Mark Adams Fine Art Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 05267920 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

FOR

MARK ADAMS FINE ART LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

M H L Adams

Mrs F M Adams

SECRETARY:

M A Farndon

REGISTERED OFFICE:

11 Hadyn Park Road

London

W12 9AQ

REGISTERED NUMBER:

05267920 (England and Wales)

ACCOUNTANTS:

Farndon Accountancy

Warren Place

Birch Vale

Cobham

Surrey

KT11 2PX

FIXED ASSETS

Tangible assets

2

668

1,299

CURRENT ASSETS

Stocks

69,360

69,860

Debtors

8,000

2,286

Cash at bank and in hand

34,536

1,507,396

111,896

1,579,542

CREDITORS

Amounts falling due within one year

55,972

1,506,856

NET CURRENT ASSETS

55,924

72,686

TOTAL ASSETS LESS CURRENT
LIABILITIES

56,592

73,985

CAPITAL AND RESERVES

Called up share capital

3

1

Profit and loss account

56,591

73,984

SHAREHOLDERS' FUNDS

56,592

73,985

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 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 30 December 2016 and were signed on its behalf
by:

M H L Adams - Director

1.	ACCOUNTING POLICIES

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 January 2015).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

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

-

15% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

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

sheet date.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

and 31 March 2016

6,314

DEPRECIATION

At 1 April 2015

5,015

Charge for year

631

At 31 March 2016

5,646

NET BOOK VALUE

At 31 March 2016

668

At 31 March 2015

1,299

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

1

Ordinary

£1

1