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REGISTERED NUMBER: 02886610 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023

FOR

THOMAS DANE LIMITED

THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 6

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 19


THOMAS DANE LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023







DIRECTOR: T K S Dane





REGISTERED OFFICE: Church View Chambers
38 Market Square
Toddington
Bedfordshire
LU5 6BS





REGISTERED NUMBER: 02886610 (England and Wales)





AUDITORS: Landers Accountants Ltd
Church View Chambers
38 Market Square
Toddington
Bedfordshire
LU5 6BS

THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610)

GROUP STRATEGIC REPORT
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023

The director presents his strategic report of the company and the group for the period 1 October 2022 to 31 March 2023.

REVIEW OF BUSINESS
The principal activity of the company continued to be that of operating an art gallery, and representing and supporting established and emerging artists.

Thomas Dane Gallery is a contemporary art gallery based out of 3 & 11 Duke Street St. James's, London, England and Via Francesco Crispi 69, Naples, Italy.

Since the pandemic interest in our programme has recovered strongly and we have seen steadily growing sales in London and in Naples. This has been possible through the continued support from the gallery's loyal clientele and their commitment to artists. During this (short) year we have opened six exhibitions including shows by Cecily Brown, Barbara Kasten and Bruce Connor. We were also very happy to open an exhibition curated by Mark Godfrey in the Naples space which included work by gallery and non-gallery artists. This period also saw us do our first show with Jake Grewal, a new artist to our program.

We aim to present a balanced and comprehensive review of the development and performance of the group during the year and the position of the group at the year end. Key financial performance indicators are considered to be gross profit margin and net profit margin before tax. These are as follows: -

Gross Profit Margin Net Profit before tax
% %
2023 21.00 1.34
2022 26.67 25.18
2021 13.14 10.31

Other key indicators are non-financial but are equally important to the culture of the group. The group is focused on developing customer relationships in order to grow market presence and develop new markets. The gallery has developed its distinctive position through a strong commitment to the moving image, a history of introducing important mid-generation artists from abroad to London, the nurturing and development of new talent and a commitment to curatorial experimentation by invited curators.

The climate emergency is one the greatest challenges of our time. The art industry, like other industries, has an important role to play. As a commercial art gallery, we know that art freight, business flights and energy usage are our most carbon intensive areas and therefore our main environmental impact. As a founding member of Gallery Climate Coalition, we pledge to continually examine our operations to become more adaptive, responsible and most importantly aim to reduce our carbon by at least 50% by 2030.


The Naples subsidiary continues to be supported by both Thomas Dane Limited and Dane Chantala Associates Limited as required.

The focus for the future will continue to be on developing the artist programme. The artists represented by the gallery continue to be recognised through exhibitions at other institutions in the UK, Europe, China and the USA.

We consider that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, we continue to adopt the going concern basis in preparing the annual report and accounts.


THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610)

GROUP STRATEGIC REPORT
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The director considers the current economic climate largely attributable to the impact of the effects of war in Ukraine to be the most significant risks faced by the group.

Principal risks are: -
- financial risk
- exchange rate fluctuations
- credit risk


The group has sufficient financial resources and meets its day to day working capital requirements through its cash reserves. With stable longstanding relationships across different geographic areas the group is well placed to manage its business risk successfully despite challenging macro-economic conditions. The group continues to invest in art and artists.

Exchange rate fluctuations - the group is exposed to foreign exchange movements as it purchases and sells art in foreign currencies. Exposure to the risk of fluctuation in exchange rates arises from the groups dealings in Euros, Dollars and Yen. We expect ongoing fluctuations in the coming years but these are mitigated by ongoing monitoring of the foreign exchange currency markets in order to mitigate any effects of adverse movements.

Financial risk - cash flow and bank balances are regularly monitored by the directors to ensure sufficient funds are available to meet working capital requirements in line with our forecasts. The financial risk management operations are managed centrally.

Credit risk - trade debtors are managed in respect of credit and cash flow risk by regular monitoring and open communication.

These prime risk areas are managed and monitored on a regular basis.

ON BEHALF OF THE BOARD:





T K S Dane - Director


27 February 2024

THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610)

REPORT OF THE DIRECTOR
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023

The director presents his report with the financial statements of the company and the group for the period 1 October 2022 to 31 March 2023.

DIVIDENDS
The total distribution of dividends during the period ended 31 March 2023 was £Nil (2022: £450,000).

