Static Gallery And Studios Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 04266902 (England and Wales)

Abbreviated Accounts

for the Year Ended 31 August 2016

for

Static Gallery And Studios Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

P Sullivan

SECRETARY:

L C Dossor

REGISTERED OFFICE:

23 Roscoe Lane

Liverpool

L1 9JD

REGISTERED NUMBER:

04266902 (England and Wales)

ACCOUNTANTS:

Sloan & Co.

Chartered Accountants

Granite Buildings

6 Stanley Street

Liverpool

Merseyside

L1 6AF

FIXED ASSETS

Tangible assets

2

10,628

12,503

Investments

3

8,400

19,028

20,903

CURRENT ASSETS

Stocks

1,400

Debtors

1,053

2,758

Cash in hand

1,626

-

4,079

4,158

CREDITORS

Amounts falling due within one year

61,316

56,248

NET CURRENT LIABILITIES

(57,237

)

(52,090

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(38,209

)

(31,187

)

CREDITORS

Amounts falling due after more than one year

16,641

RESERVES

Income and expenditure account

(54,850

)

(47,828

)

(54,850

)

(47,828

)

(38,209

)

(31,187

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 surplus or deficit 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 26 May 2017 and were signed by:

P Sullivan - 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.

Land and buildings

-

15% on cost

Plant and machinery etc

-

15% on reducing balance

Stocks

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

items.

Government grants

Government grants on capital expenditure are credited to a deferral account and are released to revenue over the expected

useful life of the relevant asset by equal annual instalments. Grants of a revenue nature are credited to income in the period

to which they relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2015

and 31 August 2016

196,572

DEPRECIATION

At 1 September 2015

184,069

Charge for year

1,875

At 31 August 2016

185,944

NET BOOK VALUE

At 31 August 2016

10,628

At 31 August 2015

12,503

3.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

2016

2015

£

Cost/valuation b/f

8,400