Art World Limited - Period Ending 2018-10-31
Art World Limited - Period Ending 2018-10-31
Registration number:
Art World Limited
for the Year Ended 31 October 2018
Waterside House
Falmouth Road
Penryn
Cornwall
TR10 8BE
Art World Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Financial Statements |
Art World Limited
Company Information
Directors |
Mr C R Ixer Mrs E M Ixer |
Registered office |
|
Accountants |
|
Page 1 |
Art World Limited
(Registration number: 04085851)
Balance Sheet as at 31 October 2018
Note |
2018 |
2017 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
( |
( |
|
Total equity |
( |
( |
For the financial year ending 31 October 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 2 |
Art World Limited
(Registration number: 04085851)
Balance Sheet as at 31 October 2018
Approved and authorised by the
.........................................
Mr C R Ixer
Director
Page 3 |
Art World Limited
Notes to the Financial Statements for the Year Ended 31 October 2018
General information |
The company is a private company limited by share capital incorporated in England & Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis and assume the continued support of the directors.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Tax
Taxation represents the sum of tax currently payable and deferred tax.
The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or at the asset realised, based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period.
Page 4 |
Art World Limited
Notes to the Financial Statements for the Year Ended 31 October 2018
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
25% reducing balance |
Computer equipment |
25% on cost |
Short term leasehold |
Over length of lease |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 5 |
Art World Limited
Notes to the Financial Statements for the Year Ended 31 October 2018
Profit before tax |
Arrived at after charging/(crediting)
2018 |
2017 |
|
Depreciation expense |
|
|
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Other property, plant and equipment |
Total |
|
Cost or valuation |
||||
At 1 November 2017 |
|
|
|
|
At 31 October 2018 |
|
|
|
|
Depreciation |
||||
At 1 November 2017 |
|
|
|
|
Charge for the year |
- |
|
|
|
At 31 October 2018 |
|
|
|
|
Carrying amount |
||||
At 31 October 2018 |
- |
|
|
|
At 31 October 2017 |
- |
|
|
|
Included within the net book value of land and buildings above is £Nil (2017 - £Nil) in respect of freehold land and buildings.
Debtors |
2018 |
2017 |
|
Trade debtors |
|
|
Other debtors |
|
|
Total current trade and other debtors |
|
|
Page 6 |
Art World Limited
Notes to the Financial Statements for the Year Ended 31 October 2018
Creditors |
Note |
2018 |
2017 |
|
Due within one year |
|||
Trade creditors |
|
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
Loans and borrowings |
2018 |
2017 |
|
Non-current loans and borrowings |
||
Other borrowings |
|
|
Transition to FRS 102 |
There were no changes to the previously stated equity or in the profit for the year ended 31 October 2016 as a result of the transition to FRS102.
Page 7 |