Company Registration No. 07887688 (England and Wales)
Warehouse Arts Limited
Annual report and unaudited financial statements
For the year ended 31 December 2017
Pages for filing with registrar
55 L
oudoun Road
St J
ohn's Wood
Lon
don NW8 0DL
WAREHOUSE ARTS LIMITED
Warehouse Arts Limited
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
WAREHOUSE ARTS LIMITED
Warehouse Arts Limited
BALANCE SHEET
AS AT
31 DECEMBER 2017
31 December 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
912
725
Current assets
Debtors
4
16,660
27,896
Cash at bank and in hand
5,678
10,141
22,338
38,037
Creditors: amounts falling due within one year
5
(7,611)
(6,260)
Net current assets
14,727
31,777
Total assets less current liabilities
15,639
32,502
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
15,638
32,501
Total equity
15,639
32,502
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 27 September 2018
F D Linehan
Director
Company Registration No. 07887688
WAREHOUSE ARTS LIMITED
Warehouse Arts Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 2 -
1
Accounting policies
Company information
Warehouse Arts Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
55 Loudoun Road, St John's Wood, NW8 0DL, London, England.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
1.2
Turnover
Turnover represents amounts receivable for music consultancy services net of VAT.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% straight line basis
2
Taxation
2017
2016
£
£
Current tax
UK corporation tax on profits for the current period
2,080
7,935
Adjustments in respect of prior periods
(28)
-
Total current tax
2,052
7,935
WAREHOUSE ARTS LIMITED
Warehouse Arts Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 3 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2017
3,374
Additions
495
At 31 December 2017
3,869
Depreciation and impairment
At 1 January 2017
2,650
Depreciation charged in the year
307
At 31 December 2017
2,957
Carrying amount
At 31 December 2017
912
At 31 December 2016
725
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Other debtors
16,660
27,896
5
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
2,640
-
Corporation tax
2,080
3,456
Other creditors
2,891
2,804
7,611
6,260
6
Called up share capital
2017
2016
£
£
Ordinary share capital
1 Ordinary share of £1 each
1
1
1
1
WAREHOUSE ARTS LIMITED
Warehouse Arts Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 4 -
7
Related party relationships and transactions
During the year, the company advanced loans of £20,533 to the director and received payments of £31,900 from the director. During the year the company charged interest to the director of £847 on outstanding loan balances. At the year end, the director owed the company £14,067 (2016: £24,587).