Company registration number 07089314 (England and Wales)
SAWLEY FINE ARTS GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SAWLEY FINE ARTS GROUP LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
SAWLEY FINE ARTS GROUP LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
962,725
962,725
Current assets
-
-
Creditors: amounts falling due within one year
5
(479,308)
(666,308)
Net current liabilities
(479,308)
(666,308)
Net assets
483,417
296,417
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
483,317
296,317
Total equity
483,417
296,417

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 20 February 2024 and are signed on its behalf by:
Mr J W Ashworth
Director
Company registration number 07089314 (England and Wales)
SAWLEY FINE ARTS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 2 -
1
Accounting policies
Company information

Sawley Fine Arts Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Mentor House, Ainsworth Street, Blackburn, Lancashire BB1 6AY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

The company is reliant upon the support of the directortrues and group companies. The financial statements have been prepared on a going concern basis on the assumption that this finance will continue to be made available to the company. At the date of approval of the company's financial statements the directors confirm that they do not intend to withdraw such financial support for the foreseeable future.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

SAWLEY FINE ARTS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
3
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
962,725
962,725
4
Subsidiaries

Details of the company's subsidiaries at 30 September 2023 are as follows:

Name of undertaking
Registered
Class of
% Held
office key
shares held
Direct
Indirect
Sawley Fine Arts Holdings Limited
1 - Below
Ordinary
100.00
-
Sawley Fine Arts Limited
2 - Below
Ordinary
-
100.00
Registered Office addresses:
1
Mentor House, Ainsworth Street, Blackburn, Lancashire, BB1 6AY
2
The Croft, Sawley Road, Grindleton, Clitheroe, Lancashire, BB7 4RT
5
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
138,378
269,257
Other creditors
340,930
397,051
479,308
666,308

Other creditors includes interest free loans granted to the company by the directors of £43,930 (2022: £88,051).

 

Other creditors also includes loan notes payable to two of the directors, Mr & Mrs J Ashworth, as deferred consideration for their shares in Sawley Fine Arts Holdings Limited of £297,000 (2022: £309,000).

 

In accordance with the loan note instrument, interest payable on the £297,000 of loan notes held by Mr & Mrs J Ashworth has been waived.

SAWLEY FINE ARTS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 4 -
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
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