2 false false false false false false false false false false true false false false false false false No description of principal activity 2022-11-01 Sage Accounts Production Advanced 2023 - FRS102_2023 33,000 33,000 xbrli:pure xbrli:shares iso4217:GBP 04890215 2022-11-01 2023-10-31 04890215 2023-10-31 04890215 2022-10-31 04890215 2021-11-01 2022-10-31 04890215 2022-10-31 04890215 2021-10-31 04890215 core:NetGoodwill 2022-11-01 2023-10-31 04890215 core:FurnitureFittings 2022-11-01 2023-10-31 04890215 bus:Director1 2022-11-01 2023-10-31 04890215 core:NetGoodwill 2023-10-31 04890215 core:FurnitureFittings 2023-10-31 04890215 core:WithinOneYear 2023-10-31 04890215 core:WithinOneYear 2022-10-31 04890215 core:ShareCapital 2023-10-31 04890215 core:ShareCapital 2022-10-31 04890215 core:RetainedEarningsAccumulatedLosses 2023-10-31 04890215 core:RetainedEarningsAccumulatedLosses 2022-10-31 04890215 core:BetweenOneFiveYears 2023-10-31 04890215 core:BetweenOneFiveYears 2022-10-31 04890215 bus:SmallEntities 2022-11-01 2023-10-31 04890215 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 04890215 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 04890215 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 04890215 bus:FullAccounts 2022-11-01 2023-10-31 04890215 core:ComputerEquipment 2022-11-01 2023-10-31 04890215 core:ComputerEquipment 2023-10-31
COMPANY REGISTRATION NUMBER: 04890215
Davie Fine Art Limited
Filleted Unaudited Financial Statements
31 October 2023
Davie Fine Art Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
Current assets
Stocks
58,000
58,000
Debtors
7
1,219
2,110
Cash at bank and in hand
57,787
60,860
---------
---------
117,006
120,970
Creditors: amounts falling due within one year
8
49,367
57,410
---------
---------
Net current assets
67,639
63,560
--------
--------
Total assets less current liabilities
67,639
63,560
--------
--------
Net assets
67,639
63,560
--------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
67,638
63,559
--------
--------
Shareholders funds
67,639
63,560
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31st October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 31 July 2024 , and are signed on behalf of the board by:
A R Davie
Director
Company registration number: 04890215
Davie Fine Art Limited
Notes to the Financial Statements
Year Ended 31st October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7-9 Castlegate, Tickhill, Doncaster, South Yorkshire, DN11 9QP, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Revenue in respect of turnover is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Income tax
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realised.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & fittings
-
25% straight line
Computer equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss. The company holds the following financial assets and liabilities: Cash Short-term trade and other debtors and creditors Cash in the balance sheet comprises cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account before operating profit.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 1 ).
5. Intangible assets
Goodwill
£
Cost
At 1st November 2022 and 31st October 2023
33,000
--------
Amortisation
At 1st November 2022 and 31st October 2023
33,000
--------
Carrying amount
At 31st October 2023
--------
At 31st October 2022
--------
6. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1st November 2022 and 31st October 2023
9,140
779
9,919
--------
--------
--------
Depreciation
At 1st November 2022 and 31st October 2023
9,140
779
9,919
--------
--------
--------
Carrying amount
At 31st October 2023
--------
--------
--------
At 31st October 2022
--------
--------
--------
7. Debtors
2023
2022
£
£
Other debtors
1,219
2,110
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,323
5,677
Corporation tax
5,648
5,615
Social security and other taxes
2,121
2,278
Other creditors
40,275
43,840
--------
--------
49,367
57,410
--------
--------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
11,000
11,000
Later than 1 year and not later than 5 years
11,917
22,917
--------
--------
22,917
33,917
--------
--------
10. Director's advances, credits and guarantees
No advances were made to the director during the year and no amounts in respect of advances to the director were outstanding at the year end. The company has not provided any guarantees on behalf of the director during the year.
11. Related party transactions
The company traded rent free from a property owned by the director during the year.