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REGISTERED NUMBER:
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2016 |
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SAFFRONART (UK) LIMITED |
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REGISTERED NUMBER:
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2016 |
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FOR |
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SAFFRONART (UK) LIMITED |
SAFFRONART (UK) LIMITED (REGISTERED NUMBER: 06088826) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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SAFFRONART (UK) LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Certified Accountants |
9 Mansfield Street |
London |
W1G 9NY |
SAFFRONART (UK) LIMITED (REGISTERED NUMBER: 06088826) |
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BALANCE SHEET |
31 DECEMBER 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
its behalf by: |
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SAFFRONART (UK) LIMITED (REGISTERED NUMBER: 06088826) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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1. | STATUTORY INFORMATION |
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Saffronart (UK) Limited is a
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company's registered number and registered office address can be found on the Company Information |
page. |
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2. | ACCOUNTING POLICIES |
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BASIS OF PREPARING THE FINANCIAL STATEMENTS |
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GOING CONCERN |
As shown on the balance sheet, the company's liabilities exceeded its assets. |
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The company has received confirmation of continued support from its parent company and the |
directors therefore consider it appropriate to continue to prepare the financial statements on a going |
concern basis. |
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TURNOVER |
Turnover consists of the sale of antique artworks to customers and service charge receivable from |
fellow group companies. Revenue on artworks is recognised when the goods are delivered to the |
customer. The service charge receivable is based on a cost plus mark up basis and is an annual |
adjustment. |
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TANGIBLE FIXED ASSETS |
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Land and buildings | - |
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Plant and machinery etc | - |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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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. |
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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. |
SAFFRONART (UK) LIMITED (REGISTERED NUMBER: 06088826) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 January 2016 |
and 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for year |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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5. | DEBTORS |
2016 | 2015 |
£ | £ |
Amounts falling due within one year: |
Other debtors |
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Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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SAFFRONART (UK) LIMITED (REGISTERED NUMBER: 06088826) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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7. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2016 | 2015 |
£ | £ |
Within one year |
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Between one and five years |
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8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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9. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 |
'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related |
party transactions with wholly owned subsidiaries within the group. |
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10. | ULTIMATE CONTROLLING PARTY |
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The company's parent company is Saffronart Management Corporation ("SAM"). SAM's registered |
office is P O Box 3175, Road Town, Tortola, British Virgin Islands and its principal place of business is |
Rue St Leger 8, 1205 Geneva, Switzerland. |
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11. | FIRST YEAR ADOPTION |
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These are the first financial statements that comply with Section 1A of FRS 102. The company |
transitioned to FRS 102 on 1 January 2015. |
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Reconciliation of equity |
No transitional adjustments were required. |
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Reconciliation of profit or loss for the year |
No transitional adjustments were required. |
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The company has adopted FRS 102 for the year ended 31 December 2016 for the first time. No |
restatement of prior year profit under UK GAAP, nor restatement of equity under UK GAAP was |
required. |
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