IRIS Accounts Production v24.1.0.578 02980311 Board of Directors 1.1.23 31.12.23 31.12.23 true false true true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh029803112022-12-31029803112023-12-31029803112023-01-012023-12-31029803112021-12-31029803112022-01-012022-12-31029803112022-12-3102980311ns15:EnglandWales2023-01-012023-12-3102980311ns14:PoundSterling2023-01-012023-12-3102980311ns10:Director12023-01-012023-12-3102980311ns10:Director22023-01-012023-12-3102980311ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3102980311ns10:FRS1022023-01-012023-12-3102980311ns10:Audited2023-01-012023-12-3102980311ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3102980311ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-01-012023-12-3102980311ns10:FullAccounts2023-01-012023-12-3102980311ns10:OrdinaryShareClass12023-01-012023-12-3102980311ns10:Director32023-01-012023-12-3102980311ns10:Director42023-01-012023-12-3102980311ns10:Director52023-01-012023-12-3102980311ns10:CompanySecretary12023-01-012023-12-3102980311ns10:RegisteredOffice2023-01-012023-12-3102980311ns5:CurrentFinancialInstruments2023-12-3102980311ns5:CurrentFinancialInstruments2022-12-3102980311ns5:ShareCapital2023-12-3102980311ns5:ShareCapital2022-12-3102980311ns5:CapitalRedemptionReserve2023-12-3102980311ns5:CapitalRedemptionReserve2022-12-3102980311ns5:RetainedEarningsAccumulatedLosses2023-12-3102980311ns5:RetainedEarningsAccumulatedLosses2022-12-3102980311ns5:ShareCapital2021-12-3102980311ns5:PreviouslyStatedAmountns5:RetainedEarningsAccumulatedLosses2021-12-3102980311ns5:CapitalRedemptionReserve2021-12-3102980311ns5:PreviouslyStatedAmount2021-12-3102980311ns5:PriorPeriodIncreaseDecreasens5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3102980311ns5:PriorPeriodIncreaseDecrease2022-01-012022-12-3102980311ns5:RetainedEarningsAccumulatedLosses2021-12-3102980311ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3102980311ns5:CapitalRedemptionReserve2022-01-012022-12-3102980311ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3102980311ns5:CapitalRedemptionReserve2023-01-012023-12-310298031112023-01-012023-12-3102980311ns15:UnitedKingdom2023-01-012023-12-3102980311ns15:UnitedKingdom2022-01-012022-12-3102980311ns15:Europe2023-01-012023-12-3102980311ns15:Europe2022-01-012022-12-3102980311ns15:UnitedStates2023-01-012023-12-3102980311ns15:UnitedStates2022-01-012022-12-3102980311ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2023-01-012023-12-3102980311ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2022-01-012022-12-3102980311ns5:OwnedAssets2023-01-012023-12-3102980311ns5:OwnedAssets2022-01-012022-12-3102980311112023-01-012023-12-3102980311112022-01-012022-12-3102980311132023-01-012023-12-3102980311132022-01-012022-12-3102980311ns5:LandBuildings2022-12-3102980311ns5:LeaseholdImprovements2022-12-3102980311ns5:FurnitureFittings2022-12-3102980311ns5:LandBuildings2023-01-012023-12-3102980311ns5:LeaseholdImprovements2023-01-012023-12-3102980311ns5:FurnitureFittings2023-01-012023-12-3102980311ns5:LandBuildings2023-12-3102980311ns5:LeaseholdImprovements2023-12-3102980311ns5:FurnitureFittings2023-12-3102980311ns5:LandBuildings2022-12-3102980311ns5:LeaseholdImprovements2022-12-3102980311ns5:FurnitureFittings2022-12-3102980311ns5:MotorVehicles2022-12-3102980311ns5:ComputerEquipment2022-12-3102980311ns5:MotorVehicles2023-01-012023-12-3102980311ns5:ComputerEquipment2023-01-012023-12-3102980311ns5:MotorVehicles2023-12-3102980311ns5:ComputerEquipment2023-12-3102980311ns5:MotorVehicles2022-12-3102980311ns5:ComputerEquipment2022-12-3102980311ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3102980311ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3102980311ns5:Non-currentFinancialInstruments2023-12-3102980311ns5:Non-currentFinancialInstruments2022-12-3102980311ns5:WithinOneYear2023-12-3102980311ns5:WithinOneYear2022-12-3102980311ns5:BetweenOneFiveYears2023-12-3102980311ns5:BetweenOneFiveYears2022-12-3102980311ns5:MoreThanFiveYears2023-12-3102980311ns5:MoreThanFiveYears2022-12-3102980311ns5:AllPeriods2023-12-3102980311ns5:AllPeriods2022-12-3102980311ns5:DeferredTaxation2022-12-3102980311ns5:DeferredTaxation2023-12-3102980311ns10:OrdinaryShareClass12023-12-31
REGISTERED NUMBER: 02980311 (England and Wales)








