Accounts filed on 31-03-2015

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			Company registration number:05102753
			SUE MCDONAGH GALLERY LIMITED
			ABBREVIATED FINANCIAL STATEMENTS
			FOR THE YEAR ENDED 31 March 2015

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SUE MCDONAGH GALLERY LIMITED
BALANCE SHEET
AS AT 31 March 2015
			2014				2013
		Notes	£		£		£		£
FIXED ASSETS
Tangible assets		2			814				808
					814				808
CURRENT ASSETS
Cash at bank and in hand			1,899				3,829
			1,899				3,829
CREDITORS
Amounts falling due within one year			(4,833)				(4,775)
NET CURRENT ASSETS					(2,934)				(946)
TOTAL ASSETS LESS
CURRENT LIABILITIES					(2,120)				(138)
Creditors falling due after one year					(4,789)				(6,644)
NET ASSETS					(6,909)				(6,782)
CAPITAL AND RESERVES
Called-up equity share capital		3			1				1
Profit and loss account					(6,910)				(6,783)
SHAREHOLDERS FUNDS					(6,909)				(6,782)
For the year ending 31 March 2015 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 her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of the accounts.
These financial statements have been prepared in accordance with the special provisions relating to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). Approved by the board of directors on 26 August 2015 and signed on its behalf.
..........................................................................
Mrs Sue McDonagh
26 August 2015
The annexed notes form part of these financial statements.

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SUE MCDONAGH GALLERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2015

1.

Accounting policies

Basis of preparing the financial statements

The accounts have been prepared under the historical cost convention.

Statement of cashflow

The company has taken advantage of the exemption provided by Financial Reporting Standard 1 and has not prepared a cash flow statement for the period.

Turnover

Turnover represents the net invoiced sales of the production of artistic pictures.

Fixed assets

Depreciation is calculated using the straight line method on the gross values of fixed assets without any deduction for government grants. The following rates are used:

Plant33%

Vehicles25%

Deferred taxation

Deferred Taxation is provided using the liability method in respect of the taxation effect of all timing differences to the extent that tax liabilities are likely to crystallise in the foreseeable future.

2.	Tangible fixed assets
				Total
	Cost
	At start of period			45,670
	Additions			479
	At end of period			46,149
	Depreciation
	At start of period			44,862
	Provided during the period			473
	At end of period			45,335
	Net Book Value
	At start of period			808
	At end of period			814

3.	Share capital				Allotted, issued and fully paid
					2014	2013
					£	£
	Issued and Fully Paid				1	1
	Total issued share capital				1	1
4.	Transactions with directors
	The company operates a loan account with its director, which is interest free, with no determined repayment date. The balance outstanding as at the 31 March 2015 was £2,954 (2014: £3,006).