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Registered Number: 07443252
England and Wales

 

 

 


Abridged Accounts

for the year ended 31 March 2024

for

FINE ART TRANSPORT SERVICES LIMITED

You consider that the company is exempt from an audit for the year ended 31 March 2024 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.

In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://rulebook.accaglobal.com/.

We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.

31 March 2024



....................................................
Broughton & Co. Limited
9 Second Avenue

Worthing
BN14 9NX
27 August 2024
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 4 4,283    5,585 
4,283    5,585 
Current assets      
Debtors 19,998    14,303 
Cash at bank and in hand 69,248    85,576 
89,246    99,879 
Creditors: amount falling due within one year (73,489)   (78,539)
Net current assets 15,757    21,340 
 
Total assets less current liabilities 20,040    26,925 
Provisions for liabilities (942)   (1,229)
Net assets 19,098    25,696 
 

Capital and reserves
     
Called up share capital 5 2    2 
Profit and loss account 19,096    25,694 
Shareholders' funds 19,098    25,696 
 


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

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 20 August 2024 and were signed on its behalf by:


-------------------------------
Jonathan Cox
Director
2
General Information
Fine Art Transport Services Limited is a private company, limited by shares, registered in England and Wales, registration number 07443252, registration address Suites 5 & 7, 3rd Floor Roxby House, 20-22 Station Road, Sidcup, Kent, DA15 7EJ. The trading address of the company is Unit 7 Malham Road Industrial Estate, Malham Road, London, SE23 1AH.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 20% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures and Fittings 20% Reducing Balance
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 7 (2023 : 7).
3.

Financial Commitments, Guarantees and Contingencies

At 31 March 2024, the company had annual commitments under non-cancellable rental agreements as follows:
Land and Buildings
Within one year £6,031 (2023: £12,062)
Between two and five years £nil (2023: £6,031)
In more than five years £nil (2023: £nil)

4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Total
  £   £   £   £
At 01 April 2023 4,542    48,755    7,867    61,164 
Additions     48    48 
Disposals      
At 31 March 2024 4,542    48,755    7,915    61,212 
Depreciation
At 01 April 2023 4,178    44,096    7,305    55,579 
Charge for year 73    1,165    112    1,350 
On disposals      
At 31 March 2024 4,251    45,261    7,417    56,929 
Net book values
Closing balance as at 31 March 2024 291    3,494    498    4,283 
Opening balance as at 01 April 2023 364    4,659    562    5,585 


5.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
2 Ordinary shares of £1.00 each  
 

3