ACCOUNTS - Final Accounts

Caseware UK (AP4) 2016.0.181 2016.0.181 2017-12-312017-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueNo description of principal activityfalse2017-01-01 07077458 2017-01-01 2017-12-31 07077458 2016-01-01 2016-12-31 07077458 2017-12-31 07077458 2016-12-31 07077458 c:Director1 2017-01-01 2017-12-31 07077458 d:OtherPropertyPlantEquipment 2017-12-31 07077458 d:OtherPropertyPlantEquipment 2016-12-31 07077458 d:CurrentFinancialInstruments 2017-12-31 07077458 d:CurrentFinancialInstruments 2016-12-31 07077458 d:CurrentFinancialInstruments d:WithinOneYear 2017-12-31 07077458 d:CurrentFinancialInstruments d:WithinOneYear 2016-12-31 07077458 d:ShareCapital 2017-12-31 07077458 d:ShareCapital 2016-12-31 07077458 d:RetainedEarningsAccumulatedLosses 2017-12-31 07077458 d:RetainedEarningsAccumulatedLosses 2016-12-31 07077458 c:OrdinaryShareClass1 2017-01-01 2017-12-31 07077458 c:OrdinaryShareClass1 2017-12-31 07077458 c:FRS102 2017-01-01 2017-12-31 07077458 c:AuditExempt-NoAccountantsReport 2017-01-01 2017-12-31 07077458 c:FullAccounts 2017-01-01 2017-12-31 07077458 c:PrivateLimitedCompanyLtd 2017-01-01 2017-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07077458

ELB ART LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017


ELB ART LIMITED

CONTENTS

	Page
Statement of Financial Position	1
Notes to the Financial Statements	2 - 5


ELB ART LIMITED REGISTERED NUMBER:07077458

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2017

		2017		2016
Note		£		£


Tangible assets	4		-		-
Current assets
Stocks	5	20,305		20,305
Debtors: amounts falling due within one year	6	65		300
Cash at bank and in hand		12,643		14,505
		33,013		35,110
Current liabilities
Creditors: amounts falling due within one year	7	(21,336)		(18,867)
Net current assets			11,677		16,243

Net assets			11,677		16,243

Capital and reserves
Called up share capital	8	1	1
Profit and loss account		11,676	16,242
		11,677	16,243

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 August 2018.

E Margoline

Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1


ELB ART LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

1.	General information

The company is a limited liability company incorporated in England and Wales with its registered office at Fifth Floor, 52A Cromwell Road, London, SW7 5BE.
The principal activity of the company continued to be that of art consultancy services.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Stocks

Stocks are stated at the lower of cost and net realisable value.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the statement of comprehensive income.

2.3

Debtors

Short term debtors are measured at the transaction price

2.4

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from and to related parties.

2.5

Creditors

Short term creditors are measured at the transaction price.

2.6

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is £ sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 2


ELB ART LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

2.Accounting policies (continued)

2.7

Taxation

Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

3.	Employees
	The director was the only employee of the company during the current and preceding year.

The average monthly number of employees, including directors, during the year was 1 (2016 - 1).

Page 3


ELB ART LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

4.	Tangible fixed assets

		Other fixed assets
		£
	Cost
	At 1 January 2017	4,791
	At 31 December 2017	4,791
	Depreciation
	At 1 January 2017	4,791
	At 31 December 2017	4,791
	Net book value
	At 31 December 2017	-
	At 31 December 2016	-

5.	Stocks
		2017	2016
		£	£

	Finished goods and goods for resale	20,305	20,305

Debtors

					2017	2016
					£	£


Other debtors	65	300

Page 4


ELB ART LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

7.	Creditors: Amounts falling due within one year
		2017	2016
		£	£

Trade creditors	139	570
Other creditors	19,197	16,697
Accruals	2,000	1,600
	21,336	18,867

8.	Share capital
		2017	2016
		£	£

Authorised, allotted, called up and fully paid

1 Ordinary share of £1	1	1

Page 5