IRIS Accounts Production v24.1.4.33 08890323 director 1.4.23 31.3.24 31.3.24 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh088903232023-03-31088903232024-03-31088903232023-04-012024-03-31088903232022-03-31088903232022-04-012023-03-31088903232023-03-3108890323ns15:EnglandWales2023-04-012024-03-3108890323ns14:PoundSterling2023-04-012024-03-3108890323ns10:Director12023-04-012024-03-3108890323ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3108890323ns10:SmallEntities2023-04-012024-03-3108890323ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-3108890323ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3108890323ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3108890323ns10:FullAccounts2023-04-012024-03-3108890323ns10:OrdinaryShareClass12023-04-012024-03-3108890323ns10:Director22023-04-012024-03-3108890323ns10:RegisteredOffice2023-04-012024-03-3108890323ns5:CurrentFinancialInstruments2024-03-3108890323ns5:CurrentFinancialInstruments2023-03-3108890323ns5:Non-currentFinancialInstruments2024-03-3108890323ns5:Non-currentFinancialInstruments2023-03-3108890323ns5:ShareCapital2024-03-3108890323ns5:ShareCapital2023-03-3108890323ns5:SharePremium2024-03-3108890323ns5:SharePremium2023-03-3108890323ns5:RetainedEarningsAccumulatedLosses2024-03-3108890323ns5:RetainedEarningsAccumulatedLosses2023-03-3108890323ns5:PlantMachinery2023-04-012024-03-3108890323ns5:PlantMachinery2023-03-3108890323ns5:PlantMachinery2024-03-3108890323ns5:PlantMachinery2023-03-3108890323ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3108890323ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3108890323ns10:OrdinaryShareClass12024-03-31
REGISTERED NUMBER: 08890323 (England and Wales)















Financial Statements for the Year Ended 31 March 2024

for

Addis Fine Art Limited

Addis Fine Art Limited (Registered number: 08890323)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Addis Fine Art Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: Ms R Sile





REGISTERED OFFICE: 21 Eastcastle Street
London
W1W 8DD





REGISTERED NUMBER: 08890323 (England and Wales)





ACCOUNTANTS: Visionary Accountants
2 Adelaide Street
St Albans
Hertfordshire
AL3 5BH

Addis Fine Art Limited (Registered number: 08890323)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 6,041 7,709
Investments 5 242,132 242,132
248,173 249,841

CURRENT ASSETS
Stocks 55,494 55,494
Debtors 6 65,277 102,782
Cash at bank and in hand 257,301 478,117
378,072 636,393
CREDITORS
Amounts falling due within one year 7 160,293 185,711
NET CURRENT ASSETS 217,779 450,682
TOTAL ASSETS LESS CURRENT
LIABILITIES

465,952

700,523

CREDITORS
Amounts falling due after more than one year 8 300,000 303,205
NET ASSETS 165,952 397,318

CAPITAL AND RESERVES
Called up share capital 9 1,500 1,500
Share premium 349,500 349,500
Retained earnings (185,048 ) 46,318
SHAREHOLDERS' FUNDS 165,952 397,318

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Addis Fine Art Limited (Registered number: 08890323)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 8 August 2024 and were signed by:





Miss R Sile - Director


Addis Fine Art Limited (Registered number: 08890323)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Addis Fine Art 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost and 15% on cost

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

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.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Addis Fine Art Limited (Registered number: 08890323)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 5 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 23,052
Additions 529
Disposals (274 )
At 31 March 2024 23,307
DEPRECIATION
At 1 April 2023 15,343
Charge for year 1,978
Eliminated on disposal (55 )
At 31 March 2024 17,266
NET BOOK VALUE
At 31 March 2024 6,041
At 31 March 2023 7,709

5. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
31.3.24 31.3.23
£    £   
Artwork 242,132 242,132

At the balance sheet date there are 43 pieces of artwork being held as investments, these are recorded at historic cost.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 18,908 15,190
Amounts owed by associates 11,701 21,433
Other debtors 34,668 66,159
65,277 102,782

Addis Fine Art Limited (Registered number: 08890323)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 166 -
Trade creditors 120,264 141,564
Taxation and social security 3,892 13,672
Other creditors 35,971 30,475
160,293 185,711

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Other creditors 300,000 303,205

9. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
1,500 Share capital 1 £1 1,500 1,500

10. RELATED PARTY DISCLOSURES

During the year Miss R Sile held a loan account with the company. At the year end £6,037 (2023: £2,778) was due by Miss R Sile.

At the balance sheet date African Art Contemporary Ecosystems, a company in which Miss R Sile is a director and shareholder, owed the company £11,701 (2023: £9,784). This loan is unsecured and interest free and repayable on demand.

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Miss R Sile.