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Registered number: 01235975









A. & J. SPEELMAN LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
A. & J. SPEELMAN LIMITED
 

CONTENTS



Page
Accountants' Report
 
1
Statement of Financial Position
 
2 - 3
Notes to the Financial Statements
 
4 - 11


 
A. & J. SPEELMAN LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF A. & J. SPEELMAN LIMITED
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 A. & J. Speelman Limited for the year ended 30 November 2023 which comprise  the Statement of Financial Position 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 A. & J. Speelman Limited, 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 A. & J. Speelman Limited and state those matters that we have agreed to state to the Board of Directors of A. & J. Speelman Limited, 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 A. & J. Speelman Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that A. & J. Speelman Limited 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 A. & J. Speelman Limited. You consider that A. & J. Speelman Limited 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 A. & J. Speelman Limited. 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.

  



Nyman Libson Paul LLP
 
Chartered Accountants
  
124 Finchley Road
London
NW3 5JS
16 August 2024
Page 1

 
A. & J. SPEELMAN LIMITED
REGISTERED NUMBER: 01235975

STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
6,103,145
6,169,305

  
6,103,145
6,169,305

Current assets
  

Stocks
 5 
48,150,728
46,689,278

Debtors: amounts falling due within one year
 6 
233,231
123,541

Bank and cash balances
  
1,414,153
3,317,994

  
49,798,112
50,130,813

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(7,957,462)
(8,731,241)

Net current assets
  
 
 
41,840,650
 
 
41,399,572

Total assets less current liabilities
  
47,943,795
47,568,877

Creditors: amounts falling due after more than one year
 8 
(209,614)
(462,749)

Provisions for liabilities
  

Deferred tax
  
(13,745)
(84,373)

  
 
 
(13,745)
 
 
(84,373)

Net assets
  
47,720,436
47,021,755


Capital and reserves
  

Called up share capital 
 9 
100
100

Revaluation reserve
 10 
605,791
605,791

Profit and loss account
 10 
47,114,545
46,415,864

  
47,720,436
47,021,755


Page 2

 
A. & J. SPEELMAN LIMITED
REGISTERED NUMBER: 01235975
    
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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 statement of comprehensive income 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 16 August 2024.




J V Speelman
Director

The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
A. & J. SPEELMAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

A & J Speelman Limited is a private company limited by shares incorporated in England & Wales. The registed office is 124 Finchley Road, London, NW3 5JS. The business address is 36 Kensington Square, London, W8 5HP.
The principal activity of the company continued to be that of specialist Asian antique dealing.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover comprises revenue recognised by the Company in respect of sales of art and antiques at auctions, private sales and through joint venture deals, exclusive of Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of turnover can be reliably measured and it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Turnover from auction sales is recognised at the auction settlement date. 

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

  
2.5

Government Grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue
nature are recognised in “other income” within profit or loss in the same period as the related
expenditure. This includes the Government Coronavirus Job Retention Scheme (‘Furlough’). The
company has not directly benefited from any other forms of government assistance.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
A. & J. SPEELMAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

 
2.8

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis:.


Freehold buildings and leasehold buildings with leases in excess of 100 years
-
1%
Straight Line
Motor vehicles
-
25%
Reducing Balance
Fixtures, fittings & equipment
-
20%
Straight Line

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.

Page 5

 
A. & J. SPEELMAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

  
2.9

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Recoverable amount is higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects the current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss. 
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recongised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. 

 
2.10

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each Balance Sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each Balance Sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.11

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell.
At each balance sheet date, stocks are assessed for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Page 6

 
A. & J. SPEELMAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

  
2.12

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.

 
2.13

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.

 
2.14

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.

  
2.15

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.
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 alegally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or relaise the asset and settle the liability simultaenously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initally measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are
Page 7

 
A. & J. SPEELMAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractul obligations expire or are discharged or cancelled.

 
2.16

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 5).

Page 8

 
A. & J. SPEELMAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

4.


Tangible fixed assets





Freehold buildings and leaseold buildings with leases in excess of 100 years
Motor vehicles
Fixtures, fittings& equipment
Total

£
£
£
£



Cost or valuation


At 1 December 2022
6,548,823
5,417
396,704
6,950,944


Additions
4,939
14,700
1,320
20,959


Disposals
-
(5,417)
-
(5,417)



At 30 November 2023

6,553,762
14,700
398,024
6,966,486



Depreciation


At 1 December 2022
497,966
5,113
278,560
781,639


Charge for the year on owned assets
59,247
3,675
23,893
86,815


Disposals
-
(5,113)
-
(5,113)



At 30 November 2023

557,213
3,675
302,453
863,341



Net book value



At 30 November 2023
5,996,549
11,025
95,571
6,103,145



At 30 November 2022
6,050,857
304
118,144
6,169,305

Page 9

 
A. & J. SPEELMAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

5.


Stocks

2023
2022
£
£

Finished goods and goods for resale
48,150,728
46,689,278



6.


Debtors

2023
2022
£
£


Trade debtors
134,722
102,500

Other debtors
80,316
23

Prepayments and accrued income
18,193
21,018

233,231
123,541



7.


Creditors

2023
2022
£
£

Pension fund loan
355,386
102,251

Trade creditors
510,915
601,678

Corporation tax
293,259
355,968

Other taxation and social security
-
85,952

Other creditors
6,725,647
7,530,469

Accruals and deferred income
72,255
54,923

7,957,462
8,731,241



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Long term pension fund loan
209,614
462,749


Page 10

 
A. & J. SPEELMAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and repayment of capital. 



10.


Reserves

Revaluation reserve

Includes amounts revalued on properties. This unrealised revaluation surplus does not form part of  profits  available for distribution. Provision for deferred tax on the surplus on revaluation of  properties has been made in the financial statements and is included within this account.

Profit and loss account

The profit and loss surplus forms part of profits available for distribution.


11.


Related party transactions

2023
2022
£
£

Remuneration of key management personnel


Aggregate compensation
119,802
114,996


Transactions with related parties

During the year the Company entered into the following transactions with related parties:

Rent received 2023
Rent received 2022
£
£
Key management personnel

36,000

36,000
 


12.


Controlling party

The company is controlled by Mr J V Speelman, a director who owns 52% of the issued share capital of the company with Mrs A T Speelman. 

 
Page 11