Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.32023-01-01falseNo description of principal activity3falsefalse 04316489 2023-01-01 2023-12-31 04316489 2022-01-01 2022-12-31 04316489 2023-12-31 04316489 2022-12-31 04316489 c:Director1 2023-01-01 2023-12-31 04316489 d:FurnitureFittings 2023-01-01 2023-12-31 04316489 d:FurnitureFittings 2022-12-31 04316489 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04316489 d:CurrentFinancialInstruments 2023-12-31 04316489 d:CurrentFinancialInstruments 2022-12-31 04316489 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 04316489 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 04316489 d:ShareCapital 2023-12-31 04316489 d:ShareCapital 2022-12-31 04316489 d:CapitalRedemptionReserve 2023-12-31 04316489 d:CapitalRedemptionReserve 2022-12-31 04316489 d:RetainedEarningsAccumulatedLosses 2023-12-31 04316489 d:RetainedEarningsAccumulatedLosses 2022-12-31 04316489 c:FRS102 2023-01-01 2023-12-31 04316489 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 04316489 c:FullAccounts 2023-01-01 2023-12-31 04316489 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04316489 d:FurnitureFittings d:PriorPeriodIncreaseDecrease 2023-01-01 2023-12-31 04316489 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 04316489









LEFEVRE FINE ART LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
LEFEVRE FINE ART LIMITED
REGISTERED NUMBER: 04316489

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 6 
6,074
5,903

  
6,074
5,903

Current assets
  

Stocks
 7 
1,400,116
1,275,032

Debtors: amounts falling due within one year
 8 
796,926
1,120,031

Cash at bank and in hand
 9 
38,666
84,032

  
2,235,708
2,479,095

Creditors: amounts falling due within one year
 10 
(159,500)
(96,102)

Net current assets
  
 
 
2,076,208
 
 
2,382,993

Total assets less current liabilities
  
2,082,282
2,388,896

  

Net assets
  
2,082,282
2,388,896


Capital and reserves
  

Called up share capital 
  
60
60

Capital redemption reserve
  
40
40

Profit and loss account
  
2,082,182
2,388,796

  
2,082,282
2,388,896


Page 1

 
LEFEVRE FINE ART LIMITED
REGISTERED NUMBER: 04316489
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The director considers 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 director acknowledges his 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 by: 




................................................
A M D Corcoran
Director

Date: 19 September 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

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

1.


General information

Lefevre Fine Art Limited is a company incorporated and in the UK, registered in England and Wales. The Company's registered office address is Ground Floor, 45 Pall Mall, London, SW1Y 5JG.
The principal activity of the Company in the year under review was that of a fine art dealer.

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

Revenue

Turnover comprises the company's revenue in respect of art agent services and fine art goods sold during the year, exclusive of Value Added Tax and trade discounts.

 
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, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%
per annum on cost

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.

 
2.4

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.

Page 3

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

2.Accounting policies (continued)

 
2.5

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowances for obsolete and slow moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Consignment stock which is stock held by the company but which is owned by third parties is distinguished from owned stock and is not included on the Balance Sheet. Shared stock, being stock purchased in conjunction with other parties, is accounted for to the extent of the company's share purchased. 

 
2.6

Debtors

Short term debtors are measured at transaction price, less any provision for bad or doubtful debt.

 
2.7

Creditors

Short term creditors are measured at the transaction price.

 
2.8

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Income and Retained Earnings except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.9

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.

Page 4

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

2.Accounting policies (continued)

 
2.10

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Borrowing costs

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


3.


Turnover

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
170,554
581,835

Rest of Europe
75,875
-

246,429
581,835



4.


Operating loss

The operating loss is stated after charging:

2023
2022
£
£

Exchange differences
129
(534)

Other operating lease rentals
234,390
228,149

Page 5

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

5.


Employees

2023
2022
£
£

Wages and salaries
94,233
93,911

Social security costs
6,262
6,177

Cost of defined contribution scheme
5,962
5,962

106,457
106,050


The average monthly number of employees, including the director, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
1
1



Administration staff
2
2

3
3


6.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 January 2023
188,926


Additions
3,100



At 31 December 2023
192,026



Depreciation


At 1 January 2023
183,023


Charge for the year on owned assets
2,929



At 31 December 2023
185,952



Net book value



At 31 December 2023
6,074



At 31 December 2022
5,903

Page 6

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

7.


Stocks

2023
2022
£
£

Finished goods and goods for resale
1,400,116
1,275,032

1,400,116
1,275,032



8.


Debtors

2023
2022
£
£


Trade debtors
5,833
4,332

Other debtors
783,213
1,081,515

Prepayments and accrued income
7,880
34,184

796,926
1,120,031



9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
38,666
84,032

Less: bank overdrafts
(67,391)
-

(28,725)
84,032



10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
67,391
-

Trade creditors
7,459
8,420

Other taxation and social security
2,271
2,327

Other creditors
41,446
42,342

Accruals and deferred income
40,933
43,013

159,500
96,102


Page 7

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

11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £5,962 (2022 - £5,962). No contributions were payable to the fund at the balance sheet date.


12.


Transactions with directors

At the balance sheet date £539,396 was due from the director (2022 - £833,433).

 
Page 8