Art Search Limited - Period Ending 2016-03-31

Registration number: 1696757

Art Search Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016
 

Art Search Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Art Search Limited
(Registration number: 1696757)
Abbreviated Balance Sheet at 31 March 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					1,798			1,980
Current assets
Stocks					17,750			17,750
Cash at bank and in hand					1,427			5,727
					19,177			23,477
Creditors: Amounts falling due within one year					(117,803)			(108,690)
Net current liabilities					(98,626)			(85,213)
Net liabilities					(96,828)			(83,233)
Capital and reserves
Called up share capital		3			2			2
Profit and loss account					(96,830)			(83,235)
Shareholders' deficit					(96,828)			(83,233)

For the year ending 31 March 2016 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 director acknowledges his 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 director on 6 December 2016

.........................................
Philip Herriott
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Art Search Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... 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 January 2015).

Going concern

The financial statements have been prepared on a going concern basis.

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 on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	Reducing balance at 15%
Equipment	Reducing balance at 15%

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.

Page 2

Art Search Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2015		30,378			30,378
Additions		135			135
At 31 March 2016		30,513			30,513
Depreciation
At 1 April 2015		28,398			28,398
Charge for the year		317			317
At 31 March 2016		28,715			28,715
Net book value
At 31 March 2016		1,798			1,798
At 31 March 2015		1,980			1,980

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary Shares of £1 each		2			2			2			2

4

Control

The company is controlled by . The ultimate controlling party is not known.

Page 3