Woodbridge Fine Art Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 07125137 (England and Wales)

Woodbridge Fine Art Limited

Unaudited Financial Statements

For The Year Ended 31st July 2017

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

6

DIRECTOR:

Ms A J Sprules

SECRETARY:

REGISTERED OFFICE:

Unit 81 Centaur Court

Claydon Business Park

Gt. Blakenham

Ipswich

Suffolk

IP6 0NL

REGISTERED NUMBER:

07125137 (England and Wales)

ACCOUNTANTS:

John Phillips & Co Limited

Accountants

Unit 81 Centaur Court

Claydon Business Park

Gt. Blakenham

Ipswich

Suffolk

IP6 0NL

FIXED ASSETS

Tangible assets

3

92

185

CURRENT ASSETS

Stocks

4

34,788

34,560

Cash at bank

262

464

35,050

35,024

CREDITORS

Amounts falling due within one year

5

33,975

31,828

NET CURRENT ASSETS

1,075

3,196

TOTAL ASSETS LESS CURRENT LIABILITIES

1,167

3,381

CAPITAL AND RESERVES

Called up share capital

6

100

100

Retained earnings

7

1,067

3,281

SHAREHOLDERS' FUNDS

1,167

3,381

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

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

The director acknowledges her 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 28th March 2018 and were signed by:

Ms A J Sprules - Director

1.	STATUTORY INFORMATION

Woodbridge 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.

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

-

50% on cost

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.

3.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1st August 2016

and 31st July 2017

371

DEPRECIATION

At 1st August 2016

186

Charge for year

93

At 31st July 2017

279

NET BOOK VALUE

At 31st July 2017

92

At 31st July 2016

185

4.

STOCKS

2017

2016

£

£

Stocks

34,788

34,560

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Woodbridge Gallery Limited

8,000

8,000

Directors' loan accounts

24,581

22,434

Accrued expenses

1,394

1,394

33,975

31,828

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100

Ordinary

£1

100

100

7.

RESERVES

Retained

earnings

£

At 1st August 2016

3,281

Deficit for the year

(2,214

)

At 31st July 2017

1,067