Jennings Fine Art Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 05088566 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

JENNINGS FINE ART LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

N Jennings

SECRETARY:

C G Horwood

REGISTERED OFFICE:

15 The Broadway

Penn Road

Beaconsfield

Buckinghamshire

HP9 2PD

REGISTERED NUMBER:

05088566 (England and Wales)

ACCOUNTANTS:

O'Sullivan & Co

Chartered Certified Accountants

15 The Broadway

Penn Road

Beaconsfield

Buckinghamshire

HP9 2PD

FIXED ASSETS

Tangible assets

4

1,016

1,207

CURRENT ASSETS

Stocks

413,141

400,223

Debtors

5

32,510

13,875

Cash at bank

6,090

5,077

451,741

419,175

CREDITORS

Amounts falling due within one year

6

139,395

127,887

NET CURRENT ASSETS

312,346

291,288

TOTAL ASSETS LESS CURRENT LIABILITIES

313,362

292,495

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

313,262

292,395

SHAREHOLDERS' FUNDS

313,362

292,495

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 28 December 2017 and were signed by:

N Jennings - Director

1.	STATUTORY INFORMATION

Jennings Fine Art Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities"

of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of

Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost

convention. The reported financial position and financial performance for the previous year are not affected by

the transition to FRS 102. The company transitioned from previously extant UK GAAP to FRS 102 as at 1 April

2016.

The financial statements are prepared in sterling which is the functional currency of the company and rounded to

the nearest £.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

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

-

33% on reducing balance and 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2016 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2016

and 31 March 2017

2,320

DEPRECIATION

At 1 April 2016

1,113

Charge for year

191

At 31 March 2017

1,304

NET BOOK VALUE

At 31 March 2017

1,016

At 31 March 2016

1,207

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade debtors

18,241

3,960

Other debtors

14,269

9,915

32,510

13,875

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade creditors

2,568

2,226

Taxation and social security

7,477

8,941

Other creditors

129,350

116,720

139,395

127,887

7.	ULTIMATE CONTROLLING PARTY

In the opinion of the Director, Mr N Jennings who holds 100% of the shares of Jennings Fine Art Limited is the

company's ultimate controller.