IRIS Accounts Production v23.4.0.336 SC427966 director 1.1.23 31.12.23 31.12.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC4279662022-12-31SC4279662023-12-31SC4279662023-01-012023-12-31SC4279662021-12-31SC4279662022-01-012022-12-31SC4279662022-12-31SC427966ns15:Scotland2023-01-012023-12-31SC427966ns14:PoundSterling2023-01-012023-12-31SC427966ns10:Director12023-01-012023-12-31SC427966ns10:PrivateLimitedCompanyLtd2023-01-012023-12-31SC427966ns10:SmallEntities2023-01-012023-12-31SC427966ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-31SC427966ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-31SC427966ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-31SC427966ns10:FullAccounts2023-01-012023-12-31SC427966ns10:RegisteredOffice2023-01-012023-12-31SC427966ns5:CurrentFinancialInstruments2023-12-31SC427966ns5:CurrentFinancialInstruments2022-12-31SC427966ns5:ShareCapital2023-12-31SC427966ns5:ShareCapital2022-12-31SC427966ns5:RetainedEarningsAccumulatedLosses2023-12-31SC427966ns5:RetainedEarningsAccumulatedLosses2022-12-31SC427966ns5:PlantMachinery2023-01-012023-12-31SC427966ns5:PlantMachinery2022-12-31SC427966ns5:PlantMachinery2023-12-31SC427966ns5:PlantMachinery2022-12-31SC427966ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-31SC427966ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-31SC427966ns5:WithinOneYear2023-12-31SC427966ns5:WithinOneYear2022-12-31SC427966ns5:BetweenOneFiveYears2023-12-31SC427966ns5:BetweenOneFiveYears2022-12-31SC427966ns5:AllPeriods2023-12-31SC427966ns5:AllPeriods2022-12-31
REGISTERED NUMBER: SC427966 (Scotland)




















Fidra Fine Art Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023






Fidra Fine Art Limited (Registered number: SC427966)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Fidra Fine Art Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: A J Rae





REGISTERED OFFICE: The Lighthouse
Heugh Road
North Berwick
East Lothian
EH39 5PX





REGISTERED NUMBER: SC427966 (Scotland)





ACCOUNTANTS: Whitelaw Wells
The Lighthouse
Heugh Road
North Berwick
EH39 5PX

Fidra Fine Art Limited (Registered number: SC427966)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 950 1,493

CURRENT ASSETS
Stocks 36,930 36,300
Debtors 5 3,417 3,886
Cash at bank 38,017 60,053
78,364 100,239
CREDITORS
Amounts falling due within one year 6 19,043 45,507
NET CURRENT ASSETS 59,321 54,732
TOTAL ASSETS LESS CURRENT
LIABILITIES

60,271

56,225

PROVISIONS FOR LIABILITIES 181 284
NET ASSETS 60,090 55,941

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 60,089 55,940
60,090 55,941

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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.

Fidra Fine Art Limited (Registered number: SC427966)

Balance Sheet - continued
31 December 2023


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

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 25 March 2024 and were signed by:





A J Rae - Director


Fidra Fine Art Limited (Registered number: SC427966)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Fidra Fine Art Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the fair value of art sales and commission sales.

Revenue from art sales is recognised when the artwork has been provided and all obligations to the
customers under the agreement have been fulfilled. Revenue from commission is recognised when the artwork has been sold o the customer and the artist has received the amount due to them.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

All loans with related parties are all repayable on demand.

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.


Fidra Fine Art Limited (Registered number: SC427966)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Going concern
The financial statements have been prepared on the going concern principle, which assumes that the company will continue to trade for the foreseeable future. In order to do so the company will require the continued support of the director.

Provisions
Provisions are recognised where the company has a present obligation as a result of a past event, it is probably the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

Fidra Fine Art Limited (Registered number: SC427966)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 17,494
Disposals (5,089 )
At 31 December 2023 12,405
DEPRECIATION
At 1 January 2023 16,001
Charge for year 543
Eliminated on disposal (5,089 )
At 31 December 2023 11,455
NET BOOK VALUE
At 31 December 2023 950
At 31 December 2022 1,493

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 325 960
Other debtors 3,092 2,926
3,417 3,886

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation and social security 4,681 7,729
Other creditors 14,362 37,778
19,043 45,507

Fidra Fine Art Limited (Registered number: SC427966)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 12,000 -
Between one and five years 39,000 -
51,000 -