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Registration number: 04608111

Genuine Fakes Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Genuine Fakes Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Genuine Fakes Limited

(Registration number: 04608111)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,221

5,106

Current assets

 

Stocks

5

5,000

5,000

Debtors

6

102,991

149,097

Cash at bank and in hand

 

152,448

52,709

 

260,439

206,806

Creditors: Amounts falling due within one year

7

(96,824)

(60,146)

Net current assets

 

163,615

146,660

Net assets

 

166,836

151,766

Capital and reserves

 

Called up share capital

100

100

Retained earnings

166,736

151,666

Shareholders' funds

 

166,836

151,766

 

Genuine Fakes Limited

(Registration number: 04608111)
Balance Sheet as at 31 December 2023

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.

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.

Approved and authorised by the Board on 5 September 2024 and signed on its behalf by:
 

.........................................
Mrs Rosemary Jane Myatt
Director

 

Genuine Fakes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
Middle Farm
Eccleshall
Stafford
Staffordshire
ST21 6NT
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention. These financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of paintings and provision of art programme presenting services. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Genuine Fakes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tax

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

The current 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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Website

25% straight line

Office equipment

20% straight line

Motor Vehicles

Fully depreciated

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.

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 (including directors) during the year, was 2 (2022 - 2).

 

Genuine Fakes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Website
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

9,368

16,515

14,980

40,863

Disposals

-

(10,267)

-

(10,267)

At 31 December 2023

9,368

6,248

14,980

30,596

Depreciation

At 1 January 2023

5,034

15,743

14,980

35,757

Charge for the year

1,607

278

-

1,885

Eliminated on disposal

-

(10,267)

-

(10,267)

At 31 December 2023

6,641

5,754

14,980

27,375

Carrying amount

At 31 December 2023

2,727

494

-

3,221

At 31 December 2022

4,334

772

-

5,106

5

Stocks

2023
£

2022
£

Other inventories

5,000

5,000

6

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

102,326

148,486

Other debtors

 

665

611

   

102,991

149,097

 

Genuine Fakes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Other creditors

96,824

60,146