Company Registration No. 5920532 (England and Wales)
IONA HOUSE GALLERY LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2014
IONA HOUSE GALLERY LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
IONA HOUSE GALLERY LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 SEPTEMBER 2014
30 September 2014
- 1 -
2014
2013
Notes
£
£
£
£
Fixed assets
Tangible assets
2
1
1
Current assets
Stocks
12,870
23,537
Debtors
1,910
3,653
Cash at bank and in hand
60,285
38,097
75,065
65,287
Creditors: amounts falling due within one year
(46,985)
(33,901)
Net current assets
28,080
31,386
Total assets less current liabilities
28,081
31,387
Creditors: amounts falling due after more than one year
(2,273)
(3,409)
25,808
27,978
Capital and reserves
Called up share capital
3
2
2
Profit and loss account
25,806
27,976
Shareholders' funds
25,808
27,978
For the financial year ended 30 September 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board and authorised for issue on 12 June 2015
Diana Zajicek
Director
Company Registration No. 5920532
IONA HOUSE GALLERY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2014
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention.
The company has taken advantage of the exemption in Financial Reporting Standard No 1 from the requirement to produce a cash flow statement on the grounds that it is a small company.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Revenue is recognised as earned when a sale is completed and is net of VAT .
and is net of VAT
.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
20% straight line
1.5
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Stock
Stock is valued at the lower of cost and net realisable value.
1.7
Deferred taxation
Deferred taxation is not provided in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes as such a provision would not be material. This treatment is in accordance with FRS 19 - Deferred Tax.
2
Fixed assets
Tangible assets
£
Cost
At 1 October 2013 & at 30 September 2014
5,202
Depreciation
At 1 October 2013 & at 30 September 2014
5,201
Net book value
At 30 September 2014
1
At 30 September 2013
1
IONA HOUSE GALLERY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2014
- 3 -
3
Share capital
2014
2013
£
£
Allotted, called up and fully paid
2 Ordinary shares of £1 each
2
2