Registered number
01215756
Nevill Keating Pictures Limited
Filleted Accounts
31 July 2023
Nevill Keating Pictures Limited
Registered number: 01215756
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 12,216 16,931
Investment properties 4 368,813 368,813
381,029 385,744
Current assets
Stocks 375,458 384,488
Debtors 5 4,909,224 7,325,436
Cash at bank and in hand 50,923 645,598
5,335,605 8,355,522
Creditors: amounts falling due within one year 6 (4,867,305) (7,343,613)
Net current assets 468,300 1,011,909
Total assets less current liabilities 849,329 1,397,653
Creditors: amounts falling due after more than one year 7 (19,908) (34,981)
Net assets 829,421 1,362,672
Capital and reserves
Called up share capital 8 100 100
Profit and loss account 829,321 1,362,572
Shareholders' funds 829,421 1,362,672
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A I M Nevill
Director
Approved by the board on 24 September 2024
Nevill Keating Pictures Limited
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared in accordance with Financial Reporting Standard 102 (FRS102) and the Companies Act 2006 (as applicable to companies subject to the small company regime).

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Turnover
Turnover represents the invoices value of goods and services supplied by the company, net of value added tax and trade discounts. Turnover is attributable to one continuing activity, dealing in fine art.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Fixtures, fittings & computer equipment 25% on reducing balance
Motor vehicles 25% on reducing balance
Investments property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Employee benefits
When employees have rendered service to the company, short term employer benefits to which the employees are entitled are recognised at the undiscounted amount to be paid in exchange for that service.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Operating lease payments are recognised as an expense on a straight-line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 5
3 Tangible fixed assets
Leasehold land and buildings Fixtures, fittings & computer equipment Motor vehicles Total
£ £ £ £
Cost
At 1 August 2022 61,688 55,544 46,494 163,726
Additions - 1,249 - 1,249
Disposals - (444) - (444)
At 31 July 2023 61,688 56,349 46,494 164,531
Depreciation
At 1 August 2022 61,688 46,617 38,490 146,795
Charge for the year - 2,245 3,541 5,786
On disposals - (266) - (266)
At 31 July 2023 61,688 48,596 42,031 152,315
Net book value
At 31 July 2023 - 7,753 4,463 12,216
At 31 July 2022 - 8,927 8,004 16,931
4 Investment property
Investment
property
£
Cost
At 1 August 2022 368,813
At 31 July 2023 368,813
Investment property comprises costs relating to the development of a property. As the property has not yet reached completion, fair value is considered to be the same as cost.
5 Debtors 2023 2022
£ £
Trade debtors 264,957 2,946,858
Other debtors 4,644,267 4,378,578
4,909,224 7,325,436
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 2,098,918 2,062,610
Trade creditors 1,307,949 3,728,737
Taxation and social security costs 89,887 156,526
Other creditors 1,370,551 1,395,740
4,867,305 7,343,613
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 19,908 29,923
Other creditors - 5,058
19,908 34,981
The bank loans are secured upon properties owned by the company's director.
8 Share capital Nominal 2023 2023 2022
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 100 100 100
9 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 141,096 265,625
10 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
A I M Nevill
Interest bearing loan 3,214,510 381,552 (60,000) 3,536,062
3,214,510 381,552 (60,000) 3,536,062
This loan is included within other debtors. The maximum amount owed during the year was £3,536,062 (2022 - £3,214,510) and the increase in the balance was the net result of advances made and dividends paid. Interest of £65,984 (2022 - £61,886) was receivable by the company during the year in respect of this loan and is calculated at a rate of 2% -2.25%. Accrued interest outstanding at year end was £25,268 (2022 - £20,239)
11 Related party transactions
The company had loans from various Nevill family Trusts of which the director is a Trustee. The balance outstanding at the year end was £ 644,988 (2022 - £721,397). These amounts are included within other loans due within one year. Interest has been accrued on the balance outstanding at 10% per annum and £631,732 (2022- £567,549) was accrued at the year end.

Nevill Estate Company Limited - a company with a director in common have been charged in previous years project management fees for the redevelopment of a property with £15,000 (2022- £15,000) included in creditors at the year end.
12 Other information
Nevill Keating Pictures Limited is a private company limited by shares and incorporated in England. Its registered office is:
5 Pickering Place
St James's Street
London
SW1A 1EA
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