SCOLAR_FINE_ART_LIMITED - Accounts

SCOLAR FINE ART LIMITED - Company Information

Print Friendly Version

Company Registration No. 03712801 (England and Wales)

SCOLAR FINE ART LIMITED

ABBREVIATED ACCOUNTS

FOR THE PERIOD ENDED 31 DECEMBER 2016

SCOLAR FINE ART LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

SCOLAR FINE ART LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 DECEMBER 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

41,447

34,266

Investments

389,875

431,322

424,141

Current assets

Stocks

1,806,084

1,913,060

Debtors

361,351

318,303

Cash at bank and in hand

46,833

2,214,268

2,231,363

Creditors: amounts falling due within one year

(1,093,939)

(2,056,518)

Net current assets

1,120,329

174,845

Total assets less current liabilities

1,551,651

598,986

Capital and reserves

Called up share capital

620,000

Profit and loss account

931,651

(21,014)

Shareholders' funds

1,551,651

598,986

For the financial period ended 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 15 September 2017

N.A.E. Farrow

Director

Company Registration No. 03712801

SCOLAR FINE ART LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE PERIOD ENDED 31 DECEMBER 2016

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Fixtures, fittings & equipment

Straight line over the life of the asset

1.5

Investments

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

1.6

Group accounts

The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.

SCOLAR FINE ART LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE PERIOD ENDED 31 DECEMBER 2016

- 3 -

Fixed assets

Tangible assets

Investments

Total

Cost

At 1 July 2015

86,158

389,875

476,033

Additions

26,962

At 31 December 2016

113,120

389,875

502,995

Depreciation

At 1 July 2015

51,892

Charge for the period

19,781

At 31 December 2016

71,673

Net book value

At 31 December 2016

41,447

389,875

431,322

At 30 June 2015

34,266

389,875

424,141

Holdings of more than 20%

The company holds more than 20% of the share capital of the following companies:

Company

Country of registration or

Shares held

incorporation

Class

Subsidiary undertakings

Lund Humphries Publishers Limited

England

Ordinary

100.00

The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:

Capital and reserves

Profit/(loss) for the year

2016

Principal activity

Lund Humphries Publishers Limited

Dormant

259,867

Share capital

2016

2015

Allotted, called up and fully paid

620,000 Ordinary shares of £1 each

620,000