CRISTEA ROBERTS GALLERY LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






CRISTEA ROBERTS GALLERY LIMITED (REGISTERED NUMBER: 02980311)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


CRISTEA ROBERTS GALLERY LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: A Cristea
P W Chellgren
K Dempsey
D Cleaton-Roberts
H Waters





SECRETARY: K Dempsey





REGISTERED OFFICE: 43 Pall Mall
London
SW1Y 5JG





REGISTERED NUMBER: 02980311 (England and Wales)





AUDITORS: Fairhurst
Chartered Accountants
Statutory Auditor
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB

CRISTEA ROBERTS GALLERY LIMITED (REGISTERED NUMBER: 02980311)

STRATEGIC REPORT
for the year ended 31 December 2023


The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF THE BUSINESS
The company's core activity remained that of running an art gallery including the purchasing of artworks, creation of prints and subsequent sale thereof.

The company achieved turnover of £14.5m (2022: £15.6m) during the year, which represents a decrease of 7.1% compared to the previous year. The gross profit margin achieved was 44.9%, broadly in line with the previous year where a margin of 40.4% was achieved. This has resulted in gross profits of £6.5m, an increase of £0.21m compared to last year. The profit after tax for the year of £0.79m has reduced by £0.78m compared to the previous year's profit after tax of £1.57m.

The business has continued to exhibit at international art fairs, to mount exhibitions in the gallery and to make use of digital and analogue marketing and selling tools. Although the 2023 figures are down on those of 2022, the business is still ahead of pre-pandemic levels, and the directors were satisfied with the trading position of the company.

At the balance sheet date, the company has accumulated a cash balance of £9.35m (2022: £8.98m). As it is now apparent that the business has successfully weathered any negative impact of the pandemic, the directors continue to address the purpose and use of the cash balance. With a break clause in both leases in 2031 it is still felt to be prudent to keep enough reserves to finance any move that may become necessary. Some work will also be required to the current offices in 2024 to allow for more workstations. The directors are also keen to protect the security of their staff and will always want something in hand to weather any serious economic downturn.

The director's are also actively looking to buy a suitable building for a storage warehouse as the current storage situation is uncertain and increasingly expensive. Such a building has very specific requirements and finding the right property in the right location is difficult.

The directors continue to actively pursue international high-profile artists to work with and in 2023 added Lubaina Himid, Yinka Ilori and Odili Donald Odita, this has the knock-on effect of increasing the production cost outlay for which available funds are needed.

In addition, the directors are constantly looking for purchase opportunities, for example the purchase in December of a major Josef Albers portfolio and intend to become more active in this area.

PRINCIPAL RISKS AND UNCERTAINTIES
The ongoing principal risks to the company are primarily driven by ongoing economic uncertainty in the world economy and the unknown effect this could have on customers' spending patterns. Sales trends are constantly reviewed to enable early action in the event of sales declining and the directors continue to try and diversify the works of art sold to minimise the reliance in any one area to mitigate this risk.

The loss of key personnel is a significant risk and as a result the management team continually review remuneration levels to ensure good performance is recognised and works to create a good working environment.

The company also sees the risk associated with the availability and production of suitable artworks as a business threat. However, the company uses its significant expertise to reduce this risk where possible and focusses on building strong relationships with all artists that it works alongside.

The continuing increase in Government required administration remains a concern. There is an ever-growing expense related to paying for outside professional assistance, registrations, employment of administrative staff, etc. This cost and admin burden rises every year.

The Gallery has experienced challenges with the current database software and the directors may consider implementing a more appropriate system in the future as a result. Such a change would require significant time commitments from both the staff and directors. No decisions have been made and the directors continue to keep this under review.




CRISTEA ROBERTS GALLERY LIMITED (REGISTERED NUMBER: 02980311)

STRATEGIC REPORT
for the year ended 31 December 2023


KEY PERFORMANCE INDICATORS
The directors consider that the key financial performance indicators are those that communicate the financial performance and strength of the company as a whole and relate to turnover, gross profit and the cash available.

