Brightyellow Art Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10086370 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018

FOR

BRIGHTYELLOW ART LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mrs S Juma

REGISTERED OFFICE:

113 Rickmansworth Road

Watford

WD18 7JD

REGISTERED NUMBER:

10086370 (England and Wales)

CURRENT ASSETS

Cash at bank

18,887

8,346

CREDITORS

Amounts falling due within one year

4

(6,683

)

(5,223

)

NET CURRENT ASSETS

12,204

3,123

TOTAL ASSETS LESS CURRENT LIABILITIES

12,204

3,123

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

12,203

3,122

SHAREHOLDERS' FUNDS

12,204

3,123

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 29 January 2019 and were signed by:

Mrs S Juma - Director

1.	STATUTORY INFORMATION

Brightyellow 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.

Brightyellow Art Limited is a private company, limited by shares, registered and incorporated in England and Wales. The

company's registered number is 10086370 and registered office address and trading address is 113 Rickmansworth Road,

Watford, WD18 7JD.

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.

The financial statements are presented in sterling which is the functional currency of the company. Monetary amounts in these

financial statements are rounded to the nearest £.

Significant judgements and estimates

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies

have been consistently applied to all years presented unless otherwise stated.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, management have been required to make judgements, estimates and

assumptions. These estimates relate to the carrying value of assets and liabilities that are based on underlying assumptions

and other factors, which are considered to be relevant. Actual results may differ from these estimates. These estimates and

assumptions are reviewed on an on-going basis.

There are no key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial

statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of trade discounts. The policies

adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of art pieces is recognised when significant risks and rewards of ownership of the goods have

transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated

with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be

measured reliably. This is usually on dispatch of the art piece.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial

Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to

the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally

enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and

settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price

including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the

arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts

discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each

reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the

initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the

impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted

at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the

impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount

would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or

when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if

some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is

able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered

into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of

its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are

classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction,

where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities classified as payable within one year are not amortised.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Taxation

Taxation for the year represents the amount of tax payable in respect of the taxable profit for the current year. 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 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2017 - 2 ).

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Taxation and social security

6,497

3,822

Other creditors

186

1,401

6,683

5,223