The Abstract Art Store Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 05496208

Abbreviated Unaudited Accounts

for the Year Ended 30 June 2016

for

The Abstract Art Store Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

Mr A Watt

Mrs A Watt

SECRETARY:

Mrs A Watt

REGISTERED OFFICE:

S2 The Innovation Centre

Queen Meadow Business Park

Hartlepool

Cleveland

TS25 5TG

REGISTERED NUMBER:

05496208

FIXED ASSETS

Tangible assets

2

119

159

CURRENT ASSETS

Stocks

675

Debtors

900

-

Cash at bank and in hand

-

2,473

1,575

3,148

CREDITORS

Amounts falling due within one year

1,560

1,377

NET CURRENT ASSETS

15

1,771

TOTAL ASSETS LESS CURRENT
LIABILITIES

134

1,930

CAPITAL AND RESERVES

Called up share capital

3

100

Profit and loss account

34

1,830

SHAREHOLDERS' FUNDS

134

1,930

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2016 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 31 March 2017 and were signed on its behalf by:

Mr A Watt - 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.

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

-

15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2015

and 30 June 2016

2,444

DEPRECIATION

At 1 July 2015

2,285

Charge for year

40

At 30 June 2016

2,325

NET BOOK VALUE

At 30 June 2016

119

At 30 June 2015

159

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.16

30.6.15

value:

£

100

Ordinary

£1

100