Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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COLNAGHI HOLDING LTD
COMPANY INFORMATION
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COLNAGHI HOLDING LTD
CONTENTS
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COLNAGHI HOLDING LTD
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present the strategic report for the group together with the audited financial statements for the year ended 31 December 2023.
In 2023 the Group had a turnover of £ 27.5 million (2022: £25.9 million) with a gross profit of £4.8 million (2022: £3.2 million) and a net loss of £0.9 million (2022: net loss of £3.3 million). The Group incorporated Colnaghi Insurance Brokers France, a 100% owned subsidiary undertaking registered in France.
Regarding its core activity as art dealer, there was a significant growth compared to 2022 in both turnover, and profit margin. Operating expenses decreased mostly due to the absence of the non-recurring administrative expenses which affected 2022 and the business went back to a positive EBITDA. Both the partnership with Factum (art digitalisation) and the insurance broker business arrived to breakeven in their first full year, with the latter receiving FCA qualification. All these elements led to a much lower loss compared to 2022. We would expect in next year the Group to start generating profits again, as we have already secured some good income prospects for the following years.
Revenue streams are diversified across multiple currencies, exposing the Company to fluctuations in exchange rates. Recognising the significance of the exposure, the Company took proactive measures in 2023 by restructuring liabilities to mitigate the FX risk.
Future developments After some difficult years, 2023 was a first step in the right direction and 2024 outlook will see the Group's return to profitability. In the last part of 2023, the Group has also completed its transformation, completing its commercial team hires, which is expected to bring its first results in 2024.
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COLNAGHI HOLDING LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
This report was approved by the board and signed on its behalf.
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COLNAGHI HOLDING LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Directors present their report and the financial statements for the year ended 31 December 2023.
The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
A subsidiary undertaking of the group became FCA registered in September 2023. It acts as an insurance broker and also as an introducer for insurance brokers.
The loss for the year, after taxation and minority interests, amounted to £911,603 (2022 - loss £3,404,839).
No dividend was paid by the Group during the year and in the prior year.
The Directors who served during the year were:
C Corvi was appointed as a director on 21 June 2024.
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COLNAGHI HOLDING LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Management's review of developments and future prospects and principal risks and uncertainties are included in the Strategic Report.
The auditors, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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COLNAGHI HOLDING LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLNAGHI HOLDING LTD
We have audited the financial statements of Colnaghi Holding Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
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COLNAGHI HOLDING LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLNAGHI HOLDING LTD (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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COLNAGHI HOLDING LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLNAGHI HOLDING LTD (CONTINUED)
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COLNAGHI HOLDING LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLNAGHI HOLDING LTD (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In order to identify and assess the risks of material misstatements, including fraud and non-compliance with laws and regulations that could be expected to have a material impact on the financial statements, we have considered: • the results of our enquiries of management and those charged with governance of their assessment of the risks of fraud and irregularities; • the nature of the Group, including its management structure and control systems (including the opportunity for management to override such controls); • management’s incentives and opportunities for fraudulent manipulation of the financial statements including the Group’s remuneration and bonus policies and performance targets; and • the industry and environment in which it operates. We also considered UK tax and pension legislation and laws and regulations relating to employment and the preparation and presentation of the financial statements such as the Companies Act 2006. Based on this understanding we identified the following matters as being of significance to the entity: • laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, Company Law, tax and pension legislation, distributable profits legislation, and Financial Conduct Authority ("FCA") rules; • the timing of the recognition of commercial income; • management bias in selecting accounting policies and determining estimates; • recoverability of debtors; and • the requirement to impair its stocks and the amount of any such impairment. We communicated the outcomes of these discussions and enquiries, as well as consideration as to where and how fraud may occur in the entity, to all engagement team members. Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised: • enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; • enquiries with the same concerning any actual or potential litigation or claims; • discussion with the same regarding any known or suspected instances of non-compliance with laws and regulation and fraud; • assessment of matters reported to management and the result of the subsequent investigation; • obtaining an understanding of the relevant controls during the year; • obtaining an understanding of the policies and controls over the recognition of income and testing their implementation during the year; • review documentation relating to compliance with the regulations relating to health and safety including
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COLNAGHI HOLDING LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLNAGHI HOLDING LTD (CONTINUED)
health and safety certificates; and fire assessment reports; and the correspondence with the Financial
Conduct Authority ("FCA"); • challenging assumptions made by management in their specific accounting policies and estimates, in particular the valuation of intangible assets and heritage assets; and the carrying value of stock; • identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or crediting revenue; • assessing the recovery of debtors in the year since the balance sheet date and challenging assumptions made by management regarding the recovery of balances which remain outstanding; • reviewing the financial statements for compliance with the relevant disclosure requirements; • performing analytical procedures to identify any unusual or unexpected relationships or unexpected movements in account balances which may be indicative of fraud; • reviewing the correspondence with HMRC; and • evaluating the underlying business reasons for any unusual transactions. No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
14th Floor
33 Cavendish Square
W1G 0PW
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COLNAGHI HOLDING LTD
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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COLNAGHI HOLDING LTD
REGISTERED NUMBER: 12098668
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023
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COLNAGHI HOLDING LTD
REGISTERED NUMBER: 12098668
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 19 to 44 form part of these financial statements.
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COLNAGHI HOLDING LTD
REGISTERED NUMBER: 12098668
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own profit and loss account in these financial statements. The loss after tax of the parent company for the period was £1,177,819 (2022: £2,507,179).
