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Registered number: 03204088









KENT ANTIQUES LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
KENT ANTIQUES LIMITED
REGISTERED NUMBER: 03204088

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,591
1,230

  
1,591
1,230

Current assets
  

Stocks
 5 
1,870,871
2,034,933

Debtors: amounts falling due within one year
 6 
75,769
55,914

Cash at bank and in hand
 7 
1,690,291
1,139,334

  
3,636,931
3,230,181

Creditors: amounts falling due within one year
 8 
(979,258)
(991,119)

Net current assets
  
 
 
2,657,673
 
 
2,239,062

Total assets less current liabilities
  
2,659,264
2,240,292

Provisions for liabilities
  

Deferred tax
 9 
(398)
(234)

  
 
 
(398)
 
 
(234)

Net assets
  
2,658,866
2,240,058


Capital and reserves
  

Called up share capital 
  
210,000
210,000

Profit and loss account
  
2,448,866
2,030,058

  
2,658,866
2,240,058


Page 1

 
KENT ANTIQUES LIMITED
REGISTERED NUMBER: 03204088
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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: 




M Keskiner
Director

Date: 23 September 2024

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

Page 2

 
KENT ANTIQUES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Kent Antiques Limited is a company limited by shares, incorporated in the United Kingdom, registered in England and Wales. Its registered office address is Flat 3, 107 Queen's Gate, London, SW7 5AG.
The principal activity of the company is the purchase, restoration and sale of Islamic art and antiques.
The financial statements are presented in Sterling which is the functional currency of the company and rounded to the nearest Pound. 

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

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.

 
2.3

Revenue

Turnover comprises revenue in respect of antique goods sold during the year, recognised on the
date the sale occurs, exclusive of Value Added Tax and trade discounts.

 
2.4

Interest income

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

Page 3

 
KENT ANTIQUES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

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.

 
2.6

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 balance sheet 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 balance sheet 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 balance sheet date.

 
2.7

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.

Page 4

 
KENT ANTIQUES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

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%
straight line
Office equipment
-
33%
straight line
Computer equipment
-

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.

 
2.8

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Where stock is acquired jointly with third parties, only the company's share of this stock is recognised within stocks.
An impairment provision is recognised for inventory items that have been held in stock for a period of four years or more. This provision reflects the likelihood that such inventory will become obsolete, slow-moving, or unsellable, and therefore not likely to be recoverable at its original cost. While the four-year threshold provides a general guideline for the impairment provision, the Directors retain the authority to apply their professional judgment to specific inventory items. If the Directors believe that certain items, even if not yet held for four years, are unlikely to be sold or are impaired due to other factors such as market conditions or product obsolescence, they may decide to recognise an impairment provision for these items. Likewise, items of stock held for more than four years which the directors still consider likely to be sold at more than their original cost are not impaired.

 
2.9

Debtors

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

 
2.10

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. Cash equivalents are highly liquid investments that
mature in no more than three months from the date of acquisition and that are readily convertible to
known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price.

Page 5

 
KENT ANTIQUES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

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


        2023
        2022
            No.
            No.







Employees
2
2


4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
25,715
14,108
39,823


Additions
1,123
-
1,123



At 31 December 2023

26,838
14,108
40,946



Depreciation


At 1 January 2023
24,677
13,916
38,593


Charge for the year on owned assets
571
191
762



At 31 December 2023

25,248
14,107
39,355



Net book value



At 31 December 2023
1,590
1
1,591



At 31 December 2022
1,038
192
1,230

Page 6

 
KENT ANTIQUES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Stocks

2023
2022
£
£

Finished goods and goods for resale
1,870,871
2,034,933

1,870,871
2,034,933




6.


Debtors

2023
2022
£
£


Trade debtors
35,372
52,764

Prepayments and accrued income
40,397
3,150

75,769
55,914



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,690,291
1,139,334

1,690,291
1,139,334



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
269,016
492,952

Corporation tax
160,497
32,869

Other taxation and social security
177,887
93,842

Other creditors
364,658
364,656

Accruals and deferred income
7,200
6,800

979,258
991,119


Page 7

 
KENT ANTIQUES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Deferred taxation




2023


£






At beginning of year
(234)


Charged to profit or loss
(164)



At end of year
(398)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(398)
(234)

(398)
(234)


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



210,000 (2022 - 210,000) a shares of £1.00 each
210,000
210,000



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 £5,207 (2022 - £3,880).
No amount (2022 - £nil) was due to the fund at the balance sheet date.


12.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 23 September 2024 by Jonathan Franks FCA (Senior Statutory Auditor) on behalf of Hillier Hopkins LLP.

 
Page 8