Marchmont Gallery Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: SC268808 (Scotland)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2016

FOR

MARCHMONT GALLERY LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

J Sutherland

SECRETARY:

S V Sutherland

REGISTERED OFFICE:

56 Warrender Park Road

Edinburgh

EH9 1EX

REGISTERED NUMBER:

SC268808 (Scotland)

ACCOUNTANT:

Ann MacLellan Chartered Accountant

10 House O'Hill Avenue

Edinburgh

EH4 5DD

FIXED ASSETS

Tangible assets

2

14,142

10,399

CURRENT ASSETS

Stocks

13,599

Debtors

10,123

16,182

Cash at bank and in hand

8,559

28,623

32,281

58,404

CREDITORS

Amounts falling due within one year

26,099

36,591

NET CURRENT ASSETS

6,182

21,813

TOTAL ASSETS LESS CURRENT
LIABILITIES

20,324

32,212

CREDITORS

Amounts falling due after more than one
year

8,309

NET ASSETS

12,015

23,903

CAPITAL AND RESERVES

Called up share capital

3

100

Profit and loss account

11,915

23,803

SHAREHOLDERS' FUNDS

12,015

23,903

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 29 March 2017 and were signed by:

J Sutherland - 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 amounts receivable from the provision of framing services and Art Gallery sales, net of

VAT.

Tangible fixed assets

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

Plant and machinery etc

-

25% on cost and 20% 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 July 2015

27,131

Additions

9,378

At 30 June 2016

36,509

DEPRECIATION

At 1 July 2015

16,732

Charge for year

5,635

At 30 June 2016

22,367

NET BOOK VALUE

At 30 June 2016

14,142

At 30 June 2015

10,399

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.16

30.6.15

value:

£

100

Ordinary

1

100

4.	CONTROL OF COMPANY

The company was controlled by the director throughout the year.