REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 September 2023 |
for |
Art Holdings Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 September 2023 |
for |
Art Holdings Limited |
Art Holdings Limited (Registered number: 02024206) |
Contents of the Financial Statements |
for the Year Ended 30 September 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Art Holdings Limited |
Company Information |
for the Year Ended 30 September 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Calcutt Court |
Calcutt |
Swindon |
Wiltshire |
SN66JR |
Art Holdings Limited (Registered number: 02024206) |
Balance Sheet |
30 September 2023 |
30.9.23 | 30.9.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Revaluation reserve | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Art Holdings Limited (Registered number: 02024206) |
Balance Sheet - continued |
30 September 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Art Holdings Limited (Registered number: 02024206) |
Notes to the Financial Statements |
for the Year Ended 30 September 2023 |
1. | STATUTORY INFORMATION |
Art Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover comprises brokerage commission and administration charges receivable, net of provision for rebates which were due in respect of indemnified premiums. Commission is recognised as income when received or when insurance premium debit notes are raised, whichever is the earlier. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 2005, was amortised over its estimated useful life of four years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. |
Freehold land and buildings - not provided |
Fixtures and Fittings - 25% on cost |
Computer equipment - 25 % on cost |
Tangible fixed assets are included at cost less depreciation, with the exception of freehold property which is held under the revaluation model. |
FRS 102 expects revaluations to be performed with sufficient regularity such that the carrying amount |
does not differ materially from the fair value at the balance sheet date.To achieve this freehold property is subject to a full valuation every 5 years with an interim valuation carried out in the third year of this cycle. |
Dates of property valuations are set out in note 6 of these accounts. |
The profit or loss on disposal of revalued properties is calculated by reference to net book value and any realised revaluation surplus is transferred to the profit and loss account through reserves. |
Art Holdings Limited (Registered number: 02024206) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Indemnity commission income |
Indemnity commission is recognised as income at the time of issue of the relevant debit note. At each year end an assessment is made, based upon past trends, of the extent to which the commission may still be clawed back by the insurer for policies written in the year. A provision is made for the potential commission claw back at the year end based upon that assessment. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Art Holdings Limited (Registered number: 02024206) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 October 2022 |
and 30 September 2023 |
AMORTISATION |
At 1 October 2022 |
and 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST OR VALUATION |
At 1 October 2022 |
and 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
Art Holdings Limited (Registered number: 02024206) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
5. | TANGIBLE FIXED ASSETS - continued |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 October 2022 |
and 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
Included in cost or valuation of land and buildings is freehold land of £ 161,752 (2022 - £ 161,752 ) which is not depreciated. |
Cost or valuation at 30 September 2023 is represented by: |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
Valuation in 2002 | 213,185 | - | - |
Valuation in 2004 | 75,000 | - | - |
Valuation in 2009 | 55,000 | - | - |
Cost | 211,815 | 1,049 | 119,237 |
555,000 | 1,049 | 119,237 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
Valuation in 2002 | - | - | 213,185 |
Valuation in 2004 | - | - | 75,000 |
Valuation in 2009 | - | - | 55,000 |
Cost | 38,595 | 244,656 | 615,352 |
38,595 | 244,656 | 958,537 |
Art Holdings Limited (Registered number: 02024206) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
5. | TANGIBLE FIXED ASSETS - continued |
If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
30.9.23 | 30.9.22 |
£ | £ |
Cost | 211,815 | 211,815 |
Aggregate depreciation | 50,063 | 50,063 |
Value of land in freehold land and buildings | 161,752 | 161,752 |
Freehold land and buildings were valued on an open market basis on 16 November 2009 by Nigel Simpson Associates . |
6. | FIXED ASSET INVESTMENTS |
The company's investments at the balance sheet date in the share capital of companies including the following: |
Entraplan Limited |
Nature of business: Buying and selling of own real estate |
% |
Class of shares: | holding |
Ordinary | 100.00 |
30.09.22 | 30.09.21 |
£ | £ |
Aggregate capital and reserves | 2,882 | (12,584 | ) |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.23 | 30.9.22 |
£ | £ |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.23 | 30.9.22 |
£ | £ |
Bank loans and overdrafts |
Payments on account |
Trade creditors |
Taxation and social security |
Other creditors |
Art Holdings Limited (Registered number: 02024206) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2023 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.9.23 | 30.9.22 |
value: | £ | £ |
Ordinary £1 shares | £1 | 15,000 | 15,000 |
. |
10. | RESERVES |
Revaluation |
reserve |
£ |
At 1 October 2022 |
and 30 September 2023 |
11. | RELATED PARTY DISCLOSURES |
The company is controlled by A R Tollworthy, a director of the company, who together with his wife, owns 75% of the company's issued share capital. |
During the year A R Tollworthy - director, and D Dixon-Smith - shareholder, have loaned money to the company. At the year end the balance owed to A R Tollworthy was £2,003 (2022 - £9,435 owed by ) and to D Dixon-Smith was £46,935 (2022 - £46,426). |
The director and shareholder have both issued the following personal guarantees against the company's bank borrowings: |
A R Tollworthy - dated 31 March 1995 | £50,000 |
D Dixon-Smith - dated 28 June 1999 | £12,500 |
12. | FREEHOLD PROPERTY HELD IN TRUST |
The company's freehold property situated at 235 The Broadway, Wimbledon is held on trust by its subsidiary company, Entraplan Limited. The property is reflected in the balance sheet of Art Holdings Limited. |