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REGISTERED NUMBER: 02024206 (England and Wales)















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: A R Tollworthy





SECRETARY: A R Tollworthy





REGISTERED OFFICE: 235 The Broadway
Wimbledon
London
SW19 1SD





REGISTERED NUMBER: 02024206 (England and Wales)





ACCOUNTANTS: Optima Financial Solutions Group Limited
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 5 574,640 585,922
Investments 6 - -
574,640 585,922

CURRENT ASSETS
Debtors 7 10,240 14,314
Cash at bank and in hand 309,095 317,488
319,335 331,802
CREDITORS
Amounts falling due within one year 8 232,078 235,865
NET CURRENT ASSETS 87,257 95,937
TOTAL ASSETS LESS CURRENT
LIABILITIES

661,897

681,859

PROVISIONS FOR LIABILITIES 202,631 219,051
NET ASSETS 459,266 462,808

CAPITAL AND RESERVES
Called up share capital 9 15,000 15,000
Revaluation reserve 10 343,185 343,185
Retained earnings 101,081 104,623
SHAREHOLDERS' FUNDS 459,266 462,808

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

Art Holdings Limited (Registered number: 02024206)

Balance Sheet - continued
30 September 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 7 February 2024 and were signed by:





A R Tollworthy - Director


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 private company, limited by shares , registered in England and Wales. 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 as modified by the revaluation of certain assets.

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 10 (2022 - 9 ) .

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 128,176
AMORTISATION
At 1 October 2022
and 30 September 2023 128,176
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 555,000 1,049 119,237
DEPRECIATION
At 1 October 2022 - 43 119,237
Charge for year - 262 -
At 30 September 2023 - 305 119,237
NET BOOK VALUE
At 30 September 2023 555,000 744 -
At 30 September 2022 555,000 1,006 -

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 38,595 244,656 958,537
DEPRECIATION
At 1 October 2022 10,252 243,083 372,615
Charge for year 9,447 1,573 11,282
At 30 September 2023 19,699 244,656 383,897
NET BOOK VALUE
At 30 September 2023 18,896 - 574,640
At 30 September 2022 28,343 1,573 585,922

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 10,240 14,314

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Bank loans and overdrafts 29,261 39,687
Payments on account 22,848 21,053
Trade creditors 64,146 77,191
Taxation and social security 18,315 12,374
Other creditors 97,508 85,560
232,078 235,865

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: £    £   
10,000 Ordinary £1 shares £1 15,000 15,000

.

10. RESERVES
Revaluation
reserve
£   
At 1 October 2022
and 30 September 2023 343,185

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.