Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Kemal Cingillioglu 08/08/2015 30 August 2024 The principal activity of the Company during the financial year was the provision of art advisory services. 09723287 2023-12-31 09723287 bus:Director1 2023-12-31 09723287 2022-12-31 09723287 core:CurrentFinancialInstruments 2023-12-31 09723287 core:CurrentFinancialInstruments 2022-12-31 09723287 core:Non-currentFinancialInstruments 2023-12-31 09723287 core:Non-currentFinancialInstruments 2022-12-31 09723287 core:ShareCapital 2023-12-31 09723287 core:ShareCapital 2022-12-31 09723287 core:RetainedEarningsAccumulatedLosses 2023-12-31 09723287 core:RetainedEarningsAccumulatedLosses 2022-12-31 09723287 core:FurnitureFittings 2022-12-31 09723287 core:ComputerEquipment 2022-12-31 09723287 core:OtherPropertyPlantEquipment 2022-12-31 09723287 core:FurnitureFittings 2023-12-31 09723287 core:ComputerEquipment 2023-12-31 09723287 core:OtherPropertyPlantEquipment 2023-12-31 09723287 2021-12-31 09723287 2023-01-01 2023-12-31 09723287 bus:FilletedAccounts 2023-01-01 2023-12-31 09723287 bus:SmallEntities 2023-01-01 2023-12-31 09723287 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 09723287 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09723287 bus:Director1 2023-01-01 2023-12-31 09723287 core:FurnitureFittings core:TopRangeValue 2023-01-01 2023-12-31 09723287 core:ComputerEquipment core:TopRangeValue 2023-01-01 2023-12-31 09723287 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-01-01 2023-12-31 09723287 2022-01-01 2022-12-31 09723287 core:FurnitureFittings 2023-01-01 2023-12-31 09723287 core:ComputerEquipment 2023-01-01 2023-12-31 09723287 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 09723287 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Company No: 09723287 (England and Wales)

CINGILLI COLLECTION LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

CINGILLI COLLECTION LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

CINGILLI COLLECTION LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
CINGILLI COLLECTION LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTOR Kemal Cingillioglu
REGISTERED OFFICE 22 Chancery Lane
London
WC2A 1LS
United Kingdom
COMPANY NUMBER 09723287 (England and Wales)
CINGILLI COLLECTION LIMITED

BALANCE SHEET

As at 31 December 2023
CINGILLI COLLECTION LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 3,243 0
3,243 0
Current assets
Stocks 112,476 113,925
Debtors 4 5,835 5,145
Cash at bank and in hand 42,979 57,234
161,290 176,304
Creditors: amounts falling due within one year 5 ( 296,682) ( 316,316)
Net current liabilities (135,392) (140,012)
Total assets less current liabilities (132,149) (140,012)
Creditors: amounts falling due after more than one year 6 ( 1,855,580) ( 1,855,580)
Provision for liabilities 7, 8 ( 355) 0
Net liabilities ( 1,988,084) ( 1,995,592)
Capital and reserves
Called-up share capital 1 1
Profit and loss account ( 1,988,085 ) ( 1,995,593 )
Total shareholder's deficit ( 1,988,084) ( 1,995,592)

For the financial year ending 31 December 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 financial statements of Cingilli Collection Limited (registered number: 09723287) were approved and authorised for issue by the Director on 30 August 2024. They were signed on its behalf by:

Kemal Cingillioglu
Director
CINGILLI COLLECTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
CINGILLI COLLECTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Cingilli Collection Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 22 Chancery Lane, London, WC2A 1LS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 5 years straight line
Computer equipment 5 years straight line
Other property, plant and equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 2

3. Tangible assets

Fixtures and fittings Computer equipment Other property, plant
and equipment
Total
£ £ £ £
Cost
At 01 January 2023 0 0 0 0
Additions 590 1,023 480 2,093
Transfers 1,449 0 0 1,449
At 31 December 2023 2,039 1,023 480 3,542
Accumulated depreciation
At 01 January 2023 0 0 0 0
Charge for the financial year 78 160 61 299
At 31 December 2023 78 160 61 299
Net book value
At 31 December 2023 1,961 863 419 3,243
At 31 December 2022 0 0 0 0

4. Debtors

2023 2022
£ £
Other debtors 5,835 5,145

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 8,463 19,139
Other taxation and social security 288 4,547
Other creditors 287,931 292,630
296,682 316,316

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Other creditors 1,855,580 1,855,580

There are no amounts included above in respect of which any security has been given by the small entity.

7. Provision for liabilities

2023 2022
£ £
Deferred tax 355 0

8. Deferred tax

2023 2022
£ £
At the beginning of financial year 0 0
Charged to the Profit and Loss Account ( 355) 0
At the end of financial year ( 355) 0