The Art Factory (N E) Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 08275905 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 2014

FOR

THE ART FACTORY (N E) LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

G Petrucci

L L Melrose

REGISTERED OFFICE:

63 High Bridge

Newcastle upon Tyne

NE1 6BX

REGISTERED NUMBER:

08275905 (England and Wales)

ACCOUNTANTS:

Robson Laidler LLP

Fernwood House

Fernwood Road

Jesmond

Newcastle upon Tyne

NE2 1TJ

FIXED ASSETS

Tangible assets

2

1,813

2,677

CURRENT ASSETS

Stocks

74,499

49,781

Cash at bank

52,745

39,643

127,244

89,424

CREDITORS

Amounts falling due within one year

108,185

81,043

NET CURRENT ASSETS

19,059

8,381

TOTAL ASSETS LESS CURRENT LIABILITIES

20,872

11,058

PROVISIONS FOR LIABILITIES

-

43

NET ASSETS

20,872

11,015

CAPITAL AND RESERVES

Called up share capital

3

100

100

Profit and loss account

20,772

10,915

SHAREHOLDERS' FUNDS

20,872

11,015

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2014 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 22 August 2015 and were signed on its behalf by:

G Petrucci - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on a going concern basis on the grounds that current and future

sources of funding or support will be more than adequate for the company's needs. The directors have

considered a period of twelve months from the date of approval of the financial statements and believe that no

further disclosures relating to the company's ability to continue as a going concern need to be made in the

financial statements.

Accounting convention

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).

Turnover

Turnover represents the sale of art, excluding value added tax, recognised when the goods are despatched to a

customer.

Tangible fixed assets

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

Fixtures and fittings

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

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

sheet date. No discounting is applied to deferred tax liabilities.

Foreign currencies

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 transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 November 2013

and 31 October 2014

3,455

DEPRECIATION

At 1 November 2013

778

Charge for year

864

At 31 October 2014

1,642

NET BOOK VALUE

At 31 October 2014

1,813

At 31 October 2013

2,677

3.	CALLED UP SHARE CAPITAL

Allotted

and

issued:

Number:

Class:

Nominal

2014

2013

value:

£

£

100

Ordinary

£1

100

100