DIRECTOR
T K S Dane held office during the whole of the period from 1 October 2022 to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE
No political donations were made during the year.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610)

REPORT OF THE DIRECTOR
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023


AUDITORS
The auditors, Landers Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





T K S Dane - Director


27 February 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THOMAS DANE LIMITED

Opinion
We have audited the financial statements of Thomas Dane Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 March 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2023 and of the group's profit for the period then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THOMAS DANE LIMITED


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Results of our enquiries of management about their own identification and assessment of the risks of irregularities;
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
THOMAS DANE LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Robert Brown (Senior Statutory Auditor)
for and on behalf of Landers Accountants Ltd
Church View Chambers
38 Market Square
Toddington
Bedfordshire
LU5 6BS

27 February 2024

THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610)

CONSOLIDATED
INCOME STATEMENT
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023

Period
1.10.22
to Year Ended
31.3.23 30.9.22
Notes £    £   

TURNOVER 14,319,310 22,708,598

Cost of sales 11,311,613 16,652,918
GROSS PROFIT 3,007,697 6,055,680

Administrative expenses 2,771,814 2,998,152
235,883 3,057,528

Other operating income 3 5,168 30,539
OPERATING PROFIT 5 241,051 3,088,067

Interest receivable and similar income 1,329 139
242,380 3,088,206

Interest payable and similar expenses 6 50,330 103,202
PROFIT BEFORE TAXATION 192,050 2,985,004

Tax on profit 7 167,325 637,677
PROFIT FOR THE FINANCIAL
PERIOD

24,725

2,347,327
Profit attributable to:
Owners of the parent (162,284 ) 1,838,427
Non-controlling interests 187,009 508,900
24,725 2,347,327

THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023

Period
1.10.22
to Year Ended
31.3.23 30.9.22
Notes £    £   

PROFIT FOR THE PERIOD 24,725 2,347,327


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE
INCOME FOR THE PERIOD

24,725

2,347,327

Total comprehensive income attributable to:
Owners of the parent (47,784 ) 2,023,677
Non-controlling interests 72,509 323,650
24,725 2,347,327

THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610)

CONSOLIDATED BALANCE SHEET
31 MARCH 2023

31.3.23 30.9.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 6,834,129 7,016,942
Investments 11 10,031 10,031
6,844,160 7,026,973

CURRENT ASSETS
Stocks 12 10,262,922 9,317,097
Debtors 13 5,195,484 5,085,458
Cash at bank and in hand 2,907,806 3,187,610
18,366,212 17,590,165
CREDITORS
Amounts falling due within one year 14 7,505,619 6,723,668
NET CURRENT ASSETS 10,860,593 10,866,497
TOTAL ASSETS LESS CURRENT
LIABILITIES

17,704,753

17,893,470

CREDITORS
Amounts falling due after more than one
year

15

(556,019

)

(695,204

)

PROVISIONS FOR LIABILITIES 18 (40,243 ) -
NET ASSETS 17,108,491 17,198,266

CAPITAL AND RESERVES
Called up share capital 19 100 100
Retained earnings 20 15,439,040 15,601,324
SHAREHOLDERS' FUNDS 15,439,140 15,601,424

NON-CONTROLLING INTERESTS 21 1,669,351 1,596,842
TOTAL EQUITY 17,108,491 17,198,266

The financial statements were approved and authorised for issue by the director and authorised for issue on 27 February 2024 and were signed by:



T K S Dane - Director


THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610)

COMPANY BALANCE SHEET
31 MARCH 2023

31.3.23 30.9.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 6,366,502 6,543,320
Investments 11 192,726 192,726
6,559,228 6,736,046

CURRENT ASSETS
Stocks 12 5,753,048 5,500,130
Debtors 13 1,539,457 1,350,315
Cash at bank 644,894 632,492
7,937,399 7,482,937
CREDITORS
Amounts falling due within one year 14 3,130,176 2,260,043
NET CURRENT ASSETS 4,807,223 5,222,894
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,366,451

11,958,940

CREDITORS
Amounts falling due after more than one
year

15

(554,552

)

(933,349

)

PROVISIONS FOR LIABILITIES 18 (4,880 ) (3,881 )
NET ASSETS 10,807,019 11,021,710

CAPITAL AND RESERVES
Called up share capital 19 100 100
Retained earnings 10,806,919 11,021,610
SHAREHOLDERS' FUNDS 10,807,019 11,021,710

