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COMPANY REGISTRATION NUMBER 06070776
MUMMERY + SCHNELLE LIMITED
UNAUDITED FINANCIAL STATEMENTS
31 December 2015
SLAVEN JEFFCOTE LLP
Chartered Certified Accountants
1 Lumley Street
Mayfair
London
W1K 6TT
MUMMERY + SCHNELLE LIMITED
DIRECTORS' REPORT
PEROID FROM 1 SEPTEMBER 2014 TO 31 DECEMBER 2015
The directors present their report and the unaudited financial statements of the company for the peroid from 1 September 2014 to 31 December 2015.
PRINCIPAL ACTIVITIES AND BUSINESS REVIEW
The principal activity of the company during the period was dealers in works of fine art.
During the period under review, the director made the decision to wind down the activities of the Company and as such the accounts for the period have been prepared taking this into consideration.
DIRECTORS
The directors who served the company during the peroid were as follows:
A Mummery
W Schnelle
SMALL COMPANY PROVISIONS
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
Registered office: Signed by order of the directors
1 Lumley Street
Mayfair
London
W1K 6TT
JD Secretariat Limited
Company Secretary
Approved by the directors on 29 September 2016
MUMMERY + SCHNELLE LIMITED
CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD
OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED
STATUTORY ACCOUNTS OF MUMMERY + SCHNELLE LIMITED
PEROID FROM 1 SEPTEMBER 2014 TO 31 DECEMBER 2015
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Mummery + Schnelle Limited for the peroid ended 31 December 2015 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made solely to the Board of Directors of Mummery + Schnelle Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Mummery + Schnelle Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mummery + Schnelle Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Mummery + Schnelle Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Mummery + Schnelle Limited. You consider that Mummery + Schnelle Limited is exempt from the statutory audit requirement for the peroid.
We have not been instructed to carry out an audit or a review of the accounts of Mummery + Schnelle 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 accounts.
SLAVEN JEFFCOTE LLP Chartered Certified Accountants
1 Lumley Street Mayfair London W1K 6TT
29 September 2016
MUMMERY + SCHNELLE LIMITED
PROFIT AND LOSS ACCOUNT
PEROID FROM 1 SEPTEMBER 2014 TO 31 DECEMBER 2015
Period from
1 Sep 14 to
Year to
31 Dec 15
31 Aug 14
Note
£
£
TURNOVER
304,076
231,243
Cost of sales
183,074
74,816
---------
---------
GROSS PROFIT
121,002
156,427
Administrative expenses
93,484
167,335
---------
---------
OPERATING PROFIT/(LOSS)
3
27,518
( 10,908)
Interest receivable
7
2
Interest payable and similar charges
( 530)
( 1,797)
--------
--------
PROFIT/(LOSS) ON ORDINARY ACTIVITIES BEFORE TAXATION
26,995
( 12,703)
Tax on profit/(loss) on ordinary activities
--------
--------
PROFIT/(LOSS) FOR THE FINANCIAL PEROID
26,995
( 12,703)
--------
--------
MUMMERY + SCHNELLE LIMITED
BALANCE SHEET
31 December 2015
31 Dec 15
31 Aug 14
Note
£
£
£
FIXED ASSETS
Tangible assets
4
842
----
----
CURRENT ASSETS
Stocks
9,090
Debtors
5
11,916
7,674
Cash at bank and in hand
658
1,086
--------
--------
12,574
17,850
CREDITORS: Amounts falling due within one year
6
95,694
128,807
--------
---------
NET CURRENT LIABILITIES
( 83,120)
( 110,957)
--------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 83,120)
( 110,115)
CREDITORS: Amounts falling due after more than one year
7
600
600
--------
---------
( 83,720)
( 110,715)
--------
---------
CAPITAL AND RESERVES
Called up equity share capital
10
50,000
50,000
Share premium account
11
105,000
105,000
Profit and loss account
12
( 238,720)
( 265,715)
---------
---------
DEFICIT
( 83,720)
( 110,715)
---------
---------
For the peroid from 1 September 2014 to 31 December 2015 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 accounts for the peroid in question in accordance with section 476; and
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and with the Financial Reporting Standard for Smaller Entities (effective April 2008).
These accounts were approved by the directors and authorised for issue on 29 September 2016 , and are signed on their behalf by:
A Mummery
Company Registration Number: 06070776
MUMMERY + SCHNELLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
PEROID FROM 1 SEPTEMBER 2014 TO 31 DECEMBER 2015
1. ACCOUNTING POLICIES
Basis of accounting
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). The Company is winding down its activities and will cease trading, therefore the accounts have been prepared taking this into consideration and assets and liabilities have been written down respectively.
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the peroid, exclusive of Value Added Tax.
Fixed assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings-5 year straight line
Equipment-3 year straight line
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
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 the transaction. Exchange differences are taken into account in arriving at the operating profit.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
2.
3. OPERATING PROFIT/(LOSS)
Operating profit/(loss) is stated after charging:
Period from
1 Sep 14 to
Year to
31 Dec 15
31 Aug 14
£
£
Directors' remuneration
1,600
21,362
Depreciation of owned fixed assets
1,004
Loss on disposal of fixed assets
842
Net loss on foreign currency translation
1,417
-------
--------
4. TANGIBLE ASSETS
Fixtures & Fittings
Equipment
Total
£
£
£
COST
At 1 September 2014
70,417
7,471
77,888
Disposals
( 70,417)
( 7,471)
( 77,888)
--------
-------
--------
At 31 December 2015
--------
-------
--------
DEPRECIATION
At 1 September 2014
69,994
7,052
77,046
On disposals
( 69,994)
( 7,052)
( 77,046)
--------
-------
--------
At 31 December 2015
--------
-------
--------
NET BOOK VALUE
At 31 December 2015
----
----
----
At 31 August 2014
423
419
842
----
----
----
5. DEBTORS
31 Dec 15
31 Aug 14
£
£
Trade debtors
10,916
6,674
W Schnelle
1,000
1,000
--------
-------
11,916
7,674
--------
-------
The Following Directors had over drawn loan accounts during the year: W Schnelle Balance as at 1 September 2014 1,000 Max during the year 1,000 Balance as at 31 December 2015 1,000 No interest was charged on the above loan during the year. Included in trade debtors at the balance sheet date is an amount of £10,908 (2014 -£5,160) due from the director, A Mummery .
