Company registration number 10554709 (England and Wales)
MOUGINS WORKS OF ART LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
MOUGINS WORKS OF ART LIMITED
COMPANY INFORMATION
Directors
P H Ashley
J E Morton Morris
Secretary
N P Hudson
Company number
10554709
Registered office
38 Bury Street
London
United Kingdom
SW1Y 6BB
Auditor
Azets Audit Services
2nd Floor
Regis House
45 King William Street
London
EC4R 9AN
MOUGINS WORKS OF ART LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
MOUGINS WORKS OF ART LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Stocks
4
4,212,931
1,905,617
Debtors
5
1,724,915
7,242,555
Cash at bank and in hand
6,751
1,444
5,944,597
9,149,616
Creditors: amounts falling due within one year
6
(146,780)
(85,259)
Net current assets
5,797,817
9,064,357
Capital and reserves
Called up share capital
30,225,100
30,225,100
Profit and loss reserves
(24,427,283)
(21,160,743)
Total equity
5,797,817
9,064,357

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 9 July 2024 and are signed on its behalf by:
J E Morton Morris
Director
Company Registration No. 10554709
MOUGINS WORKS OF ART LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 November 2021
30,225,100
(15,294,976)
14,930,124
Year ended 31 October 2022:
Loss and total comprehensive income for the year
-
(5,865,767)
(5,865,767)
Balance at 31 October 2022
30,225,100
(21,160,743)
9,064,357
Year ended 31 October 2023:
Loss and total comprehensive income for the year
-
(3,266,540)
(3,266,540)
Balance at 31 October 2023
30,225,100
(24,427,283)
5,797,817
MOUGINS WORKS OF ART LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information

Mougins Works of Art Limited is a private company limited by shares incorporated in England and Wales. The registered office is 38 Bury Street, London, United Kingdom, SW1Y 6BB.

1.1
Accounting convention

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

1.2
Going concern

The company has taken a prudent view of the realisable value of stock given sales and auction results in the year and after the year end. They remain confident that the residual net book value will continue to support the company together with ongoing support from the Group as needed. Therefore the directors consider it appropriate for the accounts to be prepared on the going concern basis.true

1.3
Turnover

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

1.4
Stocks

Stock is valued at the lower of cost and estimated selling price less the estimated costs to sell. This requires an estimation of stock impairment based on current market conditions and the historical experience of selling products of a similar nature.

1.5
Financial instruments
Basic financial assets

The Company's financial assets comprise basic financial instruments, being trade and other receivables and cash and bank balances.

 

Cash is represented by cash in hand and deposits with high financial institutions repayable without penalty on notice of no more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months or less from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 

Trade and other receivables are measured at transaction price less any impairment. Any impairment loss is recognised in the Statement of Comprehensive Income.

 

The impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

 

Financial assets are derecognised when contractual rights to the cash flows from the financial asset expire or are settled, or when substantially all the risks and rewards of ownership have been transferred.

MOUGINS WORKS OF ART LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

The Company's financial liabilities comprise basic financial liabilities, being trade and other payables, loans from banks and accruals. Short term creditors are initially recognised at transaction price and are subsequently measured at amortised cost. 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 rate method.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non current liabilities.

 

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The charge for current tax is based on the result for the year adjusted for disallowable items. It is calculated using the tax rates that have been enacted or substantially enacted by the reporting date.

2
Judgements and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Key accounting estimates and assumptions

 

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimate and assumption that has a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year is:-

 

Stock Valuation - Stock is measured at the lower of cost and estimated selling price less the estimated costs to sell. This requires an estimation of stock impairment based on current market conditions and the historical experience of selling products of a similar nature. A change in market conditions may have a material impact on the estimation of the valuation.

3
Employees

The company has no employees other than the directors, who did not receive any remuneration (2022: £nil).

 

There are no individuals other than the Directors who are considered to be the key management personnel.

4
Stocks
2023
2022
£
£
Stocks
4,212,931
1,905,617
MOUGINS WORKS OF ART LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
232,550
5,732,741
Amounts owed by group undertakings and related parties
1,486,494
1,507,176
Other debtors
5,871
2,638
1,724,915
7,242,555

Amounts owed by group undertakings and related parties represents £1,471,482 (2022: £1,502,677) due from Hazlitt Limited, £11,200 (2022: £1,200) due from European Master Pictures Limited and £3,812 (2022: £3,299) due from Modern Masters Limited. These entities are related by virtue of a common director J. Morton Morris.

6
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings and related parties
8,492
7,792
Other creditors
138,288
77,467
146,780
85,259

Amounts owed to group undertakings and related parties represents £7,792 (2022: £7,792) due to Arnold Wiggins & Sons Limited and £700 (2022: £nil) due to Hazlitt Gooden & Fox Limited. These entities are related by virtue of a common director J. Morton Morris.

7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
John Howard
Statutory Auditor:
Azets Audit Services
8
Parent company

The immediate parent company is Luberon Holdings Limited, a company incorporated in Jersey.

 

The ultimate controlling party is the Luberon Trust, a Trust registered in Jersey.

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