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 19 to 44 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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COLNAGHI HOLDING LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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COLNAGHI HOLDING LTD
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
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COLNAGHI HOLDING LTD
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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COLNAGHI HOLDING LTD
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023
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COLNAGHI HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Colnaghi Holding Ltd is a private company limited by shares, and is incorporated in England and Wales. The address of its registered office is 26 Bury Street, London, England, SW1Y 6AL.
2.Accounting policies
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 Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. In preparing the separate financial statements of the parent company, advantage has been taken of the disclosure exemptions available in FRS 102 whereby no Statement of Cash Flows has been presented for the parent company.
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COLNAGHI HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The parent company's presentational currency and functional currency are GBP. 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 profit or loss. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income. Sale of artwork on a consignment basis The Group acts as a principal over the sale of artwork on a consignment basis. Sale on such basis is recognised when a final agreement has been made between both the Group and the buyer of the item. The sale agreement or invoice date would be the recognition point of sales. Sale of artwork as inventory Revenue generated from the sale of artwork from the inventory owned by the Group is recognised when the significant risks and rewards of ownership have been transferred to the customer. This is normally the sale agreement date. Sale of artwork as an intermediary The Group recognises a commission income on the sale of artwork as an intermediary upon a sale agreement has been made between both the seller and the buyer of the item.
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COLNAGHI HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Brokerage commission is recognised as revenue on the effective commencement or renewal dates of the related policies. Introducer commission and other income is recognised to the extent that the company has obtained the right to consideration through its performance, this is typically when new business has placed or renewals have been negotiated.
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COLNAGHI HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Group keeping the scheme open or the employee maintaining any contributions required by the scheme). Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
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COLNAGHI HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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:
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 value and are recognised in profit or loss. Heritage assets Art library and archives are considered Heritage assets by management as such by virtue of their principal purpose of the contribution of art knowledge and culture to the public. These assets 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. All heritage assets were acquired by a group company for a consideration. The assets are kept at
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COLNAGHI HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
premises owned by its fellow group company and another owned by the National Trust with an adequate insurance policy in place to protect against damages to the assets. The archives are currently made available to the general public for their viewing. Management maintains a record of the library and archive items showing their descriptions and the periods they cover.
On the basis of the above, management have adopted a prudent approach to the measurement of the assets' valuation, and consider an estimated useful life of 50 years is appropriate and they have estimated the depreciation charge on this basis. At each reporting date management assesses whether there is any indication of impairment. Such assessment is based on the asset's ability to add value to the selling process of artwork items by the group companies. If such indication exists, the carrying value of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying value exceeds its recoverable value. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less selling costs. The impairment loss is recognised immediately in profit or loss.
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COLNAGHI HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management. A group subsidiary holds monies on behalf of clients and insurance underwriters in client monies bank accounts. The monies held in these bank accounts and the balances due to clients and underwriters are netted off and excluded from these financial statements. The total amounts of monies held in these accounts by the subsidiary as at 31 December 2023 was £Nil (2022: £Nil). The subsidiary also nets off and excludes from these financial statements amounts due from customers which are directly due to underwriters at the balance sheet date.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
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COLNAGHI HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
The key estimates and assumptions that have a significant risk of causing material adjustments to the carrying value of assets and liabilities are goodwill and trademark, which has been assessed as per the note 2.12 above and the directors are of the opinion that the carrying value is recoverable. The impairment of assets including stocks in the financial statements requires Management's estimation and judgements. The assessment process of stock valuation is described in the Stocks accounting policy in note 2.15. The Group holds title to a short-term leasehold property, and also heritage assets being a library and archive of the history of artwork, the useful lives of which are a key estimate and assumption determined by management. Management's assessment of the carrying value of heritage assets is described in note 2.13 above.
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COLNAGHI HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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COLNAGHI HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 28
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COLNAGHI HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 29
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COLNAGHI HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 30
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COLNAGHI HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
11.Taxation (continued)
The Group has an estimated tax losses of £6,554,421 (2022: £5,438,894) to carry forward against future taxable profits.
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COLNAGHI HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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COLNAGHI HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
12.Intangible assets (continued)
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COLNAGHI HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
13.Tangible fixed assets (continued)
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COLNAGHI HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
13.Tangible fixed assets (continued)
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COLNAGHI HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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COLNAGHI HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 37
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COLNAGHI HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 38
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COLNAGHI HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Subsidiary undertakings (continued)
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COLNAGHI HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Included in Other loans is a loan of £Nil (2022: £3,264,722) which carries an interest charge at a rate between 5% + LIBOR and 13.5% per annum. The loan was fully repaid in the year.
Included in Other loans is a loan of £9,865,576 (2022: £Nil) which is secured on the Company's assets and carries an interest charge at a rate of 9% per annum. The loan is repayable by 31 August 2026. Also included in Other loans is a loan novated on 23 November 2023 as disclosed in note 18 with a balance of £5,914,826 at the year end date. The loan is secured on the Company's assets and carries an interest charge at a rate of 9% per annum. The loan is repayable by 31 August 2026.
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COLNAGHI HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 41
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COLNAGHI HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 42
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COLNAGHI HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
22.Share capital (continued)
Foreign exchange reserve
Profit and loss account
The company has issued a guarantee to the following subsidiaries for all of their outstanding liabilities existing at the balance sheet date of 31 December 2023. The guarantee is issued in accordance with the exemption from the requirements of Companies Act 2006 relating to the audit of individual accounts by virtue of S479A of Companies Act 2006.
- PND London Ltd - Aquila Fine Art Ltd - Colnaghi Elliott Master Drawings Limited
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £46,700 (2022: £36,615).
Contributions totalling £2,695 (2022: £3,575) were payable to the fund at the balance sheet date and are included in creditors.
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COLNAGHI HOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 44
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