Art Discovery Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 07299752

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2015

FOR

ART DISCOVERY LIMITED

T/A

ARTFINDER

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

J Almgreen

T K Ojjeh

A G T Heath

L Y B Therezien

F Boehnke

M Szczesny

REGISTERED OFFICE:

90 Long Acre

Covent Garden

London

WC2E 9RZ

REGISTERED NUMBER:

07299752

ACCOUNTANTS:

Horizon Accounts Limited

Chartered Management Accountants

Stapleton House,

Block A, 2nd Floor,

110 Clifton Street

London

EC2A 4HT

FIXED ASSETS

Intangible assets

2

1,745

1,558

Tangible assets

3

14,641

4,214

16,386

5,772

CURRENT ASSETS

Debtors

62,327

30,104

Cash at bank

759,209

285,611

821,536

315,715

CREDITORS

Amounts falling due within one year

430,870

319,186

NET CURRENT ASSETS/(LIABILITIES)

390,666

(3,471

)

TOTAL ASSETS LESS CURRENT LIABILITIES

407,052

2,301

CAPITAL AND RESERVES

Called up share capital

4

14,013

9,938

Share premium

6,565,160

5,202,384

Profit and loss account

(6,172,121

)

(5,210,021

)

SHAREHOLDERS' FUNDS

407,052

2,301

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2015 in accordance with Section 476 of the Companies Act 2006.

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.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 29 September 2016 and were signed on its behalf by:

J Almgreen - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Other Income

Other income represents office space subletting income received in the period.

Intangible fixed assets

Amortisation is provided on intangible fixed assets so as to wrote off the cost, less any estimated residual value

over their expected useful economic life. Where the directors consider that there has been a permanent

impairment in value the asset is written off to its realisable value in the year of impairment.

Trademark - 20% on straight line

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% straight line

Computer equipment

-

33.33% on straight line

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Going concern

The financial statements have been prepared on the going concern basis. The company incurred losses during the

year, however the directors are confident that the performance of the company will be reversed in the near future.

Furthermore, the directors and investors undertake the continue to support the company so that it may meet its

obligations, if and when they become due. It is on this basis that the directors are of the opinion that they should

continue to prepare the financial statements on the going concern basis.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2015

1,744

Additions

666

At 31 December 2015

2,410

AMORTISATION

At 1 January 2015

186

Amortisation for year

479

At 31 December 2015

665

NET BOOK VALUE

At 31 December 2015

1,745

At 31 December 2014

1,558

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2015

38,032

Additions

14,612

At 31 December 2015

52,644

DEPRECIATION

At 1 January 2015

33,818

Charge for year

4,185

At 31 December 2015

38,003

NET BOOK VALUE

At 31 December 2015

14,641

At 31 December 2014

4,214

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.15

31.12.14

value:

as restated

£

£

315,394

Ordinary

£0.00

1

315

315

13,697,370

C Preference

£0.00

1

13,698

9,623

14,013

9,938

On 30 August 2015 the company issued 4,074,964 £0.001 C Preference shares for a total consideration of

£1,378,968.