PARTY ART LIMITED

PARTY ART LIMITED

PARTY ART LIMITED - Company Information

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PARTY ART LIMITED

Company Registration Number:
03130646 (England and Wales)

Unaudited abridged accounts for the year ended 31 December 2017

Period of accounts

Start date: 01 January 2017

End date: 31 December 2017

PARTY ART LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2017

Balance sheet
Notes

PARTY ART LIMITED

Balance sheet

As at 31 December 2017


Notes
2017
2016


£
£
Fixed assets
Tangible assets: 2 167,607 70,714
Total fixed assets: 167,607 70,714
Current assets
Debtors: 3 563,322 615,581
Cash at bank and in hand: 67,410 37,706
Total current assets: 630,732 653,287
Creditors: amounts falling due within one year:   (12,267) (2,937)
Net current assets (liabilities): 618,465 650,350
Total assets less current liabilities: 786,072 721,064
Creditors: amounts falling due after more than one year:   (785,550) (699,553)
Total net assets (liabilities): 522 21,511
Capital and reserves
Called up share capital: 100 100
Profit and loss account: 422 21,411
Shareholders funds: 522 21,511

The notes form part of these financial statements

PARTY ART LIMITED

Balance sheet statements

For the year ending 31 December 2017 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 10 September 2018
and signed on behalf of the board by:

Name: Andrew Crankshaw
Status: Director

The notes form part of these financial statements

PARTY ART LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2017

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

The turnover represents amounts receivable for goods and services net of VAT

Tangible fixed assets and depreciation policy

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost less estimated residual value based on prices prevailing at the date of acquisition of each asset evenly over its expected useful life, as follows:Plant and Machinery - 15% pa on reducing balance

PARTY ART LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2017

2. Tangible Assets

Total
Cost £
At 01 January 2017 146,450
Additions 115,000
At 31 December 2017 261,450
Depreciation
At 01 January 2017 75,736
Charge for year 18,107
At 31 December 2017 93,843
Net book value
At 31 December 2017 167,607
At 31 December 2016 70,714

PARTY ART LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2017

3. Debtors

2017 2016
££
Debtors due after more than one year: 534,108 568,508

£356683 (2016: £401683) is owed to the company by Regent Greeting Cards Limited, which was placed into administration on 10 February 2015, under the control of Howard Smith and Jonny Marston of KPMG LLP until such time as it is liquidated. As at the balance sheet date 31 December 2017 no final value had been established, and full provision has not been made against the debt in the event that it would not be recovered.

PARTY ART LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2017

4. Related party transactions

Name of the related party: Regent Greeting Cards Limited
Relationship:
Regent Greeting Cards Limited is related through common ownership
Description of the Transaction: At 31 December 2017, the company was owed £356683 (2016: £401683) by Regent Greeting Cards Limited. The company jointly provided monies with David Mark Regan to Regent Greeting Cards Limited to provide additional working capital facilities. Regent Greeting Cards Limited was placed into administration on 10 February 2015, and is under the control of Howard Smith and Jonny Marston of KPMG LLP until such time as it is liquidated.
£
Balance at 01 January 2017 401,683
Balance at 31 December 2017 356,683

PARTY ART LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2017

5. Post balance sheet events

In 2011 and 2012 the company jointly with David Mark Regan made available monies by way of loans to Regent Greeting Cards Limited. The company agreed to provide a guarantee to David Mark Regan relating to the monies he made available at the time, amounting to £700000. In the event of any default by Regent Greeting Cards Limited and not repaying any or all of the loans to David Mark Regan, the guarantee would crystallise. As at the balance sheet date Regent Greeting Cards Limited remained in administration and the company has made no provision within its accounts ended 31 December 2017 should this guarantee crystallise following the conclusion of the administration of Regent Greeting Cards Limited which is expected in the Autumn of 2018. It has been confirmed there are insufficient funds to repay either the company or David Mark Regan. The company will include crystallisation of the bad debt and the effect of the guarantee given to David Mark Regan in the company's accounts for the year ended 31 December 2018.The amount of the bad debt and guarantee is significant. However, notwithstanding this outstanding debt and guarantee, the company continues to trade normally. The realisation of this bad debt and guarantee will have a significant negative effect on the company's profit and loss account in 2018 and balance sheet going forward; however the company's current and future trading is expected to continue normally.