As disclosed within the financial statements, the key reported figures are as follows:

Year Ended Year Ended
31.12.23 31.12.22
£ £
Turnover 14,486,545 15,584,768
Gross Profit 6,500,487 6,293,825
Cash 9,345,747 8,983,513



FINANCIAL RESULTS
A summary of the results of the period's trading is given on page 10 of the financial statements.


FUTURE DEVELOPMENTS
As noted above, the directors are actively looking to purchase and fit out a storage facility. The directors agree that this will benefit the gallery in the long-term by increasing storage capacity and saving ongoing storage costs; it will afford the gallery more independence and will be a good use of cash reserves, as outlined above.

The directors also plan to carry out building works later in the year. The aim is to create additional desk space at the main gallery offices to accommodate investment in personnel in support of business growth and to accommodate the growing team.

ON BEHALF OF THE BOARD:





K Dempsey - Director


26 July 2024

CRISTEA ROBERTS GALLERY LIMITED (REGISTERED NUMBER: 02980311)

REPORT OF THE DIRECTORS
for the year ended 31 December 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of dealing in art works and running an art gallery.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023 (2022: £nil).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

A Cristea
P W Chellgren
K Dempsey
D Cleaton-Roberts
H Waters

POLITICAL DONATIONS AND EXPENDITURE
During the year the company made no political donations (2022: £nil).

CHARITABLE DONATIONS
During the year the company made charitable donations of £77,000 (2022: £90,328).

DISCLOSURE IN THE STRATEGIC REPORT
As permitted by Paragraph 1A of Schedule 7 to the Large and Medium-size Companies and Groups (Accounts and Reports) Regulations 2008 certain matters which are required to be disclosed in the report of the directors' have been omitted as they are included in the Strategic Report on pages 2 to 3. These matters relate to likely future developments.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CRISTEA ROBERTS GALLERY LIMITED (REGISTERED NUMBER: 02980311)

REPORT OF THE DIRECTORS
for the year ended 31 December 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





K Dempsey - Director


26 July 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CRISTEA ROBERTS GALLERY LIMITED


Opinion
We have audited the financial statements of Cristea Roberts Gallery Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CRISTEA ROBERTS GALLERY LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CRISTEA ROBERTS GALLERY LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- We obtained an understanding of laws and regulations that affect the company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we have identified included Companies Act 2006, Tax legislation, data protection, employment, environmental and health & safety legislation.
- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting accreditations and legal correspondence.

In assessing the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur;

- We gained an understanding of the controls that management have in place to prevent and detect fraud. We enquired of management about any instances of fraud that had taken place during the year.

To address the risk of fraud through management bias and override of controls;

- We performed analytical procedures to identify any unusual or unexpected relationships;
- We tested journal entries to identify unusual transactions; and
- We assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.

Due to the inherent limitations of an audit, there is no unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as some may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CRISTEA ROBERTS GALLERY LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Louise Webster BSc BFP ACA (Senior Statutory Auditor)
for and on behalf of Fairhurst
Chartered Accountants
Statutory Auditor
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB

30 July 2024

CRISTEA ROBERTS GALLERY LIMITED (REGISTERED NUMBER: 02980311)

INCOME STATEMENT
for the year ended 31 December 2023

2023 2022
Notes £ £

TURNOVER 5 14,486,545 15,584,768

Cost of sales (7,986,058 ) (9,290,943 )
GROSS PROFIT 6,500,487 6,293,825

Distribution costs (61,637 ) (82,247 )
Administrative expenses (5,569,647 ) (4,268,097 )
869,203 1,943,481

Other operating income 60,816 21,118
OPERATING PROFIT 8 930,019 1,964,599

Interest receivable and similar income 10 140,130 11,324
1,070,149 1,975,923

Interest payable and similar expenses 11 (3,464 ) -
PROFIT BEFORE TAXATION 1,066,685 1,975,923

Tax on profit 12 (272,606 ) (405,124 )
PROFIT FOR THE FINANCIAL YEAR 794,079 1,570,799

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

794,079

1,570,799

CRISTEA ROBERTS GALLERY LIMITED (REGISTERED NUMBER: 02980311)

