Caseware UK (AP4) 2022.0.179 2022.0.179 2022-11-302022-11-30false2021-12-01The principal activity of the company continued to be that of production and sale of art.22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06868464 2021-12-01 2022-11-30 06868464 2020-12-01 2021-11-30 06868464 2022-11-30 06868464 2021-11-30 06868464 2020-12-01 06868464 1 2021-12-01 2022-11-30 06868464 d:Director1 2021-12-01 2022-11-30 06868464 d:RegisteredOffice 2021-12-01 2022-11-30 06868464 c:PlantMachinery 2021-12-01 2022-11-30 06868464 c:PlantMachinery 2022-11-30 06868464 c:PlantMachinery 2021-11-30 06868464 c:PlantMachinery c:OwnedOrFreeholdAssets 2021-12-01 2022-11-30 06868464 c:MotorVehicles 2021-12-01 2022-11-30 06868464 c:MotorVehicles 2022-11-30 06868464 c:MotorVehicles 2021-11-30 06868464 c:MotorVehicles c:OwnedOrFreeholdAssets 2021-12-01 2022-11-30 06868464 c:OfficeEquipment 2021-12-01 2022-11-30 06868464 c:OfficeEquipment 2022-11-30 06868464 c:OfficeEquipment 2021-11-30 06868464 c:OfficeEquipment c:OwnedOrFreeholdAssets 2021-12-01 2022-11-30 06868464 c:OtherPropertyPlantEquipment 2021-12-01 2022-11-30 06868464 c:OtherPropertyPlantEquipment 2022-11-30 06868464 c:OtherPropertyPlantEquipment 2021-11-30 06868464 c:OtherPropertyPlantEquipment c:OwnedOrFreeholdAssets 2021-12-01 2022-11-30 06868464 c:OwnedOrFreeholdAssets 2021-12-01 2022-11-30 06868464 c:CurrentFinancialInstruments 2022-11-30 06868464 c:CurrentFinancialInstruments 2021-11-30 06868464 c:CurrentFinancialInstruments c:WithinOneYear 2022-11-30 06868464 c:CurrentFinancialInstruments c:WithinOneYear 2021-11-30 06868464 c:ShareCapital 2022-11-30 06868464 c:ShareCapital 2021-11-30 06868464 c:ShareCapital 2020-12-01 06868464 c:RetainedEarningsAccumulatedLosses 2021-12-01 2022-11-30 06868464 c:RetainedEarningsAccumulatedLosses 2022-11-30 06868464 c:RetainedEarningsAccumulatedLosses 2020-12-01 2021-11-30 06868464 c:RetainedEarningsAccumulatedLosses 2021-11-30 06868464 c:RetainedEarningsAccumulatedLosses 2020-12-01 06868464 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-11-30 06868464 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2021-11-30 06868464 d:OrdinaryShareClass1 2021-12-01 2022-11-30 06868464 d:OrdinaryShareClass1 2022-11-30 06868464 d:OrdinaryShareClass1 2021-11-30 06868464 d:FRS102 2021-12-01 2022-11-30 06868464 d:AuditExempt-NoAccountantsReport 2021-12-01 2022-11-30 06868464 d:FullAccounts 2021-12-01 2022-11-30 06868464 d:PrivateLimitedCompanyLtd 2021-12-01 2022-11-30 06868464 c:WithinOneYear 2022-11-30 06868464 c:WithinOneYear 2021-11-30 06868464 c:BetweenOneFiveYears 2022-11-30 06868464 c:BetweenOneFiveYears 2021-11-30 06868464 c:MoreThanFiveYears 2022-11-30 06868464 c:MoreThanFiveYears 2021-11-30 06868464 2 2021-12-01 2022-11-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 06868464









SAVILLE ART LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2022

 
SAVILLE ART LIMITED
 
 
COMPANY INFORMATION


Director
J Saville 




Registered number
06868464



Registered office
Eighth Floor
6 New Street Square

New Fetter Lane

London

EC4A 3AQ




Accountants
Rawlinson & Hunter LLP
Chartered Accountants

Eighth Floor

6 New Street Square

New Fetter Lane

London

EC4A 3AQ





 
SAVILLE ART LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Statement of Changes in Equity
 
3
Notes to the Financial Statements
 
4 - 10

 
SAVILLE ART LIMITED
REGISTERED NUMBER: 06868464

BALANCE SHEET
AS AT 30 NOVEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
257,077
141,971

  
257,077
141,971

Current assets
  

Stocks
  
79,943
99,928

Debtors: amounts falling due within one year
 6 
2,682,765
597,380

Cash at bank and in hand
 7 
3,848,117
15,917,899

  
6,610,825
16,615,207

Creditors: amounts falling due within one year
 8 
(2,123,600)
(3,746,871)

