Rosie Glenn Fine Art Limited 04620877 false 2022-11-01 2023-10-31 2023-10-31 The principal activity of the company is that of art management and consultancy. Digita Accounts Production Advanced 6.30.9574.0 true true 04620877 2022-11-01 2023-10-31 04620877 2023-10-31 04620877 core:CurrentFinancialInstruments 2023-10-31 04620877 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 04620877 core:Goodwill 2023-10-31 04620877 core:FurnitureFittings 2023-10-31 04620877 1 2023-10-31 04620877 bus:SmallEntities 2022-11-01 2023-10-31 04620877 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 04620877 bus:FilletedAccounts 2022-11-01 2023-10-31 04620877 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 04620877 bus:RegisteredOffice 2022-11-01 2023-10-31 04620877 bus:Director1 2022-11-01 2023-10-31 04620877 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 04620877 core:Goodwill 2022-11-01 2023-10-31 04620877 core:FurnitureFittings 2022-11-01 2023-10-31 04620877 core:FurnitureFittingsToolsEquipment 2022-11-01 2023-10-31 04620877 countries:EnglandWales 2022-11-01 2023-10-31 04620877 1 2022-11-01 2023-10-31 04620877 2022-10-31 04620877 core:Goodwill 2022-10-31 04620877 core:FurnitureFittings 2022-10-31 04620877 1 2022-10-31 04620877 2021-11-01 2022-10-31 04620877 2022-10-31 04620877 core:CurrentFinancialInstruments 2022-10-31 04620877 core:CurrentFinancialInstruments core:WithinOneYear 2022-10-31 04620877 core:FurnitureFittings 2022-10-31 04620877 1 2022-10-31 04620877 1 2021-11-01 2022-10-31 04620877 1 2021-10-31 iso4217:GBP xbrli:pure

Registration number: 04620877

Rosie Glenn Fine Art Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Rosie Glenn Fine Art Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 6

 

Rosie Glenn Fine Art Limited

(Registration number: 04620877)
Statement of Financial Position as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

1,568

2,096

Current assets

 

Debtors

6

25,001

22,268

Cash at bank and in hand

 

5,750

9,574

 

30,751

31,842

Creditors: Amounts falling due within one year

7

(12,451)

(13,134)

Net current assets

 

18,300

18,708

Total assets less current liabilities

 

19,868

20,804

Provisions for liabilities

(298)

(398)

Net assets

 

19,570

20,406

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

19,470

20,306

Shareholders' funds

 

19,570

20,406

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.

Director's 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 director acknowledges her 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 director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 12 June 2024
 


Ms R Glenn
Director

 

Rosie Glenn Fine Art Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Wisteria Lodge
West Hill Road
West Hill
Ottery St Mary
Devon
EX11 1UZ

Principal activity

The principal activity of the company is that of art management and consultancy.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

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

 

Rosie Glenn Fine Art Limited

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

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

25% reducing balance

 

Rosie Glenn Fine Art Limited

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

2

Accounting policies (continued)

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Rosie Glenn Fine Art Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2022

25,000

25,000

At 31 October 2023

25,000

25,000

Amortisation

At 1 November 2022

25,000

25,000

At 31 October 2023

25,000

25,000

Carrying amount

At 31 October 2023

-

-

5

Tangible assets

Fixtures, fittings and equipment
£

Total
£

Cost or valuation

At 1 November 2022

9,851

9,851

At 31 October 2023

9,851

9,851

Depreciation

At 1 November 2022

7,755

7,755

Charge for the year

528

528

At 31 October 2023

8,283

8,283

Carrying amount

At 31 October 2023

1,568

1,568

At 31 October 2022

2,096

2,096

6

Debtors

 

Rosie Glenn Fine Art Limited

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

6

Debtors (continued)

2023
£

2022
£

Trade debtors

4,309

2,070

Other debtors

20,692

20,198

25,001

22,268

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

4,339

3,587

Taxation and social security

6,818

8,284

Accruals and deferred income

1,294

1,263

12,451

13,134

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

9

Related party transactions

During the year the director entered into the following advances and credits with the company:

Transactions with the director

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 31 October 2023
£

Directors'

20,198

33,228

(32,734)

20,692

         
       

 

2022

At 1 November 2021
£

Advances to director
£

Repayments by director
£

At 31 October 2022
£

Directors'

19,766

32,162

(31,730)

20,198

 

Directors' loans are repayable on demand and subject to interest on overdrawn balances at the official rate.