REGISTERED NUMBER: 02762230 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2017

FOR

A B FINE ART FOUNDRY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

6

DIRECTORS:

H M Abercrombie

D G Abercrombie

J Hughes

SECRETARY:

D G Abercrombie

REGISTERED OFFICE:

Harben House

Harben Parade

Finchley Road

LONDON

NW3 6LH

REGISTERED NUMBER:

02762230 (England and Wales)

ACCOUNTANTS:

KBSP Partners LLP

Chartered Accountants

Harben House

Harben Parade

Finchley Road

LONDON

NW3 6LH

FIXED ASSETS

Tangible assets

4

220,932

228,155

CURRENT ASSETS

Stocks

178,854

170,014

Debtors

5

220,162

264,316

Cash at bank and in hand

652,004

410,295

1,051,020

844,625

CREDITORS

Amounts falling due within one year

6

242,676

204,698

NET CURRENT ASSETS

808,344

639,927

TOTAL ASSETS LESS CURRENT LIABILITIES

1,029,276

868,082

CAPITAL AND RESERVES

Called up share capital

684

764

Retained earnings

1,028,592

867,318

SHAREHOLDERS' FUNDS

1,029,276

868,082

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 5 March 2018 and were signed on its behalf by:

H M Abercrombie - Director

D G Abercrombie - Director

J Hughes - Director

1.	STATUTORY INFORMATION

A B Fine Art Foundry 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.

Tangible fixed assets

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

Land and buildings

-

Straight line over 10 years

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period

for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is

recognised in profit and loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an

enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise

the asset and settle the liability simultaneously.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

Motor

Plant and

leasehold

fittings

vehicles

machinery

Totals

£

£

£

£

£

COST

At 1 November 2016

38,453

47,978

86,977

451,117

624,525

Additions

-

1,795

18,508

23,057

43,360

Disposals

-

-

(16,950

)

-

(16,950

)

At 31 October 2017

38,453

49,773

88,535

474,174

650,935

DEPRECIATION

At 1 November 2016

9,933

31,781

39,048

315,608

396,370

Charge for year

3,845

2,699

12,372

23,785

42,701

Eliminated on disposal

-

-

(9,068

)

-

(9,068

)

At 31 October 2017

13,778

34,480

42,352

339,393

430,003

NET BOOK VALUE

At 31 October 2017

24,675

15,293

46,183

134,781

220,932

At 31 October 2016

28,520

16,197

47,929

135,509

228,155

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

192,696

257,679

Other debtors

27,466

6,637

220,162

264,316

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

49

-

Trade creditors

57,996

30,152

Taxation and social security

169,994

113,345

Other creditors

14,637

61,201

242,676

204,698

Obligations under hire purchase and finance lease contracts are secured on the assets concerned.

7.	RELATED PARTY DISCLOSURES

Included in Rent & services are amounts paid to A&A Properties in the sum of £103,665 (2016: £103,665). This

company is owned by Mr & Mrs Abercrombie.

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only

required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other

primary statements and the Report of the Directors are not required to be filed with the Registrar of

Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of A B Fine Art Foundry Limited for the year ended 31 October 2017 which comprise the Profit and

Loss Account, 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of A B Fine Art Foundry Limited, as a body, in accordance with the terms of our engagement letter dated 24 October 2005. Our work has been undertaken solely to prepare for your approval the financial statements of A B Fine Art Foundry Limited and state those matters that we have agreed to state to the Board of Directors of A B Fine Art Foundry Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than A B Fine Art Foundry Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that A B Fine Art Foundry Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of A B Fine Art Foundry Limited. You consider that A B Fine Art Foundry 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 financial statements of A B Fine Art Foundry 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 statutory financial statements.

KBSP Partners LLP

Chartered Accountants

Harben House

Harben Parade

Finchley Road

LONDON

NW3 6LH

6 March 2018