BALANCE SHEET
31 December 2023

2023 2022
Notes £ £
FIXED ASSETS
Tangible assets 14 1,267,159 1,408,180

CURRENT ASSETS
Stocks 15 2,881,191 2,502,154
Debtors 16 3,230,735 3,851,730
Cash at bank 9,345,747 8,983,513
15,457,673 15,337,397
CREDITORS
Amounts falling due within one year 17 (4,311,511 ) (5,097,277 )
NET CURRENT ASSETS 11,146,162 10,240,120
TOTAL ASSETS LESS CURRENT LIABILITIES 12,413,321 11,648,300

PROVISIONS FOR LIABILITIES 19 (27,025 ) (56,083 )
NET ASSETS 12,386,296 11,592,217

CAPITAL AND RESERVES
Called up share capital 20 100,000 100,000
Capital redemption reserve 4,444 4,444
Retained earnings 12,281,852 11,487,773
SHAREHOLDERS' FUNDS 12,386,296 11,592,217

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:





D Cleaton-Roberts - Director


CRISTEA ROBERTS GALLERY LIMITED (REGISTERED NUMBER: 02980311)

STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£ £ £ £
Balance at 1 January 2022 104,444 10,410,049 - 10,514,493
Prior year adjustment - (407,203 ) - (407,203 )
As restated 104,444 10,002,846 - 10,107,290

Changes in equity
Profit for the year - 1,570,799 - 1,570,799
Total comprehensive income - 1,570,799 - 1,570,799
Purchase of own shares (4,444 ) (85,872 ) 4,444 (85,872 )
Balance at 31 December 2022 100,000 11,487,773 4,444 11,592,217

Changes in equity
Profit for the year - 794,079 - 794,079
Total comprehensive income - 794,079 - 794,079
Balance at 31 December 2023 100,000 12,281,852 4,444 12,386,296

CRISTEA ROBERTS GALLERY LIMITED (REGISTERED NUMBER: 02980311)

CASH FLOW STATEMENT
for the year ended 31 December 2023

2023 2022
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 812,166 2,789,490
Finance costs paid (3,464 ) -
Tax paid (582,274 ) (397,378 )
Net cash from operating activities 226,428 2,392,112

Cash flows from investing activities
Purchase of tangible fixed assets (4,324 ) (14,224 )
Interest received 140,130 11,324
Net cash from investing activities 135,806 (2,900 )

Cash flows from financing activities
Purchases of own shares - (85,872 )
Net cash from financing activities - (85,872 )

Increase in cash and cash equivalents 362,234 2,303,340
Cash and cash equivalents at beginning of
year

2

8,983,513

6,680,173

Cash and cash equivalents at end of year 2 9,345,747 8,983,513

CRISTEA ROBERTS GALLERY LIMITED (REGISTERED NUMBER: 02980311)

NOTES TO THE CASH FLOW STATEMENT
for the year ended 31 December 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£ £
Profit before taxation 1,066,685 1,975,923
Depreciation charges 145,345 144,021
Finance costs 3,464 -
Finance income (140,130 ) (11,324 )
1,075,364 2,108,620
(Increase)/decrease in stocks (379,037 ) 110,910
Decrease/(increase) in trade and other debtors 620,995 (634,143 )
(Decrease)/increase in trade and other creditors (505,156 ) 1,204,103
Cash generated from operations 812,166 2,789,490

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£ £
Cash and cash equivalents 9,345,747 8,983,513
Year ended 31 December 2022
31.12.22 1.1.22
£ £
Cash and cash equivalents 8,983,513 6,680,173


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£ £ £
Net cash
Cash at bank 8,983,513 362,234 9,345,747
8,983,513 362,234 9,345,747
Total 8,983,513 362,234 9,345,747

CRISTEA ROBERTS GALLERY LIMITED (REGISTERED NUMBER: 02980311)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023


1. STATUTORY INFORMATION

Cristea Roberts Gallery Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The company's principal place of business is 43 Pall Mall, London, SW1Y 5JG.

2. STATEMENT OF COMPLIANCE

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" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention. Monetary amounts in these financial statements are rounded to the nearest £.

Turnover
Turnover from the sale of goods, namely pieces of artwork (excluding VAT) is recognised when all of the following conditions are satisfied:

-the company has transferred to the buyer the significant risks and rewards of ownership of the goods.
-the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
-the amount of revenue can be measured reliably;
-it is probable that the economic benefits associated with the transaction will flow to the company; and
-the costs incurred or to be incurred in respect of the transaction will flow to the company.

