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Registered number: 07998673
Rare Art Press Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Coastal Accountants Ltd
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07998673
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 130 336
130 336
CURRENT ASSETS
Stocks 6 87,408 191,693
Debtors 7 200,820 356,222
Cash at bank and in hand 55,693 13,242
343,921 561,157
Creditors: Amounts Falling Due Within One Year 8 (273,156 ) (383,971 )
NET CURRENT ASSETS (LIABILITIES) 70,765 177,186
TOTAL ASSETS LESS CURRENT LIABILITIES 70,895 177,522
Creditors: Amounts Falling Due After More Than One Year 9 (13,686 ) (23,926 )
NET ASSETS 57,209 153,596
CAPITAL AND RESERVES
Called up share capital 10 167 142
Share premium account 539,933 489,958
Profit and Loss Account (482,891 ) (336,504 )
SHAREHOLDERS' FUNDS 57,209 153,596
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Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Tony Nourmand
Director
03/04/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Rare Art Press Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07998673 . The registered office is Office 2 Unit 3 Mitchell Point, Ensign Way, Hamble, Southampton, SO31 4RF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 10% straight line
Computer Equipment 25% Staright line
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2022: 3)
3 3
4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2023 55,000
As at 31 December 2023 55,000
Amortisation
As at 1 January 2023 55,000
As at 31 December 2023 55,000
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5. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 January 2023 10,492 14,629 25,121
As at 31 December 2023 10,492 14,629 25,121
Depreciation
As at 1 January 2023 10,491 14,294 24,785
Provided during the period - 206 206
As at 31 December 2023 10,491 14,500 24,991
Net Book Value
As at 31 December 2023 1 129 130
As at 1 January 2023 1 335 336
6. Stocks
2023 2022
£ £
Finished goods 87,408 191,693
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 176,874 334,629
Other debtors 415 175
VAT 1,091 9,833
Director's loan account 22,440 11,585
200,820 356,222
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 64,775 247,078
Bank loans and overdrafts 17,715 28,415
Other taxes and social security 5,063 2,009
Other creditors 99,928 633
Commissions owed 83,801 104,032
Accruals and deferred income 1,874 1,804
273,156 383,971
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9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 13,686 23,926
13,686 23,926
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 167 142
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mr Tony Nourmand 11,585 22,440 (11,585 ) - 22,440
The above loan is unsecured, interest free and repayable on demand.
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