Jennings Fine Art Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 05088566 (England and Wales)

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2014

FOR

JENNINGS FINE ART LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

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

2

131

196

CURRENT ASSETS

Stocks

339,519

329,288

Debtors

17,529

13,737

Cash at bank

6,713

28,328

363,761

371,353

CREDITORS

Amounts falling due within one year

118,294

133,223

NET CURRENT ASSETS

245,467

238,130

TOTAL ASSETS LESS CURRENT LIABILITIES

245,598

238,326

CAPITAL AND RESERVES

Called up share capital

3

100

100

Profit and loss account

245,498

238,226

SHAREHOLDERS' FUNDS

245,598

238,326

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 29 December 2014 and were signed by:

N Jennings - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

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

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

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

sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2013

and 31 March 2014

970

DEPRECIATION

At 1 April 2013

774

Charge for year

65

At 31 March 2014

839

NET BOOK VALUE

At 31 March 2014

131

At 31 March 2013

196

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.14

31.3.13

value:

£

£

100

Ordinary

£1

100

100