REGISTERED NUMBER: 09838135 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2017

FOR

MAECENAS FINE ART LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M F Garcia Casil

M Neumann

REGISTERED OFFICE:

10 John Street

London

WC1N 2EB

REGISTERED NUMBER:

09838135 (England and Wales)

ACCOUNTANTS:

Oury Clark Chartered Accountants

Herschel House

58 Herschel Street

Slough

Berkshire

SL1 1PG

CURRENT ASSETS

Debtors

3

1,066,990

1

Cash at bank

95,847

-

1,162,837

1

CREDITORS

Amounts falling due within one year

4

232,035

-

NET CURRENT ASSETS

930,802

1

TOTAL ASSETS LESS CURRENT LIABILITIES

930,802

1

CAPITAL AND RESERVES

Called up share capital

5

1

1

Retained earnings

930,801

-

SHAREHOLDERS' FUNDS

930,802

1

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2017 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 6 August 2018 and were signed on its behalf by:

M Neumann - Director

1.	STATUTORY INFORMATION

Maecenas Fine Art Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Financial instruments

Basic financial instruments as covered by Section 11 of FRS102 are measured at amortised cost. The company

does not have any other financial instruments as covered by Section 12 of FRS102.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

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

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

3.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.17

31.10.16

£

£

Trade debtors

972,223

-

Amounts owed by group undertakings

838

-

Other debtors

93,929

1

1,066,990

1

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.17

31.10.16

£

£

Trade creditors

6,200

-

Taxation and social security

224,235

-

Other creditors & accruals

1,600

-

232,035

-

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.10.17

31.10.16

value:

£

£

1

Ordinary

£1

1

1

On 21 June 2018 47,319 Ordinary A shares of nominal value £1 were issued at par.

On 21 June 2018 2,000 Ordinary B shares of nominal value £1 were issued at par.

6.	ART TOKENS

As at the balance sheet date, 100,000,000 ART tokens were in issue. Of these tokens, Maecenas Fine Art

Limited held 69,707,024.These are the only tokens accepted on the Platform to buy, trade and exchange the art

certificates. The value of these tokens cannot be reliably estimated and as a result these tokens are not reflected

on the balance sheet of the financial statements.

7.	ULTIMATE CONTROLLING PARTY

The controlling party is M F Garcia Casil.