In summary, if a sale agreed in the period is paid for or shipped by the year end it will be recognised as revenue in that period.


Leasing commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. The benefits of lease incentives are recognised in the profit and loss account over the lease period.

Other operating income
Other operating income includes commissions and ancillary income directly related to the sale of artwork.

CRISTEA ROBERTS GALLERY LIMITED (REGISTERED NUMBER: 02980311)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible assets are stated at historic cost less accumulated depreciation. Historical cost includes the original purchase price and costs directly attributable to bringing the asset to its working condition for its intended use. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - 2% on cost
Leasehold improvements- Over the period of the lease
Plant and machinery- 20% on cost
Fixtures and fittings- 20% on cost
Computer equipment- 20% on cost

Included within freehold property is land which is not depreciated.

On disposal, the difference between net proceeds and the carrying amount of item sold is recognised in the profit and loss account and is included in administrative expenses.

Stocks
Stocks relate to art works which are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

The company holds consignment stock to facilitate its principal activity, the ownership rights of this stock belong to third parties. There are also other prints held by the company which are not for sale and held on trust for third parties. None of these items are included on the company's balance sheet.

There has been no impairment to stock during the year.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

All financial assets and liabilities are initially measured at transaction price and subsequently measured at amortised cost. The company has no financial assets or liabilities which are measured at fair value through profit or loss.

Trade and other debtors are recognised and carried forward at invoiced amounts less provision for any doubtful debts. Bad debts are written off when identified.

Cash and cash equivalents comprise of cash at bank and in hand, and are included in the balance sheet at cost.

The company has no non-basic financial instruments.

Prepayments
Prepayments are recognised where costs have been invoiced in the year which relate to goods provided or services occurring after the reporting date. Included in prepayments are costs in relation to ongoing artist projects and framing costs incurred in respect of unsold frames. The gallery continually incurs framing costs on both sold and unsold artworks. The unsold element is reflected in prepayments based on the lower of estimated cost and net realisable value.


CRISTEA ROBERTS GALLERY LIMITED (REGISTERED NUMBER: 02980311)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements.

Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantially enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the monthly average rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution scheme. The amount charged to the profit and loss account in respect of pension costs and other post retirement benefits is the contributions payable in the year.

CRISTEA ROBERTS GALLERY LIMITED (REGISTERED NUMBER: 02980311)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


4. SIGNIFICANT JUDGEMENTS AND ESTIMATES

The preparation of the financial statements requires management to make judgements, estimates and assumptions in the application of accounting policies that affect reported amounts of assets, liabilities and profit and loss. In preparing these financial statements, management have made the following key judgements and estimates which are significant to the financial statements.

Impairment of fixed assets
Management assess the impairment of non-current assets whenever events or changes in circumstances indicate that the carrying value may not be recoverable.

Assessment of useful lives of property, plant and equipment
The estimated useful life of assets reflect management's estimate of the period that the company intends to derive future economic benefit from the use of the company's property, plant and equipment. These are assessed annually by management with reference to the expected level of usage, historical experience and expected level of technological developments that could affect the useful economic lives of these assets.

Stock provisions
Stock is valued at the lower of cost and net realisable value.

An annual stock review is undertaken at each reporting date and results in the write-down of obsolete and slow moving stock. For both the current and comparative years, the directors consider that no provisions are required, therefore all stock purchased during these years are recorded at cost and provisions have only been applied to stocks purchased before the comparative year.

Recoverability of trade debtors
Trade and other debtors are recognised to the extent that they are judged recoverable. Provisions are made specifically against invoices where recoverability is uncertain.

Management make allowances for doubtful debts each year based on assessment of the recoverability of debtors. Allowances are applied to debtors where events or changes in circumstances indicate that the carrying amounts may not be recoverable. Client creditworthiness, current economic trends, ageing of the debt and management experience are all considered when providing for doubtful debts.

The amount of the provision recognised in the profit and loss account is the excess of the asset's carrying amount over the present value of estimated future cash flows.

Prepayments
The carrying value of unsold frames is at the lower of their estimated cost and net realisable value. Where frames are more than 1 year old, the value of the frames is written down to 75% of the initial cost. The amounts written-down are presented within cost of sales. These unsold framing costs have been disclosed within prepayments.

Costs in respect of ongoing artist projects represent those committed less costs recovered to date. Based on historic projects, the directors consider that the WIP remains fully recoverable and therefore no provision has been recorded in the current and comparative periods. Any costs required to complete the project which have not been incurred are accrued and included within accruals and deferred income.










