Trinity Fine Art Limited - Period Ending 2014-12-31

Registration number: 01860262

Trinity Fine Art Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2014
 

Opus Accounting Limited
2b The Votec Centre
Hambridge Lane
Newbury
Berkshire
RG14 5TN

Trinity Fine Art Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Trinity Fine Art Limited
for the Year Ended 31 December 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Trinity Fine Art Limited for the year ended 31 December 2014 set out on pages 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://rulebook.accaglobal.com.

This report is made solely to the Board of Directors of Trinity Fine Art Limited, as a body, in accordance with the terms of our engagement letter dated 4 August 2005 . Our work has been undertaken solely to prepare for your approval the accounts of Trinity Fine Art Limited and state those matters that we have agreed to state to them, 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 Trinity Fine Art Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Trinity Fine Art Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Trinity Fine Art Limited. You consider that Trinity Fine Art Limited 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 accounts of Trinity Fine Art Limited. 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 accounts.

......................................

Opus Accounting Limited
2b The Votec Centre
Hambridge Lane
Newbury
Berkshire
RG14 5TN

6 July 2015

Page 1

Trinity Fine Art Limited
(Registration number: 01860262)
Abbreviated Balance Sheet at 31 December 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					7,622			14,249
Current assets
Stocks					661,501			648,745
Debtors					824,108			5,198,299
Cash at bank and in hand					487,681			41,071
					1,973,290			5,888,115
Creditors: Amounts falling due within one year					(1,373,115)			(5,681,826)
Net current assets					600,175			206,289
Total assets less current liabilities					607,797			220,538
Provisions for liabilities					(1,525)			(2,982)
Net assets					606,272			217,556
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					606,172			217,456
Shareholders' funds					606,272			217,556

For the year ending 31 December 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 29 June 2015

.........................................
A T Winter
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Trinity Fine Art Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided at the following rates in order to write off each asset over its estimated useful life.

Asset class	Depreciation method and rate
Short leasehold	in accordance with the property
Improvements to property	in accordance with the property
Fixtures and fittings	25% on reducing balance
Computer equipment	25% on cost

Research and development

Research and development expenditure is written off as incurred.

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 3

Trinity Fine Art Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 January 2014		116,985			116,985
At 31 December 2014		116,985			116,985
Depreciation
At 1 January 2014		102,736			102,736
Charge for the year		6,627			6,627
At 31 December 2014		109,363			109,363
Net book value
At 31 December 2014		7,622			7,622
At 31 December 2013		14,249			14,249

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary of £1 each		100			100			100			100

4

Control

The company is controlled by the estate of J B Winter. Mr Winter, who was a director of the company and held all of the issued share capital, passed away before the end of the year. His shareholding became part of his estate. One of the beneficiaries of the estate is Mr A T Winter who is also a director of the company.

Page 4