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Registration number: 09843855

Acquisition Fine Art

(A company limited by guarantee)

Annual Report and Financial Statements

for the Year Ended 31 October 2023

 

Acquisition Fine Art

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Acquisition Fine Art

Company Information

Directors

Claire Gastaldi

Xavier Zeis

Claudia Saumarez

Golan Zulman

Registered office

29 Throgmorton Street
London
EC2N 2AT

Accountants

Association of Independent Accountants and Auditors
17 Hanover Square
London
W1S 1BN

 

Acquisition Fine Art

(Registration number: 09843855)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

985,660,000

980,655,500

Cash at bank and in hand

 

40,616,001

38,066,370

 

1,026,276,001

1,018,721,870

Reserves

 

Other reserves

1,026,276,001

1,018,721,870

Surplus

 

1,026,276,001

1,018,721,870

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 July 2024 and signed on its behalf by:
 

.........................................
Claire Gastaldi
Director

.........................................
Claudia Saumarez
Director

 

Acquisition Fine Art

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £5,734,486 towards the assets of the company in the event of liquidation.

The address of its registered office is:
29 Throgmorton Street
London
EC2N 2AT
United Kingdom

These financial statements were authorised for issue by the Board on 30 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Acquisition Fine Art

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 31 (2022 - 31).

4

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

6

985,660,000

980,655,500

   

985,660,000

980,655,500

5

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Other reserves
£

Total
£

Increase in members funds

7,554,131

7,554,131

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Other reserves
£

Total
£

Increase in members funds

72,386,429

72,386,429

6

Related party transactions

 

Acquisition Fine Art

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

1,627,944

1,627,944

Made up as follows: -

Claire Gastaldi

655,944

655,944

Claudia Saumarez

324,000

324,000

Xavier Zeis

324,000

324,000

Golan Zulman

324,000

324,000