Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-28The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.1No description of principal activity2022-03-01false1truetrue 08905302 2022-03-01 2023-02-28 08905302 2021-03-01 2022-02-28 08905302 2023-02-28 08905302 2022-02-28 08905302 c:Director1 2022-03-01 2023-02-28 08905302 d:CurrentFinancialInstruments 2023-02-28 08905302 d:CurrentFinancialInstruments 2022-02-28 08905302 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 08905302 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 08905302 d:ShareCapital 2023-02-28 08905302 d:ShareCapital 2022-02-28 08905302 d:RetainedEarningsAccumulatedLosses 2023-02-28 08905302 d:RetainedEarningsAccumulatedLosses 2022-02-28 08905302 c:OrdinaryShareClass1 2022-03-01 2023-02-28 08905302 c:OrdinaryShareClass1 2023-02-28 08905302 c:OrdinaryShareClass1 2022-02-28 08905302 c:FRS102 2022-03-01 2023-02-28 08905302 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 08905302 c:FullAccounts 2022-03-01 2023-02-28 08905302 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 08905302














ODALISQUE FINE ART LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED  28 FEBRUARY 2023

 
ODALISQUE FINE ART LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1
Notes to the Financial Statements
 
2 - 3


 
ODALISQUE FINE ART LIMITED
REGISTERED NUMBER:08905302

STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

  

Current assets
  

Stocks
 4 
11,108
10,794

Cash at bank and in hand
  
95
714

  
11,203
11,508

  

Creditors: amounts falling due within one year
 5 
(3,574)
(2,565)

  

Net assets
  
7,629
8,943


Capital and reserves
  

Called up share capital 
 6 
100
100

Profit and loss account
  
7,529
8,843

  
7,629
8,943


The Director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 November 2023.



J A G Wijermars
Director

The notes on pages 2 to 3 form part of these financial statements.

Page 1

 
ODALISQUE FINE ART LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Odalisque Fine Art Limited is a limited liability company registered in England and Wales. Its registered office address is at 2nd Floor Connaught House, 1-3 Mount Street, (Entrance via Davies Street), London, W1K 3NB.
The principal activity of the Company during the year was that of the sale of art merchandise.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company made a loss for the year. The Director has obtained assurance from the Shareholder that funds will be made available to the Company so that it will be able to carry on trading and meet its financial obligations as and when they fall due for at least twelve months from the date the accounts are approved. The accounts have been prepared under going concern on this basis.

 
2.3

Turnover

Turnover comprises revenue recognised by the Company in respect of antique goods supplied during the year, exclusive of Value Added Tax.
Revenue is recognised in the period in which goods are sold.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.5

Financial instruments

The Company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand, loans to/from related parties.
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties.
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Page 2

 
ODALISQUE FINE ART LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.6

Foreign currency translation

The Company's functional and presentational currency is £ sterling.
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


4.


Stocks

2023
2022
£
£

Finished goods and goods for resale
11,108
10,794

11,108
10,794



5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other taxation and social security
1,155
1,017

Other creditors
840
-

Accruals and deferred income
1,579
1,548

3,574
2,565



6.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1 each
100
100


 
Page 3