Trinity Fine Art Limited - Period Ending 2017-03-31

Registration number: 01860262

Trinity Fine Art Limited

Unaudited Abbreviated Accounts

for the period from 1 January 2015 to 31 March 2016

Opus Accounting Limited
Chartered Certified Accountants
2b The Votec Centre
Hambridge Lane
Newbury
Berkshire
RG14 5TN

Trinity Fine Art Limited

Contents

Accountants' Report	1
Abbreviated Balance Sheet	2
Notes to the Abbreviated Accounts	3 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Trinity Fine Art Limited
for the Period Ended 31 March 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Trinity Fine Art Limited for the period ended 31 March 2016 set out on pages XX from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Trinity Fine Art Limited, as a body, in accordance with the terms of our engagement letter dated 4 August 2005. Our work has been undertaken solely to prepare for your approval the accounts of Trinity Fine Art Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www2.accaglobal.com/pubs/members/publications/technical_factsheets/downloads/163.doc. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Trinity Fine Art Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Trinity Fine Art Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Trinity Fine Art Limited. You consider that Trinity Fine Art Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Trinity Fine Art Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Opus Accounting Limited
Chartered Certified Accountants
2b The Votec Centre
Hambridge Lane
Newbury
Berkshire
RG14 5TN

31 July 2016

Page 1

Trinity Fine Art Limited

(Registration number: 01860262)
Abbreviated Balance Sheet as at 31 March 2016

	Note	31 March 2016 £	31 December 2014 £
Fixed assets
Tangible assets	2	1,028	7,623
Current assets
Stocks		151,752	661,501
Debtors		149,312	807,574
Cash at bank and in hand		396,332	487,682
		697,396	1,956,757
Prepayments and accrued income		13,064	16,534
Creditors: Amounts falling due within one year		(208,929)	(1,371,946)
Net current assets		501,531	601,345
Total assets less current liabilities		502,559	608,968
Provisions for liabilities		(206)	(1,525)
Accruals and deferred income		(61,090)	(1,170)
Net assets		441,263	606,273
Capital and reserves
Called up share capital	3	100	100
Profit and loss account		441,163	606,173
Shareholders funds		441,263	606,273

For the period 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 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 14 July 2016 and signed on its behalf by:

.........................................
A T Winter
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Trinity Fine Art Limited

Notes to the Abbreviated Accounts

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 April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Revenue recognition

Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Goodwill

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.

Intangible assets

Intangible assets are stated in the balance sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.

Depreciation

Depreciation is provided at the following rates in order to write off each asset over its estimated useful life.

Asset class	Depreciation method and rate
Short leasehold	in accordance with the property
Improvements to property	in accordance with the property
Fixtures and fittings	25% on reducing balance
Computer equipment	25% on cost

Research and development

Research and development expenditure is written off as incurred, except that development expenditure incurred on an individual project is carried forward when its future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortised in line with the expected future sales from the related project.

Investment properties

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRSSE.

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Page 3

Trinity Fine Art Limited

Notes to the Abbreviated Accounts

Current asset investments

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

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.

Provisions

A provision is recognised when there is a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

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.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Fixed assets

	Tangible assets £	Total £
Cost
At 1 January 2015	116,984	116,984
At 31 March 2016	116,984	116,984
Depreciation
At 1 January 2015	109,361	109,361
Charge for the year	6,595	6,595
At 31 March 2016	115,956	115,956
Net book value
At 31 March 2016	1,028	1,028
At 31 December 2014	7,623	7,623

Page 4

Trinity Fine Art Limited

Notes to the Abbreviated Accounts

Share capital

Allotted, called up and fully paid shares

	31 March 2016		31 December 2014
	No.	£	No.	£
Ordinary of £1 each	100	100	100	100

Related party transactions

Control

The company is controlled by the estate of J B Winter. Mr Winter, who was a director of the company and held all of the issued share capital, passed away before the end of the year. His shareholding became part of his estate. One of the beneficiaries of the estate is Mr A T Winter who is also a director of the company.

Page 5