Net current assets
  
 
 
4,487,225
 
 
12,868,336

Total assets less current liabilities
  
4,744,302
13,010,307

  

Net assets
  
4,744,302
13,010,307


Capital and reserves
  

Called up share capital 
 10 
1
1

Profit and loss account
  
4,744,301
13,010,306

  
4,744,302
13,010,307

Page 1

 
SAVILLE ART LIMITED
REGISTERED NUMBER: 06868464
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2022

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 her 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 profit and loss account 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 by: 




J Saville
Director

Date: 14 November 2023

The notes on pages 4 to 10 form part of these financial statements.
Page 2

 
SAVILLE ART LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 December 2020
1
6,362,269
6,362,270



Profit for the year
-
15,204,434
15,204,434

Dividends: Equity capital
-
(8,556,397)
(8,556,397)



At 1 December 2021
1
13,010,306
13,010,307



Profit for the year
-
8,033,391
8,033,391

Dividends: Equity capital
-
(16,299,396)
(16,299,396)


At 30 November 2022
1
4,744,301
4,744,302


The notes on pages 4 to 10 form part of these financial statements.
Page 3

 
SAVILLE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

1.


General information

Saville Art Limited is a private company, limited by shares, incorporated in England and Wales with registration number of 06868464. The registered office is Eighth Floor, 6 New Street Square, New Fetter Lane, London, EC4A 3AQ.

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

Revenue

Turnover from the sales of artworks is recognised when the company has transferred the significant risks and rewards of ownership to the buyer and it is probable that the company or corresponding art gallery will receive the previously agreed payment. These criteria are considered to be met when the goods are delivered to the buyer and full payment has been received.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented separately in the profit or loss.

Page 4

 
SAVILLE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

2.Accounting policies (continued)

 
2.4

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
SAVILLE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Art work
-
No depreciation
Motor vehicles
-
25%
Straight line
Office equipment
-
25%
Straight line
Studio and exhibition equipment
-
25%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks and work in progress are stated at the lower of cost and net realisable value. Costs include all direct costs and an apportionment of costs which relate to projects spanning the balance sheet date which have not yet been completed.


 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Page 6

 
SAVILLE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

2.Accounting policies (continued)

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2021 - 2).


4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Studio and Exhibition Equipment
Total

£
£
£
£
£



Cost or valuation


At 1 December 2021
88,004
66,480
8,311
-
162,795


Additions
124,267
-
1,424
9,815
135,506


Disposals
-
-
(1,189)
-
(1,189)



At 30 November 2022

212,271
66,480
8,546
9,815
297,112



Depreciation


At 1 December 2021
-
16,427
4,397
-
20,824


Charge for the year on owned assets
-
16,620
2,231
1,227
20,078


Disposals
-
-
(867)
-
(867)



At 30 November 2022

-
33,047
5,761
1,227
40,035



Net book value



At 30 November 2022
212,271
33,433
2,785
8,588
257,077



At 30 November 2021
88,004
50,053
3,914
-
141,971

Page 7

 
SAVILLE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

5.


Stocks

2022
2021
£
£

Raw materials and consumables
27,181
33,800

Work in progress
52,762
66,128

79,943
99,928



6.


Debtors

2022
2021
£
£


Trade debtors
2,034,826
-

Other debtors
627,939
597,380

Prepayments and accrued income
20,000
-

2,682,765
597,380



7.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
3,848,117
15,917,899



8.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
16,965
18,664

Corporation tax
1,184,636
1,814,090

Other taxation and social security
1,491
1,451,176

Other creditors
31,411
34,831

Accruals and deferred income
889,097
428,110

2,123,600
3,746,871


Page 8

 
SAVILLE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

9.


Financial instruments

2022
2021
£
£

Financial assets


Financial assets measured at fair value through profit or loss
3,848,117
15,917,899




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

10.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



1 (2021 - 1) Ordinary share of £1.00
1
1



11.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £1,013 (2021 - £1,350). Contributions totalling £197 (2021 - £197) were payable to the fund at the balance sheet date and are included in creditors.


12.


Commitments under operating leases

At 30 November 2022 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2022
2021
£
£


Not later than 1 year
125,000
122,750

Later than 1 year and not later than 5 years
182,417
43,750

Later than 5 years
26,833
-

334,250
166,500

A new 12 year stepped lease, with a 6 year break clause, was signed during the year for £45,000 per annum.

Page 9

 
SAVILLE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

13.


Post balance sheet events

Following the year end two subsidiary entities were incorporated in the United States.  These were incorporated with a view for one to be a sales outlet in the United States for artwork created by the company in the United States, and the other to hold a US property.
 
Page 10