Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-30442022-12-01falsefalsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 07835134 2022-12-01 2023-11-30 07835134 2021-12-01 2022-11-30 07835134 2023-11-30 07835134 2022-11-30 07835134 2021-12-01 07835134 c:Director1 2022-12-01 2023-11-30 07835134 c:Director2 2022-12-01 2023-11-30 07835134 c:Director3 2022-12-01 2023-11-30 07835134 c:Director4 2022-12-01 2023-11-30 07835134 c:RegisteredOffice 2022-12-01 2023-11-30 07835134 d:FurnitureFittings 2022-12-01 2023-11-30 07835134 d:FurnitureFittings 2023-11-30 07835134 d:FurnitureFittings 2022-11-30 07835134 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 07835134 d:OfficeEquipment 2022-12-01 2023-11-30 07835134 d:OfficeEquipment 2023-11-30 07835134 d:OfficeEquipment 2022-11-30 07835134 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 07835134 d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 07835134 d:CurrentFinancialInstruments 2023-11-30 07835134 d:CurrentFinancialInstruments 2022-11-30 07835134 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 07835134 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 07835134 d:ShareCapital 2023-11-30 07835134 d:ShareCapital 2022-11-30 07835134 d:ShareCapital 2021-12-01 07835134 d:RetainedEarningsAccumulatedLosses 2022-12-01 2023-11-30 07835134 d:RetainedEarningsAccumulatedLosses 2023-11-30 07835134 d:RetainedEarningsAccumulatedLosses 2021-12-01 2022-11-30 07835134 d:RetainedEarningsAccumulatedLosses 2022-11-30 07835134 d:RetainedEarningsAccumulatedLosses 2021-12-01 07835134 c:FRS102 2022-12-01 2023-11-30 07835134 c:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 07835134 c:FullAccounts 2022-12-01 2023-11-30 07835134 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 07835134 e:PoundSterling 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure

Registered number: 07835134









UNTITLED ART LTD







UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
UNTITLED ART LTD
 
 
COMPANY INFORMATION


Directors
Mr A D Levene 
Mrs L A F Levene 
Mr J J Levene 
Mr J O E Levene 




Registered number
07835134



Registered office
1-3 Ship Street

Shoreham-By-Sea

West Sussex

BN43 5HD




Trading Address
Gallops
The Street

Albourne

Hassocks

Sussex

BN6 9DJ






Accountants
Gibson Appleby
Chartered Accountants

1-3 Ship Street

Shoreham by Sea

West Sussex

BN43 5DH





 
UNTITLED ART LTD
 

CONTENTS



Page
Directors' report
1
Accountants' report
2
Statement of financial position
3 - 4
Statement of changes in equity
5
Notes to the financial statements
6 - 12

 
UNTITLED ART LTD
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023

The directors present their report and the financial statements for the year ended 30 November 2023.

Principal activity

The principal activity of the company is that of Fine Art dealers.

Directors

The directors who served during the year were:

Mr A D Levene 
Mrs L A F Levene 
Mr J J Levene 
Mr J O E Levene 

Directors' responsibilities statement

The directors are responsible for preparing the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 10 August 2024 and signed on its behalf.
 



Mr A D Levene
Director
Page 1

 
UNTITLED ART LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF UNTITLED ART LTD
FOR THE YEAR ENDED 30 NOVEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Untitled Art Ltd for the year ended 30 November 2023 which comprise  the Statement of financial position, the Statement of changes in equity and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Untitled Art Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Untitled Art Ltd and state those matters that we have agreed to state to the Board of directors of Untitled Art Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Untitled Art Ltd and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Untitled Art Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Untitled Art Ltd. You consider that Untitled Art Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Untitled Art Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Gibson Appleby
 
Chartered Accountants
  
1-3 Ship Street
Shoreham by Sea
West Sussex
BN43 5DH
13 August 2024
Page 2

 
UNTITLED ART LTD
REGISTERED NUMBER: 07835134

STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
24,935
32,912

  
24,935
32,912

Current assets
  

Stocks
 5 
3,684,668
2,683,012

Debtors: amounts falling due within one year
 6 
216,280
238,834

Current asset investments
 7 
2,540
2,540

Cash at bank and in hand
  
384,179
283,970

  
4,287,667
3,208,356

Creditors: amounts falling due within one year
 8 
(1,719,152)
(1,211,619)

Net current assets
  
 
 
2,568,515
 
 
1,996,737

Total assets less current liabilities
  
2,593,450
2,029,649

Provisions for liabilities
  

Deferred tax
  
(5,738)
-

  
 
 
(5,738)
 
 
-

Net assets
  
2,587,712
2,029,649


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
2,587,612
2,029,549

  
2,587,712
2,029,649

Page 3

 
UNTITLED ART LTD
REGISTERED NUMBER: 07835134
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 NOVEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 August 2024.




Mr A D Levene
Director

The notes on pages 6 to 12 form part of these financial statements.
Page 4

 
UNTITLED ART LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 December 2022
100
2,029,549
2,029,649


Comprehensive income for the year

Profit for the year
-
558,063
558,063


At 30 November 2023
100
2,587,612
2,587,712


The notes on pages 6 to 12 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 December 2021
100
1,392,879
1,392,979


Comprehensive income for the year

Profit for the year
-
636,670
636,670


At 30 November 2022
100
2,029,549
2,029,649


The notes on pages 6 to 12 form part of these financial statements.
Page 5

 
UNTITLED ART LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

The company is registered in England and its registered number is 07835134.  The company is a private company limited by shares.  Its registered office is 1-3 Ship Street, Shoreham-By-Sea, West Sussex, BN43 5DH.   Place of business is shown on the Company Information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The accounts are prepared in Sterling and rounded to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
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 Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 6

 
UNTITLED ART LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures & fittings
-
20% on cost
Office equipment
-
20% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less
costs to complete and sell. 

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount
is reduced to its selling price less costs to complete and sell. The impairment loss is recognised
immediately in profit or loss.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Page 7

 
UNTITLED ART LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)


2.7
Financial instruments (continued)


Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is
Page 8

 
UNTITLED ART LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)


2.7
Financial instruments (continued)

due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 9

 
UNTITLED ART LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.11

Current and deferred taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







4
4

Page 10

 
UNTITLED ART LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

4.


Tangible fixed assets





Fixtures & fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 December 2022
292,839
35,569
328,408


Additions
4,483
2,499
6,982



At 30 November 2023

297,322
38,068
335,390



Depreciation


At 1 December 2022
265,721
29,775
295,496


Charge for the year on owned assets
12,543
2,416
14,959



At 30 November 2023

278,264
32,191
310,455



Net book value



At 30 November 2023
19,058
5,877
24,935



At 30 November 2022
27,118
5,794
32,912


5.


Stocks

2023
2022
£
£

Finished goods and goods for resale
3,684,668
2,683,012

3,684,668
2,683,012


Page 11

 
UNTITLED ART LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
167,006
185,091

Other debtors
31,404
40,947

Prepayments and accrued income
17,870
12,796

216,280
238,834



7.


Current asset investments

2023
2022
£
£

Listed Investments
2,540
2,540

2,540
2,540



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
311,675
260,508

Corporation tax
172,749
158,086

Other taxation and social security
10,076
6,989

Other creditors
1,219,752
783,286

Accruals and deferred income
4,900
2,750

1,719,152
1,211,619


 
Page 12