Registered number
13976440
The Society of London Art Dealers Ltd
Filleted Accounts
31 March 2024
The Society of London Art Dealers Ltd
Registered number: 13976440
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 - -
Investments 4 - -
- -
Current assets
Debtors 5 16,319 25,971
Cash at bank and in hand 6 136,797 144,878
153,116 170,849
Creditors: amounts falling due within one year 7 (31,316) (34,166)
Net current assets 121,800 136,683
Net assets 121,800 136,683
Capital and reserves
Profit and loss account 121,800 136,683
Shareholders' funds 121,800 136,683
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
C Grassi
Director
Approved by the board on 19 June 2024
The Society of London Art Dealers Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared in accordance with Financial Reporting Standard 102 (FRS 102) and the Companies Act 2006 (as applicable to companies subject to the small company regime).

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

The company is the successor to The Society Of London Art Dealers members' voluntary association and continues the activities of the pervious association on behalf of the members.

The assets and activities of the association were transferred to the company on 1st July 2022 and the company commenced activities on that date.

These comparative values in these accounts combine the results of the previous association and the company's activities for the 12 months to 31 March 2023, and are reported as one entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.

Turnover represents members' subscriptions fees and services provided to members. Subscription fees are accounted for in the period to which they relate.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Taxable profit differs from the net profit as reported and excludes items that are neither taxable or deductible.

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Operating lease payments are recognised as an expense on a straight-line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery
£
Cost
At 1 April 2023 1,947
At 31 March 2024 1,947
Depreciation
At 1 April 2023 1,947
At 31 March 2024 1,947
Net book value
At 31 March 2024 -
4 Investments
Other
investments
£
Cost
At 1 April 2023 5,000
Impairment (5,000)
At 31 March 2024 -
Other investments represents 1.732% holding in the ordinary shares of International Art and Antique Loss Register, along with 0.2% of redeemable preference shares.
5 Debtors 2024 2023
£ £
Trade debtors 7,710 14,427
Other debtors 8,609 11,544
16,319 25,971
6 Cash at bank and in hand 2024 2023
£ £
Bank current operational funds 24,265 34,441
Bank deposited funds 112,516 110,421
Petty cash 16 16
136,797 144,878
7 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 2,807 10,054
Taxation and social security costs 3,659 154
Other creditors 24,850 23,958
31,316 34,166
8 Members' liability
The company is limited by guarantee. The liabilities of the members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
9 Other information
The Society of London Art Dealers Ltd is a private company limited by guarantee and incorporated in England. Its registered office is:
34 South Molton Street
London
W1K 5RG
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