Art Alliance Deluxe Ltd - Accounts to registrar (filleted) - small 18.2
Art Alliance Deluxe Ltd - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2019 |
for |
Art Alliance Deluxe Ltd |
Art Alliance Deluxe Ltd (Registered number: 06604008) |
Contents of the Financial Statements |
for the Year Ended 31 December 2019 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Art Alliance Deluxe Ltd |
Company Information |
for the Year Ended 31 December 2019 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
3rd Floor, Fairgate House |
78 New Oxford Street |
London |
WC1A 1HB |
Art Alliance Deluxe Ltd (Registered number: 06604008) |
Balance Sheet |
31 December 2019 |
31.12.19 | 31.12.18 |
Notes | € | € |
CURRENT ASSETS |
Stocks | 4 |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their 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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on were signed on its behalf by: |
Art Alliance Deluxe Ltd (Registered number: 06604008) |
Notes to the Financial Statements |
for the Year Ended 31 December 2019 |
1. | STATUTORY INFORMATION |
Art Alliance Deluxe Ltd is a |
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 |
The company operates as an undisclosed agent in exporting jewellery and other luxury goods. In accordance |
with Financial Reporting Standard 5, these accounts reflect all transactions effected through the company |
including those which are performed on behalf of and in favour of its principal. |
The financial statements are expressed in Euro.which is considered as the functional currency by the directors. |
Turnover |
Turnover represents sales made net of VAT and trade discounts. Turnover is recognised when the goods are |
physically delivered to the customer. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. |
Taxation |
Taxation for the year 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 year 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. |
Foreign currencies |
Monetary assets and liabilities in foreign currencies are translated into Euro at the rates of exchange ruling at |
the balance sheet date. Transactions in foreign currencies are translated into Euro at the rate of exchange |
ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating |
result. |
Art Alliance Deluxe Ltd (Registered number: 06604008) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
The financial statements have been prepared on a going concern basis even though at the balance sheet date |
the company had net current liabilities of €4,034,695 (2018: €4,009,297) and during the year the company |
made a loss of €25,398 (2018: €1,608,966 loss). |
The directors consider the going concern basis to be appropriate due to the fact that the controlling party has |
expressed his willingness to provide financial support for the next 12 months as from the date of approval of |
the financial statements in order for the company to meet its obligations. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2018 - NIL). |
4. | STOCKS |
31.12.19 | 31.12.18 |
€ | € |
Finished goods |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
€ | € |
Trade debtors |
Amount owed by related parties |
Other debtors |
Mihail Prozorov | 222,000 | 222,000 |
VAT |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
€ | € |
Trade creditors | 217,668 | 184,640 |
Other creditors |
Amount owned to related party | 3,700,947 | 3,536,947 |
Directors' loan accounts | 138,119 | 170,923 |
Accruals and deferred income |
Art Alliance Deluxe Ltd (Registered number: 06604008) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
7. | RELATED PARTY DISCLOSURES |
Art Alliance de Luxe (HK) Ltd, The World Diamond Museum, The Indo-Russian Jewellery Foundation, AME |
Creations Limited, AME Creations LLC (American company), Orange River Diamond Limited and Orlandi |
Business Corp are the companies under the common control. |
The following balances are owed by related parties as at 31 December 2019: |
31/12/2019 | 31/12/2018 |
€ | € |
The Indo-Russian Jewellery Foundation | 86,138 | 86,138 |
The World Diamond Museum | 31,739 | 8,753 |
Art Alliance de Luxe (HK) Ltd | 33,078 | 33,078 |
Orange River Diamond Limited | 3,187 | 0 |
Total | 154,141 | 127,969 |
The following balances are owed to related parties as at 31 December 2019: |
31/12/2019 | 31/12/2018 |
€ | € |
AME Creations LLC (American) | 164,000 | 0 |
Orlandi Business Corp | 3,536,947 | 3,536,947 |
Total | 3,700,947 | 3,536,947 |
As at 31 December 2019 the company owed the following balances to its directors: |
31/12/2019 | 31/12/2018 |
€ | € |
A Popov | 18,119 | 50,923 |
I Fishman | 120,000 | 120,000 |
Total | 138,119 | 170,923 |
8. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |