Caseware UK (AP4) 2023.0.135 2023.0.135 2023-03-312023-03-313true2022-04-01falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.Art advisory3true 11153443 2022-04-01 2023-03-31 11153443 2021-04-01 2022-03-31 11153443 2023-03-31 11153443 2022-03-31 11153443 c:Director1 2022-04-01 2023-03-31 11153443 d:OfficeEquipment 2022-04-01 2023-03-31 11153443 d:CurrentFinancialInstruments 2023-03-31 11153443 d:CurrentFinancialInstruments 2022-03-31 11153443 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 11153443 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 11153443 d:ShareCapital 2023-03-31 11153443 d:ShareCapital 2022-03-31 11153443 d:RetainedEarningsAccumulatedLosses 2023-03-31 11153443 d:RetainedEarningsAccumulatedLosses 2022-03-31 11153443 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-03-31 11153443 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-03-31 11153443 c:FRS102 2022-04-01 2023-03-31 11153443 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 11153443 c:FullAccounts 2022-04-01 2023-03-31 11153443 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 11153443 2 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 11153443










HANOVER ART ADVISORY LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
HANOVER ART ADVISORY LIMITED
 

CONTENTS



Page
Statement of financial position
1
Notes to the financial statements
2 - 7


 
HANOVER ART ADVISORY LIMITED
REGISTERED NUMBER:11153443

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

  

Current assets
  

Stocks
 4 
91,711
87,508

Debtors: amounts falling due within one year
 5 
524,353
391,079

Cash at bank and in hand
 6 
231,156
216,931

  
847,220
695,518

Creditors: amounts falling due within one year
 7 
(514,011)
(304,395)

Net current assets
  
 
 
333,209
 
 
391,123

Total assets less current liabilities
  
333,209
391,123

  

Net assets
  
333,209
391,123


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
333,207
391,121

  
333,209
391,123


The directors consider 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 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 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 on 20 March 2024.

Anthony Turlough Meredith Verschoyle
Director

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

Page 1

 
HANOVER ART ADVISORY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Hanover Art Advisory Limited is a private company limited by shares, incorporated in England under company registration number 11153443.
The company's registered office is situated at 222 The Quadrangle, Cambridge Square, London, W2 2PJ.
The company's principal activity is art advisory.

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

Going concern

The financial statements have been prepared on the going concern basis.

 
2.3

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 2

 
HANOVER ART ADVISORY LIMITED
 

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

2.Accounting policies (continued)

 
2.4

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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Interest income

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

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
HANOVER ART ADVISORY LIMITED
 

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

2.Accounting policies (continued)

 
2.8

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 reporting date in the countries where the Company operates and generates income.

 
2.9

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:

Office equipment
-
25%
Straight Line

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.

 
2.10

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 weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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.

 
2.11

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.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
HANOVER ART ADVISORY LIMITED
 

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

2.Accounting policies (continued)

 
2.13

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.

 
2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).


4.


Stocks

2023
2022
£
£

Finished goods and goods for resale
91,711
87,508

91,711
87,508



5.


Debtors

2023
2022
£
£


Trade debtors
224,281
136,664

Other debtors
283,175
253,746

Prepayments and accrued income
16,897
669

524,353
391,079


Page 5

 
HANOVER ART ADVISORY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
231,156
216,931

231,156
216,931



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
153,465
48,519

Corporation tax
19,810
42,647

Other taxation and social security
26,285
16,509

Other creditors
310,451
191,220

Accruals and deferred income
4,000
5,500

514,011
304,395



8.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
231,156
216,931




Financial assets measured at fair value through profit or loss comprise cash & cash equivalents.


9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £773 (2022: £773) Contributions totalling £150 (2022: £150) were payable to the fund at the reporting date and are included in creditors.

Page 6

 
HANOVER ART ADVISORY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Related party transactions

At the balance sheet date, the company owed £84,438 (2022: £45,011) to Antony Vershchoyle, a director.
Terms and conditions of transactions with related parties
Sales and purchases between related parties are made at normal market prices. Outstanding balances with entities are unsecured, interest free and cash settlement is expected within 60 days of invoice. The Company has not provided or benefitted from any guarantees for any related party receivables or payables.


11.


Controlling party

The controlling parties are Anthony Verschoyle & Karim Khan by virtue of their shareholding in the company.


Page 7