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Company No: 08079351 (England and Wales)

LARKIN DUREY LIMITED
(Formerly JACK BELL GALLERY LTD)

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

LARKIN DUREY LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

LARKIN DUREY LIMITED

COMPANY INFORMATION

For the financial year ended 30 November 2023
LARKIN DUREY LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 November 2023
DIRECTOR Jack Bell (Resigned 12 March 2024)
Oliver John Durey
REGISTERED OFFICE 13 Masons Yard
London
SW1Y 6BU
United Kingdom
COMPANY NUMBER 08079351 (England and Wales)
ACCOUNTANT Praxis
1 Poultry
London
EC2R 8EJ
United Kingdom
LARKIN DUREY LIMITED

BALANCE SHEET

As at 30 November 2023
LARKIN DUREY LIMITED

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 11,804 15,300
11,804 15,300
Current assets
Stocks 4 266,329 237,889
Debtors 5 59,886 235,216
Cash at bank and in hand 6 12,278 102,934
338,493 576,039
Creditors: amounts falling due within one year 7 ( 309,399) ( 436,633)
Net current assets 29,094 139,406
Total assets less current liabilities 40,898 154,706
Net assets 40,898 154,706
Capital and reserves
Called-up share capital 8 125 125
Profit and loss account 40,773 154,581
Total shareholders' funds 40,898 154,706

For the financial year ending 30 November 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 financial statements of LARKIN DUREY LIMITED (registered number: 08079351) were approved and authorised for issue by the Director on 19 July 2024. They were signed on its behalf by:

Oliver John Durey
Director
LARKIN DUREY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
LARKIN DUREY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

LARKIN DUREY LIMITED (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 13 Masons Yard, London, SW1Y 6BU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for works of art sold, and is shown net of VAT and other sales related taxes.

Turnover for sales is recognised when the significant risks and rewards are considered to have been transferred to the customer except for export sales where turnover is recognised on shipping.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Provision is made for slow-moving items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 December 2022 38,086 38,086
Additions 415 415
At 30 November 2023 38,501 38,501
Accumulated depreciation
At 01 December 2022 22,786 22,786
Charge for the financial year 3,911 3,911
At 30 November 2023 26,697 26,697
Net book value
At 30 November 2023 11,804 11,804
At 30 November 2022 15,300 15,300

4. Stocks

2023 2022
£ £
Stocks 266,329 237,889

5. Debtors

2023 2022
£ £
Trade debtors 27,544 90,146
Other debtors 32,342 145,070
59,886 235,216

6. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 12,278 102,934

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 180,673 238,504
Amounts owed to connected persons 35,056 5,363
Taxation and social security 0 811
Other creditors 93,670 191,955
309,399 436,633

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100
25 B Ordinary shares of £ 1.00 each 25 25
125 125

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 49,498 43,795
between one and five years 30,339 79,838
79,838 123,633

10. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Interest free loans to the company 0 6,638

Advances

A loan was made to the director during the year for £6,395 (at interest rate of 2.25%), the conditions are that the loan is unsecured and repayable on demand.

Other related party transactions

2023 2022
£ £
Amounts owed to companies under common control 35,056 5,363
Amounts owed to former director and company under his control 86,955 0

11. Events after the Balance Sheet date

There have been no events after the balance sheet date affecting the Company since the financial year.