Lawrence Fine Art Auctioneers Limited - Period Ending 2014-08-31

Registration number: 02734034

Lawrence Fine Art Auctioneers Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 August 2014
 

Lawrence Fine Art Auctioneers Limited
Contents

Page

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Lawrence Fine Art Auctioneers Limited
(Registration number: 02734034)
Abbreviated Balance Sheet at 31 August 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					307,160			326,796
Current assets
Debtors					160,889			125,124
Cash at bank and in hand					656,031			662,756
					816,920			787,880
Creditors: Amounts falling due within one year					(342,758)			(350,081)
Net current assets					474,162			437,799
Net assets					781,322			764,595
Capital and reserves
Called up share capital		3			276,000			276,000
Capital redemption reserve					69,000			69,000
Profit and loss account					436,322			419,595
Shareholders' funds					781,322			764,595

For the year ending 31 August 2014 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.

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

Approved by the Board on 6 March 2015 and signed on its behalf by:

H I Carless Director

Page 1

Lawrence Fine Art Auctioneers Limited
Notes to the Abbreviated Accounts
For the Year Ended 31 August 2014

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover is the total amount, excluding value added tax, receivable by the company in respect of commissions and fees charged in relation to auctions. Turnover is recognised at point of sale.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Land and buildings Leasehold	Over the period of the lease (99 years)
Computer equipment	25% straight line
Fixtures, fittings and equipment	20% straight line
Motor vehicles	25% straight line

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Page 2

Lawrence Fine Art Auctioneers Limited
Notes to the Abbreviated Accounts
For the Year Ended 31 August 2014

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 September 2013		602,449			602,449
Additions		31,315			31,315
Disposals		(22,555)			(22,555)
At 31 August 2014		611,209			611,209
Depreciation
At 1 September 2013		275,653			275,653
Charge for the year		50,951			50,951
Eliminated on disposals		(22,555)			(22,555)
At 31 August 2014		304,049			304,049
Net book value
At 31 August 2014		307,160			307,160
At 31 August 2013		326,796			326,796

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		276,000			276,000			276,000			276,000

4	Related party transactions

Directors' advances and credits

	2014 Advance/ Credit £	2014 Repaid £	2013 Advance/ Credit £	2013 Repaid £
H I Carless
Interest bearing loan account	-	-	-	18,706

Page 3