Registered number
06826179
Rhodes Antique Fine Art Limited
Filleted Accounts
28 February 2023
Rhodes Antique Fine Art Limited
Registered number: 06826179
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 760 952
Current assets
Stocks 225,734 424,827
Debtors 5 326,705 421,975
Investments held as current assets 6 47,000 -
Cash at bank and in hand 321 133,662
599,760 980,464
Creditors: amounts falling due within one year 7 (652,181) (1,021,323)
Net current liabilities (52,421) (40,859)
Total assets less current liabilities (51,661) (39,907)
Creditors: amounts falling due after more than one year 8 (22,500) (32,500)
Net liabilities (74,161) (72,407)
Capital and reserves
Called up share capital 100 100
Profit and loss account (74,261) (72,507)
Shareholder's funds (74,161) (72,407)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr NJ Rhodes
Director
Approved by the board on 23 October 2023
Rhodes Antique Fine Art Limited
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% on a reducing balance.
Fixtures, fittings, tools and equipment 25% and 10% on a reducing balance.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 4
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2022 45,700
At 28 February 2023 45,700
Amortisation
At 1 March 2022 45,700
At 28 February 2023 45,700
Net book value
At 28 February 2023 -
Goodwill has been written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2022 2,002
Additions 1,013
At 28 February 2023 3,015
Depreciation
At 1 March 2022 1,050
Charge for the year 1,205
At 28 February 2023 2,255
Net book value
At 28 February 2023 760
At 28 February 2022 952
5 Debtors 2023 2022
£ £
Trade debtors 432 70,000
Director's loan 292,793 323,445
Other debtors 33,480 28,530
326,705 421,975
6 Investments held as current assets 2023 2022
£ £
Fair value
Unlisted investments 47,000 -
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 31,734 10,000
Trade creditors 186,593 691,977
Taxation and social security costs 426,564 309,416
Other creditors 7,290 9,930
652,181 1,021,323
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 22,500 32,500
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr NJ Rhodes
Director's loan (included in note 5) 323,445 421,764 (452,416) 292,793
323,445 421,764 (452,416) 292,793
10 Related party transactions
Related party transactions are as per the director's loan detailed above. The director also confirms that the company still operates as a going concern supported by himself.
11 Controlling party
The ultimate controlling party is Mr NJ Rhodes who owns and controls 100% of the Ordinary shares in the company.
12 Other information
Rhodes Antique Fine Art Limited is a private company limited by shares and incorporated in England. Its registered office is:
c/o Broughton Lambert
Boundary Enterprise Park, Boundary Lane
South Hykeham
Lincoln
LN6 9NQ
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