6. CREDITORS: Amounts falling due within one year
31 Dec 15
31 Aug 14
£
£
Overdrafts
31
Trade creditors
70,279
84,723
Other taxation and social security
1,855
3,426
Other creditors
23,529
40,658
--------
---------
95,694
128,807
--------
---------
Included in trade creditors is an amount of nil (2014 - £3,621) due to the director A Mummery . Included in other creditors is an amount of £14,669 (2014 - £28,069) which is due to the director A Mummery in respect of his loan to the Company. The loan is repayable on demand and interest is charged on the loan at 2% above the Bank of England base rate. Interest is accrued for and recognised as a charge in the Company's profit and loss account for the year.
7. CREDITORS: Amounts falling due after more than one year
31 Dec 15
31 Aug 14
£
£
Other creditors
600
600
----
----
8. COMMITMENTS UNDER OPERATING LEASES
At 31 December 2015 the company had aggregate annual commitments under non-cancellable operating leases as set out below.
31 Dec 15
31 Aug 14
£
£
Operating leases which expire:
Within 2 to 5 years
-
40,000
----
--------
9. RELATED PARTY TRANSACTIONS
In the opinions of the directors, there was no single controlling party during the year. During the year under review the Company was charged £433 (2014 - £637) in respect of interest due on the loan from the director , A Mummery . This amount is included in the Company's profit and loss accounts for the year.
10. SHARE CAPITAL
Authorised share capital:
31 Dec 15
31 Aug 14
£
£
500,000 Ordinary shares of £ 1 each
500,000
500,000
---------
---------
Allotted, called up and fully paid:
31 Dec 15 31 Aug 14
No.
£
No.
£
Ordinary shares of £ 1 each
50,000
50,000
50,000
50,000
--------
--------
--------
--------
11. SHARE PREMIUM ACCOUNT
There was no movement on the share premium account during the financial peroid.
12. PROFIT AND LOSS ACCOUNT
Period from
1 Sep 14 to
Year to
31 Dec 15
31 Aug 14
£
£
Balance brought forward
( 265,715)
( 253,012)
Profit/(loss) for the financial peroid
26,995
( 12,703)
---------
---------
Balance carried forward
( 238,720)
( 265,715)
---------
---------
MUMMERY + SCHNELLE LIMITED
MANAGEMENT INFORMATION
PEROID FROM 1 SEPTEMBER 2014 TO 31 DECEMBER 2015
The following pages do not form part of the statutory financial statements .
MUMMERY + SCHNELLE LIMITED
DETAILED PROFIT AND LOSS ACCOUNT
PEROID FROM 1 SEPTEMBER 2014 TO 31 DECEMBER 2015
Period from
1 Sep 14 to
Year to
31 Dec 15
31 Aug 14
£
£
£
TURNOVER
304,076
231,243
COST OF SALES
Opening stock - finished goods
9,090
14,263
Payments to Artists
166,198
57,927
Sales commissions
6,998
Production costs
788
11,716
---------
--------
183,074
83,906
Closing stock - finished goods
(9,090)
---------
--------
183,074
74,816
---------
---------
GROSS PROFIT
121,002
156,427
---------
---------
OVERHEADS
Administrative expenses
93,484
167,335
--------
---------
OPERATING PROFIT/(LOSS)
27,518
( 10,908)
Bank interest receivable
7
2
--------
--------
27,525
(10,906)
Interest payable
(530)
(1,797)
--------
--------
PROFIT/(LOSS) ON ORDINARY ACTIVITIES
26,995
( 12,703)
--------
--------
NOTES:
ADMINISTRATIVE EXPENSES
Personnel costs
Directors salaries
1,600
21,362
Directors national insurance contributions
2,109
-------
--------
1,600
23,471
--------
Establishment expenses
Rent
13,333
46,500
Rates and water etc
321
2,179
Storage and carriage costs
8,844
1,195
Insurance
11,259
6,330
Repairs and maintenance
196
991
--------
--------
33,953
57,195
--------
General expenses
Travel and subsistence
4,621
6,594
Telephone
3,578
2,939
Books and catalogues
6,236
Printing, stationery and postage
69
531
Photographs, framing & mounting
29,481
12,252
Sundry expenses
170
16
Artfairs
203
33,465
Advertising and promotions
1,360
1,091
Entertaining
688
3,489
Legal and professional fees
7,345
16,306
Accountancy fees
1,750
900
Depreciation
1,004
Loss on disposal of fixed assets
842
--------
--------
50,107
84,823
--------
Financial costs
Bad debts written off
6,095
Bank charges
1,729
429
Foreign currency gains/losses
1,417
-------
-------
7,824
1,846
--------
---------
93,484
167,335
--------
---------
INTEREST RECEIVABLE
Bank interest receivable
7
2
----
----
INTEREST PAYABLE
Bank interest payable
97
1,160
Interest on other loans
433
637
----
-------
530
1,797
----
-------