CRISTEA ROBERTS GALLERY LIMITED (REGISTERED NUMBER: 02980311)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

Recoverability of VAT paid on import
Historically under the VAT margin scheme, import tax suffered on imported artworks was recovered upon subsequent sale of the relevant piece. Following an exit from the margin scheme on 1 April 2023, import tax suffered is now recovered in the quarter in which the artworks are imported. Where stock purchases are made, import tax is considered recoverable in full and is presented within other debtors on the balance sheet. Where items are later removed from stock for reasons other than third party sales or when sold under the margin scheme, the import tax associated with that item is taken to the profit and loss account. Due to the low value of import tax written off annually no provision is made for this against other debtors.

Leasing
Management determine whether leases entered into are operating or finance lease. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the company and are assessed on a lease by lease basis. The transfer of risk is assessed by reference to the evaluation of the terms and conditions of the arrangement, the estimated useful life of the asset and whether an option to purchase exists at the end of the lease term.

5. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2023 2022
£ £
United Kingdom 3,520,246 3,099,368
Europe 1,154,754 2,286,039
United States of America 7,762,979 6,751,899
South Korea 1,426,750 2,556,777
Rest of the world 621,816 890,685
14,486,545 15,584,768

6. EMPLOYEES AND DIRECTORS
2023 2022
£ £
Wages and salaries 2,819,109 2,737,100
Social security costs 361,020 368,082
Other pension costs 64,157 39,193
3,244,286 3,144,375

The average number of employees during the year was as follows:
2023 2022

Directors 5 5
Sales 3 3
Administrative 3 3
Technical & Production 9 7
Shipping 3 2
Finance 1 1
Personal Relations 3 2
27 23

CRISTEA ROBERTS GALLERY LIMITED (REGISTERED NUMBER: 02980311)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


7. DIRECTORS' EMOLUMENTS




2023 2022
£ £
Emoluments etc. 1,763,242 1,879,631
Pension contributions to money purchase schemes 26,600 10,800

Information regarding the highest paid director is as follows:




2023 2022
£ £
Emoluments etc. 523,537 540,100
Pension contributions to money purchase schemes 7,000 -

The number of directors to whom retirement benefits were accruing was as follows:

Defined contribution schemes 3 3

8. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£ £
Depreciation - owned assets 145,345 144,021
Foreign exchange differences 307,791 (876,086 )

9. AUDITORS' REMUNERATION
2023 2022
£ £
Fees payable to the company's auditors for the audit of the company's
financial statements

12,750

14,250

10. INTEREST RECEIVABLE AND SIMILAR INCOME
2023 2022
£ £
Deposit account interest 140,130 11,324

11. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£ £
Interest paid 3,464 -

CRISTEA ROBERTS GALLERY LIMITED (REGISTERED NUMBER: 02980311)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


12. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£ £
Current tax:
UK corporation tax 301,898 398,500
Prior year adjustment (234 ) (22 )
Total current tax 301,664 398,478

Deferred tax (29,058 ) 6,646
Tax on profit 272,606 405,124

UK corporation tax has been charged at 23.52% (2022 - 19%).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£ £
Profit before tax 1,066,685 1,975,923
Profit multiplied by the standard rate of corporation tax in the UK of 23.520%
(2022 - 19%)

250,884

375,425

Effects of:
Expenses not deductible for tax purposes 9,558 4,570
Depreciation in excess of capital allowances 14,820 11,434
Adjustments to tax charge in respect of previous periods (234 ) (22 )
Tax provision rounding - 257
Movement in deferred tax - prior year 745 -
Effect of tax rate on deferred tax (3,167 ) 13,460
Total tax charge 272,606 405,124

From 1 April 2023 the UK main Corporation Tax rate was 25% (previous rate 19%) with small profits Corporation Tax rate of 19%. This has resulted in an effective rate of Corporation Tax for the company of 23.52% for the year ended 31 December 2023.

CRISTEA ROBERTS GALLERY LIMITED (REGISTERED NUMBER: 02980311)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


13. PRIOR YEAR ADJUSTMENT

Carriage sales have now been shown gross of carriage costs. The table below shows the impact of these corrections on the relevant income statement items:

20222022
originalas restated
££
Profit & Loss:
Turnover15,151,35515,584,768
Cost of sales(8,945,306)(9,290,943)
Distribution costs5,528(82,247)

The comparative figures have been restated accordingly. There has been no impact on the result for the year or the company's net assets.

