Art World Limited - Limited company - abbreviated

REGISTERED NUMBER: 04085851 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 October 2013

for

Art World Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

C R Ixer

Mrs E M Ixer

REGISTERED OFFICE:

90-92 High Street

Evesham

Worcestershire

WR11 4EU

REGISTERED NUMBER:

04085851 (England and Wales)

ACCOUNTANTS:

Attwoods

90-92 High Street

Evesham

Worcestershire

WR11 4EU

FIXED ASSETS

Tangible assets

2

2,953

3,295

CURRENT ASSETS

Stocks

82,179

87,570

Debtors

14,876

13,270

Cash at bank and in hand

554

625

97,609

101,465

CREDITORS

Amounts falling due within one year

24,089

17,026

NET CURRENT ASSETS

73,520

84,439

TOTAL ASSETS LESS CURRENT
LIABILITIES

76,473

87,734

CREDITORS

Amounts falling due after more than one
year

(75,509

)

(100,204

)

PROVISIONS FOR LIABILITIES

(353

)

-

NET ASSETS/(LIABILITIES)

611

(12,470

)

CAPITAL AND RESERVES

Called up share capital

3

100

Profit and loss account

511

(12,570

)

SHAREHOLDERS' FUNDS

611

(12,470

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2013.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2013 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 11 July 2014 and were signed on its behalf by:

C R Ixer - Director

Mrs E M Ixer - Director

1.	ACCOUNTING POLICIES

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 net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Computer equipment

-

25% on cost

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.

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 2012

14,230

Additions

1,064

Disposals

(575

)

At 31 October 2013

14,719

DEPRECIATION

At 1 November 2012

10,935

Charge for year

1,304

Eliminated on disposal

(473

)

At 31 October 2013

11,766

NET BOOK VALUE

At 31 October 2013

2,953

At 31 October 2012

3,295

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.10.13

31.10.12

value:

£

100

Ordinary

£1

100

Art World Limited - Limited company - abbreviated - 11.0.0

Art World Limited - Limited company - abbreviated - 11.0.0