The Cornelius Arts Foundation Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 07631666 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2017

FOR

THE CORNELIUS ARTS FOUNDATION LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

Ms S R Kiyingi

Ms M V Magnin

S Mottershead

Miss J Privat

Mrs V K D Snell

Mrs J Droogenbroeck-Magnin

Miss D L Watson

A Chandra

Ms B L Stambolova

Registered office:

21 Alexandra Court

61 Maida Vale

London

W9 1SQ

Registered number:

07631666 (England and Wales)

Accountants:

Clark Pritchard

First Floor

44 High Street

Newport Pagnell

Buckinghamshire

MK16 8AQ

Fixed assets

Tangible assets

4

-

16

Current assets

Debtors

5

2,022

135

Cash at bank

777

1,480

2,799

1,615

Creditors

Amounts falling due within one year

6

10,853

11,216

Net current liabilities

(8,054

)

(9,601

)

Total assets less current liabilities

(8,054

)

(9,585

)

Reserves

Income and expenditure account

(8,054

)

(9,585

)

Members' funds

(8,054

)

(9,585

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 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 Board of Directors on 2 February 2018 and were signed on its behalf by:

Ms M V Magnin - Director

1.	Statutory information

The Cornelius Arts Foundation Limited is a private company, limited by guarantee , 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.

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.

Computer equipment

-

33% on cost

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.

3.	Employees and directors

The average number of employees during the year was 2 .

4.	Tangible fixed assets

Computer

equipment

£

Cost

At 1 June 2016

and 31 May 2017

309

Depreciation

At 1 June 2016

293

Charge for year

16

At 31 May 2017

309

Net book value

At 31 May 2017

-

At 31 May 2016

16

5.

Debtors: amounts falling due within one year

2017

2016

£

£

Trade debtors

1,506

135

Other debtors

516

-

2,022

135

6.

Creditors: amounts falling due within one year

2017

2016

£

£

Other creditors

216

1,016

Directors' current accounts

9,600

9,600

Accruals and deferred income

606

600

Accrued expenses

431

-

10,853

11,216

7.	Ultimate controlling party

The ultimate controlling party is not known.

8.	Limited by guarantee

The company has no share capital and is limited by guarantee. The maximum liability of each director is £1.