Sephar Limited - Period Ending 2015-06-30

Registration number: 03152151

Sephar Limited

Unaudited Abbreviated Accounts

Year Ended 30 June 2015
 

Sephar Limited
Contents
Year Ended 30 June 2015

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Sephar Limited
(Registration number: 03152151)
Abbreviated Balance Sheet at 30 June 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets		2			5,169			6,892
Current assets
Stocks					1,617,355			1,866,610
Debtors					562,293			557,088
Cash at bank and in hand					541,059			47,225
					2,720,707			2,470,923
Creditors: Amounts falling due within one year					(446,749)			(384,552)
Net current assets					2,273,958			2,086,371
Total assets less current liabilities					2,279,127			2,093,263
Provisions for liabilities					-			(2,375,000)
Net assets/(liabilities)					2,279,127			(281,737)
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					2,279,027			(281,837)
Shareholders' funds/(deficit)					2,279,127			(281,737)

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

For the year ending 30 June 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Approved by the Board on 24 March 2016 and signed on its behalf by:

.........................................
S E Breuer-Weil
Company secretary and director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Sephar Limited
Notes to the Abbreviated Accounts
Year Ended 30 June 2015

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. Income from sales of works of art is recognised when the risks and rewards of ownership have transferred to the buyer. Commissions on sales of works of art are recognised when the underlying deal is complete, to the extent that the underlying deal is not challenged or expected to be unwound.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Office equipment	25% reducing balance

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 assets are recognised to the extent that they are regarded as more likely than not to be recovered.

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.

Page 2

Sephar Limited
Notes to the Abbreviated Accounts
Year Ended 30 June 2015

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.

End of note

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 July 2014		26,661			26,661
At 30 June 2015		26,661			26,661
Depreciation
At 1 July 2014		19,769			19,769
Charge for the year		1,723			1,723
At 30 June 2015		21,492			21,492
Net book value
At 30 June 2015		5,169			5,169
At 30 June 2014		6,892			6,892

End of note

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

End of note

Page 3