Mountjoy Fine Art Limited Small abridged accounts

MOUNTJOY FINE ART LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Mountjoy Fine Art Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 December 2016 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: SC328482

Mountjoy Fine Art Limited

Filleted Unaudited Abridged Financial Statements

31 December 2016

Mountjoy Fine Art Limited

Abridged Financial Statements

Year ended 31 December 2016

Contents	Page

Abridged statement of financial position	1

Notes to the abridged financial statements	2

Mountjoy Fine Art Limited

Abridged Statement of Financial Position

31 December 2016

	2016		2015
Note	£	£	£

Current assets

Stocks	192,281	160,381
Debtors	33,337	27,176
Cash at bank and in hand	442	33,886
	---------	---------
	226,060	221,443

Creditors: amounts falling due within one year	215,464		201,539
	---------		---------
Net current assets		10,596	19,904
		--------	--------
Total assets less current liabilities		10,596	19,904
		--------	--------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	9,596	18,904
	--------	--------
Members funds	10,596	19,904
	--------	--------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.

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

Director's responsibilities:

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

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

These abridged financial statements were approved by the board of directors and authorised for issue on 1 September 2017 , and are signed on behalf of the board by:

Mr A. Crichton-Stuart
Director

Company registration number: SC328482

Mountjoy Fine Art Limited

Notes to the Abridged Financial Statements

Year ended 31 December 2016

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is c/o SRG LLP, Suite 4.2, Turnberry House, 175 West George Street, Glasgow, G2 2LB.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 5.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Related party transactions

The company was under the control of Mr A. Crichton-Stuart throughout the current year. Mr Crichton-Stuart is the managing director and sole shareholder. During the year Mr Crichton-Stuart loaned funds to the company on an interest-free basis. The sum outstanding at the balance sheet date is as stated in note 5. This was the maximum sum outstanding during the year. During the year the company loaned funds on an interest-free basis to Anthony Crichton-Stuart Fine Art LLC. Mr Crichton-Stuart is a member of this LLC. The sum outstanding at the balance sheet date was £33,337.34 This was the maximum sum outstanding during the year.

5. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2015.

No transitional adjustments were required in equity or profit or loss for the year.