Artwishlist Ltd - Period Ending 2016-06-30
Artwishlist Ltd - Period Ending 2016-06-30
REGISTRATION NUMBER:
Artwishlist Ltd
Contents
of the Abbreviated Accounts
for the
Year Ended
Company Information |
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Abbreviated Balance Sheet |
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Notes to the Abbreviated Accounts |
Artwishlist Ltd
Company Information
for the
Year Ended
Directors |
D Hermann C Huhnt |
Registered office |
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Registered Number |
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Accountants |
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Artwishlist Ltd
(Registration number:
09311563
)
Abbreviated Balance Sheet
as at
30 June 2016
Note |
30 June 2016 |
30 June 2015 |
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FIXED ASSETS |
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Intangible assets |
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CURRENT ASSETS |
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Debtors |
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Cash at bank and in hand |
( |
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CREDITORS
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( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
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CREDITORS
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( |
- |
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Net (liabilities)/assets |
( |
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CAPITAL AND RESERVES |
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
( |
( |
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Shareholders (deficit)/funds |
( |
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For the year ending 30 June 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:
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 the 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.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the Board on
.........................................
D Hermann
Director
Artwishlist Ltd
Notes to the Abbreviated Accounts
for the
Year Ended
Accounting policies |
Going concern
The directors believe that the trade in the current year is sustainable into the foreseeable future and agree that the initial funding provided by the directors, will not be withdrawn in the near future.
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the period, exclusive of Value Added Tax.
Turnover is recognised when goods and services are physically delivered to the customer.
Delivered goods/services not invoiced at the year end are included in accrued income. Invoiced goods and services are included in debtors. Where customers pay in advance for goods and services, the amount is recorded as deferred income until the goods and services have been delivered.
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.
Research and development
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.
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Compound instruments
Compound instruments comprise both a liability and an equity component. At date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar debt instrument. The liability component is accounted for as a financial liability.
The residual is the difference between the net proceeds of issue and the liability component (at time of issue). The residual is the equity component, which is accounted for as an equity instrument.
The interest expense on the liability component is calculated applying the effective interest rate for the liability component of the instrument. The difference between this amount and any repayments is added to the carrying amount of the liability in the balance sheet.
Artwishlist Ltd
Notes to the Abbreviated Accounts
for the
Year Ended
Intangible fixed assets |
Development costs |
Total |
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Cost |
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At 1 July 2015 |
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At 30 June 2016 |
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Amortisation |
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At 30 June 2016 |
- |
- |
Net book value |
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At 30 June 2016 |
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At 30 June 2015 |
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Debtors |
Debtors includes £NIL (2015 - £7,462) receivable after more than one year.
Share capital |
Allotted, called up and fully paid shares
30 June 2016 |
30 June 2015 |
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No. |
£ |
No. |
£ |
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1,196.30 |
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980.12 |
New shares allotted
During the year 216,181 Ordinary shares having an aggregate nominal value of £0.001 were allotted for an aggregate consideration of £42,668.96.
Control |
The directors are the controlling party by virtue of their controlling shareholding in the company.