Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-31falseNo description of principal activity2022-11-0122falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04214982 2022-11-01 2023-10-31 04214982 2021-11-01 2022-10-31 04214982 2023-10-31 04214982 2022-10-31 04214982 c:CompanySecretary1 2022-11-01 2023-10-31 04214982 c:Director1 2022-11-01 2023-10-31 04214982 c:Director2 2022-11-01 2023-10-31 04214982 c:RegisteredOffice 2022-11-01 2023-10-31 04214982 d:CurrentFinancialInstruments 2023-10-31 04214982 d:CurrentFinancialInstruments 2022-10-31 04214982 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 04214982 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 04214982 d:ShareCapital 2023-10-31 04214982 d:ShareCapital 2022-10-31 04214982 d:RetainedEarningsAccumulatedLosses 2023-10-31 04214982 d:RetainedEarningsAccumulatedLosses 2022-10-31 04214982 c:FRS102 2022-11-01 2023-10-31 04214982 c:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 04214982 c:FullAccounts 2022-11-01 2023-10-31 04214982 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure
Registered number: 04214982


J.A.W. AUSTIN LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 OCTOBER 2023

 
J.A.W. AUSTIN LIMITED
 
 
COMPANY INFORMATION


Directors
J A W Austin 
P Austin 




Company secretary
J A W Austin



Registered number
04214982



Registered office
8th Floor
Becket House

36 Old Jewry

London

EC2R 8DD




Accountants
Xeinadin London Limited
Accountants

8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD





 
J.A.W. AUSTIN LIMITED
 

CONTENTS



Page
Statement of financial position
1
Notes to the financial statements
2 - 4


 
J.A.W. AUSTIN LIMITED
REGISTERED NUMBER: 04214982

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

  

Current assets
  

Stocks
  
887,921
899,624

Debtors: amounts falling due within one year
 4 
3,970
74

Cash at bank and in hand
  
2,225
19,940

  
894,116
919,638

Creditors: amounts falling due within one year
 5 
(433,217)
(459,257)

Net current assets
  
 
 
460,899
 
 
460,381

Total assets less current liabilities
  
460,899
460,381

  

Net assets
  
460,899
460,381


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
460,897
460,379

  
460,899
460,381


The directors consider 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 directors acknowledge their 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 comprehensive income 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: 

J A W Austin
Director

Date: 25 October 2024

The notes on pages 2 to 4 form part of these financial statements.

Page 1

 
J.A.W. AUSTIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

J.A.W Austin Limited is a private company limited by shares incorporated in England and Wales, United Kingdom. The address of the registered office is 8th Floor, Becket House, 36 Old Jewry, London, EC2R 8DD.
The principal activity of the company continued to be that of art dealers. 
Given the circumstances of the general uncertainty in the art market, and the director's policy of selling paintings to meet trading and financing obligations as they fall due, the director is of the opinion that the result for the year is satisfactory.

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 Section 1A of 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.

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Taxation

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 reporting date in the countries where the Company operates and generates income.

Page 2

 
J.A.W. AUSTIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

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.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Debtors

2023
2022
£
£


Other debtors
3,970
74

3,970
74


Page 3

 
J.A.W. AUSTIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
-
1,470

Other creditors
433,217
457,787

433,217
459,257


Included within Other creditors is a balance payable to the director and shareholder J.A.W Austin of £433,217 (2022: £457,787) at the year end.


6.


Related party transactions

During the year John Austin, a director and shareholder of the company, received advances of £26,570  (2022: £16,993) and loaned the company £2,000 (2022: £29,500). At the balance sheet date, the company owed John Austin £433,217 (2022: £457,787), which has been included in Other Creditors.


7.


Controlling party

The company is under the joint control of the directors by virtue of their shareholdings.

 
Page 4