Registered number
03829123
Commission for Looted Art in Europe Ltd
Unaudited Filleted Accounts
31 December 2023
Commission for Looted Art in Europe Ltd
Registered number: 03829123
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Investments 3 108,330 113,523
Current assets
Debtors 4 511 975
Cash at bank and in hand 1,125,505 174,015
1,126,016 174,990
Creditors: amounts falling due within one year 5 (947,556) (9,808)
Net current assets 178,460 165,182
Total assets less current liabilities 286,790 278,705
Provisions for liabilities (7,924) -
Net assets 278,866 278,705
Capital and reserves
Called up share capital 2 2
Profit and loss account 278,864 278,703
Shareholders' funds 278,866 278,705
The directors are 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 directors acknowledge their 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.
D J Lewis
Director
Approved by the board on 26 September 2024
Commission for Looted Art in Europe Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention, as modified by the recognition of certain financial assets measured at fair value, and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Income transactions that do not impose any specific future performance-related conditions on the company are recognised as income when the resources are received or receivable by the company. Income transactions that impose specific future performance criteria are not recognised in income until the conditions have been met and the income is treated as a liability until that point if it is received before the conditions are met.
All turnover in 2018 and 2019 related to donated income which did not impose any specific future performance conditions.
Investments
Listed investments are measured at fair value based on market prices. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
1 Accounting policies (continued)
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. In the current year deferred tax has been recognised on the unrealised gains on the revaluation of investments.
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
The company's functional currency is UK sterling (£). 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 the profit and loss account.
Going concern
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date that these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 2
3 Investments
Other
investments
£
Fair value
At 1 January 2023 113,523
Revaluation (2,742)
Disposals (2,451)
At 31 December 2023 108,330
Historical cost
At 1 January 2023 69,185
At 31 December 2023 66,623
Other investments comprise listed investments and are revalued to their fair value based on market value at the year end.
4 Debtors 2023 2022
£ £
Other debtors 511 975
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 52 854
Taxation and social security costs 520 1,867
Accruals 2,480 1,550
Other creditors 944,504 5,537
947,556 9,808
6 Other information
Commission for Looted Art in Europe Ltd is a private company limited by shares and incorporated in England. Its registered office and principal place of business is:
Catherine House
76 Gloucester Place
London
W1U 6HJ
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