11th Art Limited Small abridged accounts

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STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS

All of the members of 11th Art Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the period ending 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 07383792

11TH ART LIMITED

FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED

31 March 2017

11TH ART LIMITED

ABRIDGED FINANCIAL STATEMENTS

PERIOD FROM 1 AUGUST 2016 TO 31 MARCH 2017

Contents	Page

Officers and Professional Advisers	1

Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements	2

Abridged Statement of Financial Position	3

Notes to the Abridged Financial Statements	5

11TH ART LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

Director	N J Humpish

Registered Office	Lifford Hall
	Lifford Lane
	Kings Norton
	Birmingham
	B30 3JN

Accountants	Langard Lifford Hall Limited
	Accountants and Registered Auditors
	Lifford Hall
	Lifford Lane
	Kings Norton
	Birmingham
	B30 3JN

11TH ART LIMITED

REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF 11TH ART LIMITED

PERIOD FROM 1 AUGUST 2016 TO 31 MARCH 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of 11th Art Limited for the period ended 31 March 2017, which comprise the abridged statement of financial position 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 www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.

Langard Lifford Hall Limited Accountants and Registered Auditors

Lifford Hall Lifford Lane Kings Norton Birmingham B30 3JN

29 November 2017

11TH ART LIMITED

ABRIDGED STATEMENT OF FINANCIAL POSITION

31 March 2017

	31 Mar 17		31 Jul 16
Note	£	£	£	£

Fixed assets

Tangible assets	5		546,627		547,002

Current assets

Debtors	6,013	6,797
Cash at bank and in hand	23,099	12,706
	------------	------------
	29,112	19,503

Creditors: amounts falling due within one year	78,937		55,165
	------------		------------
Net current liabilities		49,825		35,662
		------------		------------
Total assets less current liabilities		496,802		511,340
		------------		------------
Net assets		496,802		511,340
		------------		------------

Capital and reserves

Called up share capital	100	100
Profit and loss account	496,702	511,240
	------------	------------
Shareholders funds	496,802	511,340
	------------	------------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.

For the period ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the period in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

11TH ART LIMITED

ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)

31 March 2017

These abridged financial statements were approved by the board of directors and authorised for issue on 29 November 2017 , and are signed on behalf of the board by:

N J Humpish
Director

Company registration number: 07383792

11TH ART LIMITED

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

PERIOD FROM 1 AUGUST 2016 TO 31 MARCH 2017

1. General Information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lifford Hall, Lifford Lane, Kings Norton, Birmingham, B30 3JN.

2. Statement of Compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting Policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 August 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 7.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

The turnover shown in the profit and loss account represents the realisable value of work undertaken and rents receivable during the year, exclusive of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively .

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures and fittings	-	15% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date .

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee Numbers

The average number of persons employed by the company during the period amounted to 1 (2016: 1 ).

5. Tangible Assets

	£
Cost
At 1 August 2016 and 31 March 2017	549,133
	------------
Depreciation
At 1 August 2016	2,131
Charge for the period	375
	------------
At 31 March 2017	2,506
	------------
Carrying amount
At 31 March 2017	546,627
	------------
At 31 July 2016	547,002
	------------

6. Related Party Transactions

During the period the company invoiced management fees of £88,974 (2016: £91,666) to Hymix Holdings Limited of which N Humpish is also a director.

7. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 August 2015.

No transitional adjustments were required in equity or profit or loss for the year.