Trinity Fine Art Limited - Period Ending 2013-12-31

Registration number: 01860262

Trinity Fine Art Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2013
 

Opus Accounting Limited
2B The Votec Centre
Hambridge Road
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 Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Trinity Fine Art Limited
for the Year Ended 31 December 2013

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 2013 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 . 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 Road
Newbury
Berkshire
RG14 5TN

29 September 2014

Page 1

Trinity Fine Art Limited
(Registration number: 01860262)
Abbreviated Balance Sheet at 31 December 2013

		Note			2013 £			2012 £
Fixed assets
Tangible fixed assets					14,249			685
Current assets
Stocks					648,745			543,242
Debtors					5,198,299			1,042,044
Cash at bank and in hand					41,071			104,643
					5,888,115			1,689,929
Creditors: Amounts falling due within one year					(5,681,826)			(1,740,163)
Net current assets/(liabilities)					206,289			(50,234)
Total assets less current liabilities					220,538			(49,549)
Provisions for liabilities					(2,982)			-
Net assets/(liabilities)					217,556			(49,549)
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					217,456			(49,649)
Shareholders' funds/(deficit)					217,556			(49,549)

For the year ending 31 December 2013 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.

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

Approved by the Board on 26 September 2014 and signed on its behalf by:

.........................................
Mrs A Toscano
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 2013
......... 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

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.

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.

Page 3

Trinity Fine Art Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2013
......... continued

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 2013		98,850			98,850
Additions		18,135			18,135
At 31 December 2013		116,985			116,985
Depreciation
At 1 January 2013		98,165			98,165
Charge for the year		4,571			4,571
At 31 December 2013		102,736			102,736
Net book value
At 31 December 2013		14,249			14,249
At 31 December 2012		685			685

3	Share capital

Allotted, called up and fully paid shares

	2013						2012
		No.			£			No.			£
Ordinary of £1 each		100			100			100			100

4

Control

The company is controlled by J B Winter. Mr Winter, a director of the company, holds all of the issued share capital.

Page 4