Company's (loss)/profit for the financial
year

(214,691

)

482,854

THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610)

COMPANY BALANCE SHEET - continued
31 MARCH 2023


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

The financial statements were approved and authorised for issue by the director and authorised for issue on 27 February 2024 and were signed by:





T K S Dane - Director


THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023

Called up
share Retained Non-controlling Total
capital earnings Total interests equity
£    £    £    £    £   
Balance at 1 October 2021 100 14,212,897 14,212,997 1,273,192 15,486,189

Changes in equity
Dividends - (450,000 ) (450,000 ) - (450,000 )
Total comprehensive income - 1,838,427 1,838,427 323,650 2,162,077
Balance at 30 September 2022 100 15,601,324 15,601,424 1,596,842 17,198,266

Changes in equity
Total comprehensive income - (162,284 ) (162,284 ) 72,509 (89,775 )
Balance at 31 March 2023 100 15,439,040 15,439,140 1,669,351 17,108,491

THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2021 100 10,988,756 10,988,856

Changes in equity
Dividends - (450,000 ) (450,000 )
Total comprehensive income - 482,854 482,854
Balance at 30 September 2022 100 11,021,610 11,021,710

Changes in equity
Total comprehensive income - (214,691 ) (214,691 )
Balance at 31 March 2023 100 10,806,919 10,807,019

THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023

Period
1.10.22
to Year Ended
31.3.23 30.9.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 335,269 2,509,284
Interest paid (50,330 ) (103,202 )
Tax paid (56,722 ) (488,703 )
Net cash from operating activities 228,217 1,917,379

Cash flows from investing activities
Purchase of tangible fixed assets (52,007 ) (279,599 )
Interest received 1,329 139
Net cash from investing activities (50,678 ) (279,460 )

Cash flows from financing activities
Loan repayments in year (138,981 ) (1,016,319 )
Amount introduced by directors 352 458,660
Amount withdrawn by directors (249,455 ) (233,226 )
Equity dividends paid - (450,000 )
Dividends paid to minority interests (114,500 ) (185,250 )
Net cash from financing activities (502,584 ) (1,426,135 )

(Decrease)/increase in cash and cash equivalents (325,045 ) 211,784
Cash and cash equivalents at
beginning of period

2

3,187,610

3,003,482
Effect of foreign exchange rate changes 45,241 (27,656 )
Cash and cash equivalents at end of
period

2

2,907,806

3,187,610

THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
Period
1.10.22
to Year Ended
31.3.23 30.9.22
£    £   
Profit before taxation 192,050 2,985,004
Depreciation charges 120,901 231,993
Loss on disposal of fixed assets 113,919 -
Finance costs 50,330 103,202
Finance income (1,329 ) (139 )
475,871 3,320,060
(Increase)/decrease in stocks (945,825 ) 667,346
Decrease/(increase) in trade and other debtors 138,749 (615,484 )
Increase/(decrease) in trade and other creditors 666,474 (862,638 )
Cash generated from operations 335,269 2,509,284

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 31 March 2023
31.3.23 1.10.22
£    £   
Cash and cash equivalents 2,907,806 3,187,610
Year ended 30 September 2022
30.9.22 1.10.21
£    £   
Cash and cash equivalents 3,187,610 3,003,482


THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023

3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.10.22 Cash flow At 31.3.23
£    £    £   
Net cash
Cash at bank and in hand 3,187,610 (279,804 ) 2,907,806
3,187,610 (279,804 ) 2,907,806
Debt
Debts falling due within 1 year (1,050,535 ) - (1,050,535 )
Debts falling due after 1 year (693,532 ) 138,980 (554,552 )
(1,744,067 ) 138,980 (1,605,087 )
Total 1,443,543 (140,824 ) 1,302,719

THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023

1. STATUTORY INFORMATION

Thomas Dane Limited is a private company, limited by shares, registered in England and Wales. Its registered office is 38 Market Square, Toddington, Dunstable, Bedfordshire, LU5 6BS.

Its principal place of business is 3 Duke Street St James's, London, SW1Y 6BN.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 33% on cost and over the term of the lease
Long leasehold - over 50 years
Improvements to property - 10% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance and 20% on cost
Computer equipment - 33% on cost and 20% on reducing balance

All fixed assets are initially recorded at cost.

