Parallel_Contemporary_Art - Accounts

PARALLEL CONTEMPORARY ART LIMITED - Company Information

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Parallel Contemporary Art Limited

Unaudited Abbreviated Accounts

For the year ended 31 December 2015

Company Registration No. 07285923 (England and Wales)

Parallel Contemporary Art Limited

Abbreviated Balance Sheet

As at 31 December 2015

Page 1

2015

2014

Notes

Current assets

Debtors

1,340,674

1,184,006

Investments

181,195

Cash at bank and in hand

822,794

618,309

2,344,663

1,802,315

Creditors: amounts falling due within one year

(2,714,959)

(2,423,733)

Total assets less current liabilities

(370,296)

(621,418)

Capital and reserves

Called up share capital

100

Profit and loss account

(370,396)

(621,518)

Shareholders' funds

(370,296)

(621,418)

For the financial year ended 31 December 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 10 May 2016

Mr J. D. N. Ciclitira

Director

Company Registration No. 07285923

Parallel Contemporary Art Limited

Notes to the Abbreviated Accounts

For the year ended 31 December 2015

Page 2

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Going concern

At 31 December 2015, the company had net liabilities of £370,296. The company has generated a profit for the year of £251,122 and Mr J. D. N. Ciclitira, a director of the company, has confirmed that, if required, he will provide additional financial support to the company to enable it to meet its debts as they fall due.

On this basis, the directors considers it appropriate to prepare the accounts on a going concern basis.

1.3

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.4

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.5

Investments

Current asset investments are stated at the lower of cost and net realisable value.

1.6

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

Share capital

2015

2014

Allotted, called up and fully paid

100 ordinary shares of £1 each

100

Control

The immediate parent company at year end was Luna Trading Limited, a company registered in Jersey, by virtue of its 100% shareholding. Post year end, this shareholding was transferred to Luck Honor Holdings Limited, a company registered in the British Virgin Islands. The ultimate controlling party is Mr J. D. N. Ciclitira.