Atlas Masterworks Limited |
|
Report to the directors on the preparation of the unaudited abbreviated accounts of Atlas Masterworks Limited for the year ended 31 July 2016 |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abbreviated accounts of Atlas Masterworks Limited for the year ended 31 July 2016 which comprise of the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us. |
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://rulebook.accaglobal.com/ |
This report is made solely to the Board of Directors of Atlas Masterworks Limited, as a body, in accordance with the terms of our engagement letter dated 0 January 1900. Our work has been undertaken solely to prepare for your approval the accounts of Atlas Masterworks Limited and state those matters that we have agreed to state to the Board of Directors of Atlas Masterworks Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Atlas Masterworks Limited and its Board of Directors as a body for our work or for this report. |
It is your duty to ensure that Atlas Masterworks Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Atlas Masterworks Limited. You consider that Atlas Masterworks Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the accounts of Atlas Masterworks Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the abbreviated accounts. |
|
Ryefield Limited |
Chartered Certified Accountants |
Progress House |
404 Brighton Road |
South Croydon |
Surrey |
CR2 6AN |
|
28 February 2017 |
|
Atlas Masterworks Limited |
Registered number: |
09157247 |
Abbreviated Balance Sheet |
as at 31 July 2016 |
|
Notes |
|
|
2016 |
|
|
2015 |
£ |
£ |
Current assets |
Stocks |
|
|
208,201 |
|
|
131,265 |
Cash at bank and in hand |
|
|
49,750 |
|
|
32,139 |
|
|
|
258,028 |
|
|
163,404 |
|
Creditors: amounts falling due within one year |
|
|
(1,385) |
|
|
(3,436) |
|
Net current assets |
|
|
|
256,643 |
|
|
159,968 |
|
Total assets less current liabilities |
|
|
|
256,643 |
|
|
159,968 |
|
Creditors: amounts falling due after more than one year |
|
|
|
(250,000) |
|
|
(150,000) |
|
|
|
Net assets |
|
|
|
6,643 |
|
|
9,968 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
2 |
|
|
4 |
|
|
4 |
Profit and loss account |
|
|
|
6,639 |
|
|
9,964 |
|
Shareholders' funds |
|
|
|
6,643 |
|
|
9,968 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
|
|
|
N J Michaelides |
Director |
Approved by the board on 28 February 2017 |
|
Atlas Masterworks Limited |
Notes to the Abbreviated Accounts |
for the year ended 31 July 2016 |
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts 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 the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers. |
|
|
Stocks |
|
Stock is valued at the lower of cost and net realisable value. |
|
|
Foreign currencies |
|
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account. |
|
|
2 |
Share capital |
Nominal |
|
2016 |
|
2016 |
|
2015 |
value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
2 |
|
2 |
|
- |
|
A Shares |
£1 each |
|
1 |
|
1 |
|
4 |
|
B shares |
£1 each |
|
1 |
|
1 |
|
- |
|
|
|
|
|
|
4 |
|
4 |
|
|
|
|
|
|
|
|
|
Nominal |
Number |
Amount |
value |
£ |
|
Shares issued during the period: |
|
Ordinary shares |
£1 each |
|
2 |
|
2 |
|
B shares |
£1 each |
|
1 |
|
1 |
|
|
|
|
|
|
3 |
|
|
|
|
|
|
|