Abbreviated Company Accounts - RARE ART PRESS LIMITED
Abbreviated Company Accounts - RARE ART PRESS LIMITED
Registered Number 07998673
RARE ART PRESS LIMITED
Abbreviated Accounts
31 December 2015
RARE ART PRESS LIMITED Registered Number 07998673
Abbreviated Balance Sheet as at 31 December 2015
Notes | 31/12/2015 | 31/03/2015 | |
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£ | £ | ||
Fixed assets | |||
Intangible assets | 2 |
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Tangible assets | 3 |
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Current assets | |||
Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
( |
( |
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Net current assets (liabilities) |
( |
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Total assets less current liabilities |
( |
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Total net assets (liabilities) |
( |
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Capital and reserves | |||
Called up share capital | 4 |
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Share premium account |
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Profit and loss account |
( |
( |
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Shareholders' funds |
( |
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For the year ending 31 December 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. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the Board on
And signed on their behalf by:
RARE ART PRESS LIMITED Registered Number 07998673
Notes to the Abbreviated Accounts for the period ended 31 December 2015
1Accounting Policies
Basis of measurement and preparation of accounts
Turnover policy
Tangible assets depreciation policy
Asset class Depreciation method and rate
Office Equipment 25% straight line
Website 10% straight line
Intangible assets amortisation policy
Asset class: Amortisation method and rate
Goodwill Over 10 Years
Other accounting policies
Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.
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.
Going concern
The financial statements have been prepared on a going concern basis based upon the continued support of the directors and investors.
£ | |
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Cost | |
At 1 April 2015 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 31 December 2015 |
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Amortisation | |
At 1 April 2015 |
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Charge for the year |
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On disposals |
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At 31 December 2015 |
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Net book values | |
At 31 December 2015 | 34,375 |
At 31 March 2015 | 38,500 |
£ | |
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Cost | |
At 1 April 2015 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 31 December 2015 |
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Depreciation | |
At 1 April 2015 |
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Charge for the year |
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On disposals |
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At 31 December 2015 |
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Net book values | |
At 31 December 2015 | 6,749 |
At 31 March 2015 | 7,768 |