Studio Centofanti (Artworks) Limited - Accounts to registrar (filleted) - small 18.2

STUDIO CENTOFANTI (ARTWORKS) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1 MAY 2017 TO 31 MARCH 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

P Centofanti

REGISTERED OFFICE:

12 Queens Court

Queens Ride

London

SW13 0HY

REGISTERED NUMBER:

07609469 (England and Wales)

ACCOUNTANTS:

AEL Markhams Ltd

Chartered Accountants

201 Haverstock Hill

London

NW3 4QG

FIXED ASSETS

Intangible assets

4

-

4,000

CURRENT ASSETS

Debtors

5

424

4,751

Cash at bank

8,342

21,179

8,766

25,930

CREDITORS

Amounts falling due within one year

6

8,765

25,834

NET CURRENT ASSETS

1

96

TOTAL ASSETS LESS CURRENT LIABILITIES

1

4,096

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

-

4,095

SHAREHOLDERS' FUNDS

1

4,096

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2018 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 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director on 14 December 2018 and were signed by:

P Centofanti - Director

1.	STATUTORY INFORMATION

Studio Centofanti (Artworks) 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 represents the invoices value of goods and services supplied by the company, net of value added tax

and trade discounts.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of ten years.

Following the cessation of trade on 31 March 2018 the value of goodwill has been written-down to nil.

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 accounts receivable and payable and loans to related parties.

Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are

measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to

be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for

objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is

recognised though profit or loss.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between

an asset's carrying amount and the best estimate of the recoverable amount, which is an approximation of the

amount that the Company would receive for the asset if it were to be sold at the reporting date.

Taxation

Taxation for the period 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 period 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 period was 1 (2017 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 May 2017

10,000

Impairments

(3,000

)

At 31 March 2018

7,000

AMORTISATION

At 1 May 2017

6,000

Amortisation for period

1,000

At 31 March 2018

7,000

NET BOOK VALUE

At 31 March 2018

-

At 30 April 2017

4,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

-

4,140

Other debtors

424

611

424

4,751

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Taxation and social security

2,083

7,393

Other creditors

6,682

18,441

8,765

25,834