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Registered number: 10099640










FINE ART EXCHANGE LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
FINE ART EXCHANGE LTD
REGISTERED NUMBER: 10099640

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
12,234
20,913

  
12,234
20,913

Current assets
  

Stocks
  
38,136
38,219

Debtors: amounts falling due within one year
 5 
51,537
70,493

Cash at bank and in hand
 6 
3,330
3,496

  
93,003
112,208

  

Creditors: amounts falling due within one year
 7 
(67,421)
(68,295)

Net current assets
  
 
 
25,582
 
 
43,913

Total assets less current liabilities
  
37,816
64,826

  

Net assets
  
37,816
64,826


Capital and reserves
  

Called up share capital 
 8 
111
111

Share premium account
 9 
49,989
49,989

Profit and loss account
 9 
(12,284)
14,726

  
37,816
64,826

Page 1

 
FINE ART EXCHANGE LTD
REGISTERED NUMBER: 10099640

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

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 his 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 statement of comprehensive income 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 D Messum
Director
Date: 31 March 2024

The notes on pages 3 to 7 form part of these financial statements.
Page 2

 
FINE ART EXCHANGE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Fine Art Exchange Ltd is a limited liability company domiciled in the UK and incorporated in England and Wales. The address of its registered office is Reading Bridge House, George Street, Reading, Berkshire, RG1 8LS. The principal place of business is Place Farm, Court St, Tisbury, Salisbury. SP3 6LW.

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

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.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Interest income

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

Page 3

 
FINE ART EXCHANGE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

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.

 
2.6

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.

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:

Plant and machinery
-
33%
straight-line method

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.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

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.

 
2.9

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.

Page 4

 
FINE ART EXCHANGE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


4.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 April 2022
30,719



At 31 March 2023

30,719



Depreciation


At 1 April 2022
9,807


Charge for the year on owned assets
8,678



At 31 March 2023

18,485



Net book value



At 31 March 2023
12,234



At 31 March 2022
20,912

Page 5

 
FINE ART EXCHANGE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Debtors

2023
2022
£
£


Trade debtors
28,262
33,477

Amounts owed by related companies
6,705
22,696

Other debtors
11,926
12,054

Prepayments and accrued income
4,644
2,266

51,537
70,493



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
3,330
3,496



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
62,258
66,711

Other taxation and social security
879
-

Other creditors
460
234

Accruals and deferred income
3,824
1,350

67,421
68,295



8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



111 (2022 - 111) Ordinary shares of £1.00 each
111
111



9.


Reserves

Share premium account

Share premium at the year end is £49,989 (2021: £49,989)

Profit and loss account

Profit and loss account comprises accumulated profits less dividends paid.

Page 6

 
FINE ART EXCHANGE LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Related party transactions

At the year end the company was due £6,675 from Messums Wiltshire Limited (2022: £22,666), a company related by common control. 
At the year end the company was owed £30 (2022: £30) by David Messum Fine Art Limited.  David Messum Fine Art Limited is a shareholder and a company controlled by a close family member of the director, J Messum.
At the year end J Messum, owed the Company £1,066 (2022: £nil). The loan is interest free and repayable on demand.


11.


Controlling party

The company is controlled by the director, J Messum by virtue of his majority shareholding.

Page 7