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

REGISTERED NUMBER: 06602481 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2017

FOR

THE USEFUL ARTS LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

D Fraser-Moore

Mrs A Fraser-Moore

SECRETARY:

March Mutual Secretarial Services LTD

REGISTERED OFFICE:

F25 Waterfront Studios

1 Dock Road

London

E16 1AH

REGISTERED NUMBER:

06602481 (England and Wales)

ACCOUNTANTS:

March Mutual Ltd

F25 Waterfront Studios

1 Dock Road

London

E16 1AH

FIXED ASSETS

Tangible assets

4

942

1,066

CURRENT ASSETS

Debtors

5

-

4,502

Cash at bank

400

1,374

400

5,876

CREDITORS

Amounts falling due within one year

6

3,044

1,861

NET CURRENT (LIABILITIES)/ASSETS

(2,644

)

4,015

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,702

)

5,081

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(1,704

)

5,079

SHAREHOLDERS' FUNDS

(1,702

)

5,081

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 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 Board of Directors on 22 February 2018 and were signed on its behalf by:

D Fraser-Moore - Director

Mrs A Fraser-Moore - Director

1.	STATUTORY INFORMATION

The Useful Arts 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.

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.

Fixtures and fittings

-

25% on cost

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 statement of financial position date.

Deferred tax

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

statement of financial position 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

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 June 2016

669

6,829

7,498

Additions

-

613

613

At 31 May 2017

669

7,442

8,111

DEPRECIATION

At 1 June 2016

669

5,762

6,431

Charge for year

-

738

738

At 31 May 2017

669

6,500

7,169

NET BOOK VALUE

At 31 May 2017

-

942

942

At 31 May 2016

-

1,067

1,067

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.17

31.5.16

£

£

Trade debtors

-

4,502

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.17

31.5.16

£

£

Tax

-

515

Directors' current accounts

2,849

1,151

Accrued expenses

195

195

3,044

1,861