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Registration number: 01974445

Graham Price Antiques Limited

Unaudited Financial Statements

for the Year Ended 31 January 2024

Brebners
Chartered Accountants
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

Graham Price Antiques Limited

Statement of Financial Position as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

7,372

4,894

Current assets

 

Stocks

6

106,682

97,806

Debtors

7

24,591

19,349

Cash at bank and in hand

 

18,906

19,832

 

150,179

136,987

Creditors: Amounts falling due within one year

8

(10,071)

(7,869)

Net current assets

 

140,108

129,118

Total assets less current liabilities

 

147,480

134,012

Provisions for liabilities

(1,401)

(1,224)

Net assets

 

146,079

132,788

Capital and reserves

 

Called up share capital

50,000

50,000

Retained earnings

96,079

82,788

Shareholders' funds

 

146,079

132,788

 

Graham Price Antiques Limited

Statement of Financial Position as at 31 January 2024

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the Board on 21 August 2024 and signed on its behalf by:
 

.........................................

Mr G J Price

Director

Company registration number: 01974445

 

Graham Price Antiques Limited

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

1

General information

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

The address of its registered office is:
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

The principal activity of the company is that of antique wholesalers, importers and exporters.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company made a profit for the year ended 31st January 2024 and had net assets at that date amounting to £146,079.

On the basis of the above, and after making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue from the sale of antiques on the date the items are delivered to customers once the amount can be reliably measured and the right to receive economic benefit arises.

Tax

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

 

Graham Price Antiques Limited

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

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 and Fittings

15% reducing balance

Motor Vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Graham Price Antiques Limited

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company during the year, was 4 (2023 - 4).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

1,559

1,559

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

2,332

14,000

16,332

Additions

4,037

-

4,037

At 31 January 2024

6,369

14,000

20,369

Depreciation

At 1 February 2023

1,867

9,571

11,438

Charge for the year

452

1,107

1,559

At 31 January 2024

2,319

10,678

12,997

Carrying amount

At 31 January 2024

4,050

3,322

7,372

At 31 January 2023

465

4,429

4,894

6

Stocks

2024
£

2023
£

Stock

106,682

97,806

 

Graham Price Antiques Limited

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

7

Debtors

2024
£

2023
£

Trade debtors

24,239

18,303

Other debtors

352

1,046

24,591

19,349

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

 

2,226

1,503

Taxation and social security

 

5,123

3,584

Other creditors

 

2,722

2,782

 

10,071

7,869