The Art Factory (N E) Limited - Abbreviated accounts 16.1

The Art Factory (N E) Limited - Abbreviated accounts 16.1

THE ART FACTORY (N E) LIMITED - Company Information

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REGISTERED NUMBER: 08275905 (England and Wales)













ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 2015

FOR

THE ART FACTORY (N E) LIMITED

THE ART FACTORY (N E) LIMITED (REGISTERED NUMBER: 08275905)






CONTENTS OF THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2015




Page

Company Information 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3

THE ART FACTORY (N E) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2015







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 Accountants Limited
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
NE2 1TJ
Page 1
THE ART FACTORY (N E) LIMITED (REGISTERED NUMBER: 08275905)

ABBREVIATED BALANCE SHEET
31 OCTOBER 2015

2015 2014
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 2 949 1,813

CURRENT ASSETS
Stocks 72,395 74,499
Cash at bank 75,902 52,745
148,297 127,244
CREDITORS
Amounts falling due within one year 133,250 108,185
NET CURRENT ASSETS 15,047 19,059
TOTAL ASSETS LESS CURRENT
LIABILITIES
15,996
20,872

CAPITAL AND RESERVES
Called up share capital 3 100 100
Profit and loss account 15,896 20,772
SHAREHOLDERS' FUNDS 15,996 20,872

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2015 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 16 July 2016 and were signed on its behalf by:





G Petrucci - Director


The notes form part of these abbreviated accounts

Page 2
THE ART FACTORY (N E) LIMITED (REGISTERED NUMBER: 08275905)

NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2015

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

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 2014
and 31 October 2015 3,455
DEPRECIATION
At 1 November 2014 1,642
Charge for year 864
At 31 October 2015 2,506
NET BOOK VALUE
At 31 October 2015 949
At 31 October 2014 1,813

Page 3 continued...
THE ART FACTORY (N E) LIMITED (REGISTERED NUMBER: 08275905)

NOTES TO THE ABBREVIATED ACCOUNTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2015

3. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2015 2014
value: £    £   
100 Ordinary £1 100 100

Page 4