SOHO_GALLERY_LIMITED - Accounts

SOHO GALLERY LIMITED - Company Information

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Company Registration No. 08883138 (England and Wales)

SOHO GALLERY LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2016

SOHO GALLERY LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

SOHO GALLERY LIMITED

ABBREVIATED BALANCE SHEET

AS AT

28 FEBRUARY 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

96,644

Current assets

Stocks

6,500

Debtors

22,494

16,641

Cash at bank and in hand

51,421

171,950

80,415

188,591

Creditors: amounts falling due within one year

(177,333)

(193,003)

Net current liabilities

(96,918)

(4,412)

Total assets less current liabilities

(274)

(4,412)

Capital and reserves

Called up share capital

Share premium account

190,000

Profit and loss account

(190,284)

(4,420)

Shareholders' funds

(274)

(4,412)

For the financial year ended 28 February 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

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 20 December 2016

Mr Timothy Allen

Director

Company Registration No. 08883138

SOHO GALLERY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 28 FEBRUARY 2016

- 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).

The company has net current liabilities. The directors have considered the financial position for the twelve months from the date of signature of these financial statements and consider that there will be continued support of creditors and investors, and the company will remain a going concern. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result if the company were not a going concern.

1.2

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).

1.3

Turnover

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

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings short leasehold improvements

Straight line over the lease term

Fixtures, fittings & equipment

15% to 25% on the reducing balance

1.5

Leasing

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.6

Stock

Stock is valued at the lower of cost and net realisable value.

1.7

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

SOHO GALLERY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 28 FEBRUARY 2016

- 3 -

Fixed assets

Tangible assets

Cost

At 1 March 2015

Additions

128,603

At 28 February 2016

128,603

Depreciation

At 1 March 2015

Charge for the year

31,959

At 28 February 2016

31,959

Net book value

At 28 February 2016

96,644

Share capital

2016

2015

Allotted, called up and fully paid

1,000 Ordinary shares of 1p each

The company issued 190 shares in the year at a premium of £999.99 per share.