,276 |
|
143,197 |
|
|
|
|
|
|
162,916 |
|
152,368 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2021 |
|
2020 |
| £ |
£ |
|
|
Bank loans |
28,000 |
|
24,583 |
|
|
|
|
|
|
|
|
|
|
The company received loan of GBP 25,000 in August 2020 and further sum of GBP 10,000 in May 2021 under Bounce Back Loan Scheme (BBLS) from a commercial lender for period of 6 years at an interest rate of 2.5% per annum. The first 12 months of interest will be paid by United Kingdom's government. The loan has been guaranteed by the government. |
|
| 7 |
Controlling party |
|
|
The company is controlled by Mrs Sangeeta Ahuja. |
|
|
| 8 |
Other information |
|
|
S A Fine Arts Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
75 Westow Hill |
|
Crystal Palace |
|
London |
|
SE19 1TX |
