Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-3152023-01-01falseNo description of principal activity5truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10261957 2023-01-01 2023-12-31 10261957 2022-01-01 2022-12-31 10261957 2023-12-31 10261957 2022-12-31 10261957 c:Director1 2023-01-01 2023-12-31 10261957 c:Director2 2023-01-01 2023-12-31 10261957 d:FurnitureFittings 2023-01-01 2023-12-31 10261957 d:FurnitureFittings 2023-12-31 10261957 d:FurnitureFittings 2022-12-31 10261957 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10261957 d:ComputerEquipment 2023-01-01 2023-12-31 10261957 d:ComputerEquipment 2023-12-31 10261957 d:ComputerEquipment 2022-12-31 10261957 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10261957 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10261957 d:CurrentFinancialInstruments 2023-12-31 10261957 d:CurrentFinancialInstruments 2022-12-31 10261957 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 10261957 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 10261957 d:ShareCapital 2023-12-31 10261957 d:ShareCapital 2022-12-31 10261957 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 10261957 d:RetainedEarningsAccumulatedLosses 2023-12-31 10261957 d:RetainedEarningsAccumulatedLosses 2022-12-31 10261957 c:FRS102 2023-01-01 2023-12-31 10261957 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 10261957 c:FullAccounts 2023-01-01 2023-12-31 10261957 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10261957 d:WithinOneYear 2023-12-31 10261957 d:WithinOneYear 2022-12-31 10261957 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 10261957 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 10261957 d:OtherDeferredTax 2023-12-31 10261957 d:OtherDeferredTax 2022-12-31 10261957 2 2023-01-01 2023-12-31 10261957 6 2023-01-01 2023-12-31 10261957 7 2023-01-01 2023-12-31 10261957 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 10261957









CLORE WYNDHAM FINE ART LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
CLORE WYNDHAM FINE ART LIMITED
REGISTERED NUMBER: 10261957

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
21,537
30,847

Investments
 6 
-
1,314,863

  
21,537
1,345,710

Current assets
  

Debtors: amounts falling due within one year
 7 
161,422
342,808

Cash at bank and in hand
  
1,056,366
2,367,995

  
1,217,788
2,710,803

Creditors: amounts falling due within one year
 8 
(293,339)
(1,345,419)

Net current assets
  
 
 
924,449
 
 
1,365,384

Total assets less current liabilities
  
945,986
2,711,094

Provisions for liabilities
  

Deferred tax
 9 
(5,029)
(317,038)

  
 
 
(5,029)
 
 
(317,038)

Net assets
  
940,957
2,394,056


Capital and reserves
  

Called up share capital 
  
50,000
50,000

Profit and loss account
 10 
890,957
2,344,056

  
940,957
2,394,056


Page 1

 
CLORE WYNDHAM FINE ART LIMITED
REGISTERED NUMBER: 10261957
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 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 income and retained earnings 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 18 September 2024.



M S J Clore
H M Wyndham
Director
Director

Page 2

 
CLORE WYNDHAM FINE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Clore Wyndham Fine Art Limited is a private company limited by shares and registered in England and Wales. The address of its registered office and principal place of business is 31 Bruton Street, London, W1J 6QS.

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.

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue relates to advisory fees and commission on the sale of fine artwork to global clients. Revenue is recognised on the completion of a sale as stipulated in the terms of the sale agreement.    

 
2.3

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.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25% reducing balance
Computer equipment
-
33% straight line

Page 3

 
CLORE WYNDHAM FINE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

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.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

 
2.7

Interest income

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

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
CLORE WYNDHAM FINE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.10

Valuation of investments

The fixed asset investments included in the accounts relate to fine artwork. They have been initially recognised at cost and are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.11

Dividends

Interim equity dividends are recognised when paid.

Page 5

 
CLORE WYNDHAM FINE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
Accruals
The company makes an estimate of accruals at the year end based on invoices received after the year end and work undertaken which has not been invoiced based on quotations or estimates of amounts that may be due for payment.
Tangible assets
Tangible assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending upon a number of factors. In re-assessing the assets' lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account.


4.


Employees

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


5.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
126,838
19,450
146,288


Disposals
-
(5,344)
(5,344)



At 31 December 2023

126,838
14,106
140,944



Depreciation


At 1 January 2023
103,691
11,750
115,441


Charge for the year on owned assets
5,788
3,522
9,310


Disposals
-
(5,344)
(5,344)



At 31 December 2023

109,479
9,928
119,407



Net book value



At 31 December 2023
17,359
4,178
21,537



At 31 December 2022
23,147
7,700
30,847

Page 6

 
CLORE WYNDHAM FINE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Fixed asset investments





Other fixed asset investments

£





At 1 January 2023
1,314,863


Disposals
(1,314,863)



At 31 December 2023
-





 


7.


Debtors

2023
2022
£
£


Trade debtors
78,649
242,913

Other debtors
42,837
35,723

Prepayments and accrued income
39,936
64,172

161,422
342,808



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
3,975
8,915

Corporation tax
208,826
1,236,722

Other taxation and social security
46,478
42,917

Other creditors
10,590
5,004

Accruals and deferred income
23,470
51,861

293,339
1,345,419


Page 7

 
CLORE WYNDHAM FINE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Deferred taxation




2023


£






At beginning of year
(317,038)


Charged to profit or loss
312,009



At end of year
(5,029)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
5,029
7,238

On revaluation of fixed asset investments
-
309,800

5,029
317,038


10.


Reserves

Profit and loss account

Included in reserves carried forward are unrealised gains of £nil (2022: £1,239,199) relating to the revaluation of fixed asset investments. Deferred tax in respect of this gain amounted to £nil (2022: £309,800). Accordingly there are non-distributable reserves of £nil (2022: £929,399) included in retained earnings carried forward.


11.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
-
21,996


12.


Related party transactions

At the reporting date H M Wyndham, a director owed the company amounts totalling £7,114 (2022: £nil) which is included in other debtors. No interest was charged on the loan and the loan was repaid in full following the year end. 
The company has not entered into any transactions with related parties that are material and have not been conducted under normal market conditions.

Page 8

 
CLORE WYNDHAM FINE ART LIMITED
 
 
 Page 9