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

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated 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.


THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 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 period 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

The company operates a defined pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.

3. OTHER OPERATING INCOME
Period
1.10.22
to Year Ended
31.3.23 30.9.22
£    £   
Management charge 5,168 30,539

4. EMPLOYEES AND DIRECTORS

The average number of employees by undertakings that were proportionately consolidated during the year was 20 (2022: 23).

Period
1.10.22
to Year Ended
31.3.23 30.9.22
£    £   
Director's remuneration 144,924 160,565

THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

Period
1.10.22
to Year Ended
31.3.23 30.9.22
£    £   
Depreciation - owned assets 120,901 231,993
Loss on disposal of fixed assets 113,919 -
Auditors' remuneration 22,431 26,307
Foreign exchange differences 355,884 (455,071 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.10.22
to Year Ended
31.3.23 30.9.22
£    £   
Bank loan interest 50,330 103,202

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the period was as follows:
Period
1.10.22
to Year Ended
31.3.23 30.9.22
£    £   
Current tax:
UK corporation tax 126,607 609,535
ATED - 26,050
Total current tax 126,607 635,585

Deferred tax 40,718 2,092
Tax on profit 167,325 637,677

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023

9. DIVIDENDS
Period
1.10.22
to Year Ended
31.3.23 30.9.22
£    £   
Ordinary shares of £1 each
Interim - 450,000

10. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold Short Long to
property leasehold leasehold property
£    £    £    £   
COST
At 1 October 2022 6,919,652 155,495 427,013 351,688
Additions - - - 28,917
Disposals (113,919 ) - - -
Reclassification/transfer (1,329,248 ) - - 1,329,248
At 31 March 2023 5,476,485 155,495 427,013 1,709,853
DEPRECIATION
At 1 October 2022 398,114 154,341 146,818 214,119
Charge for period 54,765 791 21,351 21,002
Reclassification/transfer (51,269 ) - - 51,269
At 31 March 2023 401,610 155,132 168,169 286,390
NET BOOK VALUE
At 31 March 2023 5,074,875 363 258,844 1,423,463
At 30 September 2022 6,521,538 1,154 280,195 137,569

THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023

10. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 October 2022 683 210,744 86,008 8,151,283
Additions - 3,235 19,855 52,007
Disposals - - - (113,919 )
Reclassification/transfer - - - -
At 31 March 2023 683 213,979 105,863 8,089,371
DEPRECIATION
At 1 October 2022 155 159,851 60,943 1,134,341
Charge for period 51 14,024 8,917 120,901
Reclassification/transfer - - - -
At 31 March 2023 206 173,875 69,860 1,255,242
NET BOOK VALUE
At 31 March 2023 477 40,104 36,003 6,834,129
At 30 September 2022 528 50,893 25,065 7,016,942

THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023

10. TANGIBLE FIXED ASSETS - continued

Company
Improvements Fixtures
Freehold to and Computer
property property fittings equipment Totals
£    £    £    £    £   
COST
At 1 October 2022 6,919,652 - 85,531 3,157 7,008,340
Additions - 7,492 - 1,666 9,158
Disposals (113,919 ) - - - (113,919 )
Reclassification/transfer (1,329,248 ) 1,329,248 - - -
At 31 March 2023 5,476,485 1,336,740 85,531 4,823 6,903,579
DEPRECIATION
At 1 October 2022 398,114 - 65,791 1,115 465,020
Charge for period 54,765 13,367 3,553 372 72,057
Reclassification/transfer (51,269 ) 51,269 - - -
At 31 March 2023 401,610 64,636 69,344 1,487 537,077
NET BOOK VALUE
At 31 March 2023 5,074,875 1,272,104 16,187 3,336 6,366,502
At 30 September 2022 6,521,538 - 19,740 2,042 6,543,320

11. FIXED ASSET INVESTMENTS

Group
Unlisted
investments
£   
COST
At 1 October 2022
and 31 March 2023 10,031
NET BOOK VALUE
At 31 March 2023 10,031
At 30 September 2022 10,031

THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023

11. FIXED ASSET INVESTMENTS - continued

Company
Shares in
group
undertakings
£   
COST
At 1 October 2022
and 31 March 2023 192,726
NET BOOK VALUE
At 31 March 2023 192,726
At 30 September 2022 192,726

