Ainscough Contemporary Art Limited - Limited company - abbreviated - 11.6
Ainscough Contemporary Art Limited - Limited company - abbreviated - 11.6
| REGISTERED NUMBER: |
| ABBREVIATED UNAUDITED ACCOUNTS |
| FOR THE YEAR ENDED 31 AUGUST 2014 |
| FOR |
| AINSCOUGH CONTEMPORARY ART LIMITED |
| AINSCOUGH CONTEMPORARY ART LIMITED (REGISTERED NUMBER: 03052231) |
| CONTENTS OF THE ABBREVIATED ACCOUNTS |
| for the Year Ended 31 August 2014 |
| Page |
| Company Information | 1 |
| Abbreviated Balance Sheet | 2 |
| Notes to the Abbreviated Accounts | 4 |
| AINSCOUGH CONTEMPORARY ART LIMITED |
| COMPANY INFORMATION |
| for the Year Ended 31 August 2014 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| BANKERS: |
| AINSCOUGH CONTEMPORARY ART LIMITED (REGISTERED NUMBER: 03052231) |
| ABBREVIATED BALANCE SHEET |
| 31 August 2014 |
| 2014 | 2013 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 2 |
| Investment property | 3 |
| CURRENT ASSETS |
| Stocks |
| Debtors |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 4 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
4 |
83,457 |
96,570 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 5 |
| Revaluation reserve |
| Profit and loss account | ( |
) | ( |
) |
| 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. |
| AINSCOUGH CONTEMPORARY ART LIMITED (REGISTERED NUMBER: 03052231) |
| ABBREVIATED BALANCE SHEET - continued |
| 31 August 2014 |
| The financial statements were approved by the Board of Directors on |
| AINSCOUGH CONTEMPORARY ART LIMITED (REGISTERED NUMBER: 03052231) |
| NOTES TO THE ABBREVIATED ACCOUNTS |
| for the Year Ended 31 August 2014 |
| 1. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The company is dependent on the financial support of the director, Mrs C A Ford. At the balance sheet date the |
| director's current account amounted to £629,355 (2013: £622,447) and would normally be repayable on demand. |
| The director, however, has indicated that she will not demand repayment of the loan during a period of at least |
| one year from the date on which the directors approve the financial statements. The directors have prepared plans |
| and forecasts for the next twelve months and are taking the necessary action to reduce the losses and restore |
| profitability. On this basis, together the willingness of the director to provide further financial support where |
| necessary, the directors consider the company to be a going concern, but inherently, there can be no certainty to |
| these views. |
| Accounting convention |
| The financial statements have been prepared under the historical cost convention as modified by the revaluation |
| of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective April |
| 2008). |
| Turnover |
| Turnover represents the invoice value, excluding value added tax, of goods sold to customers in the year. |
| Tangible fixed assets |
| Freehold property | - |
| Improvements to property | - |
| Office equipment | - |
| Fixtures and fittings | - |
| Investment property |
| In accordance with FRSSE, (i) investment properties and ground and chief rents are revalued annually and the |
| aggregate surplus or deficit is taken to the statement of recognised gains and losses (being a movement on an |
| investment revaluation reserve), unless a deficit (or its reversal) is expected to be permanent, in which case it is |
| charged (or credited) to the profit and loss account, and (ii) no depreciation or amortisation is provided in respect |
| of freehold investment properties and leasehold investment properties with over twenty years to run. The |
| treatment under (ii) above is a departure from the requirement of the Companies Act 2006 which requires that |
| depreciation is charged to write off the value of the investment properties, less any residual value, over the |
| period of the asset's useful economic life. The directors consider that the accounting policy adopted is necessary |
| for the financial statements to give a true and fair view. The annual revaluation is carried out by the directors on |
| an open market basis. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
| moving items. |
| AINSCOUGH CONTEMPORARY ART LIMITED (REGISTERED NUMBER: 03052231) |
| NOTES TO THE ABBREVIATED ACCOUNTS - continued |
| for the Year Ended 31 August 2014 |
| 2. | TANGIBLE FIXED ASSETS |
| Total |
| £ |
| COST |
| At 1 September 2013 |
| and 31 August 2014 |
| DEPRECIATION |
| At 1 September 2013 |
| Charge for year |
| At 31 August 2014 |
| NET BOOK VALUE |
| At 31 August 2014 |
| At 31 August 2013 |
| 3. | INVESTMENT PROPERTY |
| Total |
| £ |
| COST OR VALUATION |
| At 1 September 2013 |
| Revaluations | ( |
) |
| At 31 August 2014 |
| NET BOOK VALUE |
| At 31 August 2014 |
| At 31 August 2013 |
| 4. | CREDITORS |
| Creditors include an amount of £ |
| They also include the following debts falling due in more than five years: |
| 2014 | 2013 |
| £ | £ |
| Repayable by instalments | 30,657 | 43,770 |
| 5. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2014 | 2013 |
| value: | £ | £ |
| Ordinary | £1 |