14. TANGIBLE FIXED ASSETS
Fixtures
Freehold Leasehold and
property improvements fittings
£ £ £
COST
At 1 January 2023 316,889 1,650,125 77,349
Additions - - 552
At 31 December 2023 316,889 1,650,125 77,901
DEPRECIATION
At 1 January 2023 40,770 734,298 73,616
Charge for year 6,338 126,369 2,036
At 31 December 2023 47,108 860,667 75,652
NET BOOK VALUE
At 31 December 2023 269,781 789,458 2,249
At 31 December 2022 276,119 915,827 3,733

CRISTEA ROBERTS GALLERY LIMITED (REGISTERED NUMBER: 02980311)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


14. TANGIBLE FIXED ASSETS - continued

Freehold
property Computer
improvements equipment Totals
£ £ £
COST
At 1 January 2023 234,986 71,838 2,351,187
Additions - 3,772 4,324
At 31 December 2023 234,986 75,610 2,355,511
DEPRECIATION
At 1 January 2023 38,751 55,572 943,007
Charge for year 4,700 5,902 145,345
At 31 December 2023 43,451 61,474 1,088,352
NET BOOK VALUE
At 31 December 2023 191,535 14,136 1,267,159
At 31 December 2022 196,235 16,266 1,408,180

15. STOCKS
2023 2022
£ £
Stock 2,881,191 2,502,154

Each piece of artwork is considered unique and irreplaceable, therefore, the directors consider that it is not possible to determine replacement cost.

No impairment losses were recognised in respect of slow moving and obsolete items in cost of sales during the year.

16. DEBTORS
2023 2022
£ £
Amounts falling due within one year:
Trade debtors 595,933 1,473,884
Other debtors 449,637 511,523
Prepayments and accrued income 2,125,977 1,807,251
3,171,547 3,792,658

Amounts falling due after more than one year:
Other debtors 59,188 59,072

Aggregate amounts 3,230,735 3,851,730

CRISTEA ROBERTS GALLERY LIMITED (REGISTERED NUMBER: 02980311)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade creditors 927,222 1,145,893
Tax 22,290 302,900
Social security and other taxes 141,865 1,099,727
Other creditors 41,096 24,015
Accruals and deferred income 3,179,038 2,524,742
4,311,511 5,097,277

18. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£ £
Within one year 404,035 404,035
Between one and five years 1,616,140 1,616,140
In more than five years 1,578,245 1,982,280
3,598,420 4,002,455

Lease payments of £397,204 (2022: £421,889) have been recognised as an expense during the year.

19. PROVISIONS FOR LIABILITIES
2023 2022
£ £
Deferred tax
Accelerated capital allowances 27,025 56,083

Deferred tax
£
Balance at 1 January 2023 56,083
Accelerated capital allowances (11,058 )
Short term timing differences (17,255 )
Deferred tax movement - PY (745 )
Balance at 31 December 2023 27,025

The deferred tax liability at the year end represents accelerated capital allowances. Deferred tax has been recognised at the rate of 25% applicable from 1 April 2023 (2022: 25%).

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
10,000,000 Ordinary 1p 100,000 100,000

During the prior year, the company repurchased 444,443 of its own B shares with a nominal value of £0.01 per share for consideration of £85,872. These shares were then cancelled in May 2022.

CRISTEA ROBERTS GALLERY LIMITED (REGISTERED NUMBER: 02980311)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


21. PENSION COMMITMENTS

The company makes payments into a pension fund on behalf of employees. The assets of the schemes are held separately from those of the company from those of the company in independently administered funds. The pension cost charge of £64,157 (2022: £39,193) represents contributions payable by the company to the fund.

Outstanding pension contributions of £16,134 were payable at the reporting date (2022: £nil).

22. CONTINGENT LIABILITIES

At the balance sheet date, contingent liabilities exist in respect of indemnities given to HM Revenue & Customs amounting to £40,000 (2022: £40,000).

23. RELATED PARTY DISCLOSURES

During the year, key management personnel compensation totalled £2,209,787 (2022: £2,227,272).

During the year sales of £9,724 (2022: £25,921) were made to key management personnel and £835 (2022: £800) were made to staff.

During the year the Gallery purchased artworks from key management personnel totalling £18,770 (2022: £136,225).