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Dane Chantala Associates Limited
Registered office:
Nature of business: Sale and purchase of fine art
%
Class of shares: holding
Ordinary 70.00
31.3.23 30.9.22
£    £   
Aggregate capital and reserves 7,093,167 6,720,351
Profit for the period/year 483,597 2,035,600


12. STOCKS

Group Company
31.3.23 30.9.22 31.3.23 30.9.22
£    £    £    £   
Valuation 10,262,922 9,317,097 5,753,048 5,500,130

THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023

13. DEBTORS

Group Company
31.3.23 30.9.22 31.3.23 30.9.22
£    £    £    £   
Amounts falling due within one year:
Trade debtors 3,294,066 2,531,324 761,390 -
Other debtors 502,254 378,020 310,183 89,824
Directors' current accounts 444,458 198,332 444,458 198,332
VAT 136,330 143,203 2,138 -
Deferred tax asset - 475 - -
Prepayments and accrued income 797,190 1,816,042 21,288 1,062,159
5,174,298 5,067,396 1,539,457 1,350,315

Amounts falling due after more than one year:
Directors' loan accounts 21,186 18,062 - -

Aggregate amounts 5,195,484 5,085,458 1,539,457 1,350,315

Deferred tax asset
Group Company
31.3.23 30.9.22 31.3.23 30.9.22
£    £    £    £   
Deferred tax - 475 - -

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.3.23 30.9.22 31.3.23 30.9.22
£    £    £    £   
Bank loans and overdrafts (see note 16) 1,050,535 1,050,535 1,050,535 1,050,535
Trade creditors 4,258,802 3,465,243 1,062,106 33,934
Tax 788,268 672,791 167,818 183,706
Social security and other taxes 57,878 38,532 - -
VAT - - - 9,440
Other creditors 404,960 404,133 156,522 153,486
Root2 creditor 677,215 813,217 677,215 813,217
Accruals and deferred income 29,631 29,963 - -
Accrued expenses 238,330 249,254 15,980 15,725
7,505,619 6,723,668 3,130,176 2,260,043

THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR

Group Company
31.3.23 30.9.22 31.3.23 30.9.22
£    £    £    £   
Bank loans (see note 16) 554,552 693,532 554,552 610,199
Amounts owed to group undertakings - - - 323,150
Directors' loan accounts 1,467 1,672 - -
556,019 695,204 554,552 933,349

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
31.3.23 30.9.22 31.3.23 30.9.22
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loan 1 49,242 49,242 49,242 49,242
Bank loan 2 1,001,293 1,001,293 1,001,293 1,001,293
1,050,535 1,050,535 1,050,535 1,050,535
Amounts falling due between one and two years:
Bank loans - 1-2 years 55,403 55,403 55,403 55,403
Amounts falling due between two and five years:
Bank loans - 2-5 years 239,814 239,814 239,814 239,814
Amounts falling due in more than five years:
Repayable by instalments
Bank loans due after more than
5 years by instalments 259,335 398,315 259,335 314,982
259,335 398,315 259,335 314,982

THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023

17. SECURED DEBTS

The following secured debts are included within creditors:

Company
31.3.23 30.9.22
£    £   
Bank loans 1,605,087 1,660,734

18. PROVISIONS FOR LIABILITIES

Group Company
31.3.23 30.9.22 31.3.23 30.9.22
£    £    £    £   
Deferred tax 40,243 - 4,880 3,881

Group
Deferred
tax
£   
Balance at 1 October 2022 (475 )
Movement in year 40,718
Balance at 31 March 2023 40,243

Company
Deferred
tax
£   
Balance at 1 October 2022 3,881
Movement in the year 999
Balance at 31 March 2023 4,880

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 30.9.22
value: £    £   
100 Ordinary £1 100 100

THOMAS DANE LIMITED (REGISTERED NUMBER: 02886610)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 OCTOBER 2022 TO 31 MARCH 2023

20. RESERVES

Group
Retained
earnings
£   

At 1 October 2022 15,601,324
Deficit for the period (162,284 )
At 31 March 2023 15,439,040


21. NON-CONTROLLING INTERESTS

30.9.20 30.9.19
£ £
Brought forward 939,263 594,701
Share of profit (42,593 ) 433,561
Dividends (29,450 ) (89,000 )
Decrease in shareholding - -
867,218 939,263

22. ULTIMATE CONTROLLING PARTY

The controlling party is T K S Dane.