Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-3112022-11-01falseNo description of principal activity1truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01865098 2022-11-01 2023-10-31 01865098 c:EntityControlledByKeyManagementPersonnel1 2022-11-01 2023-10-31 01865098 2021-11-01 2022-10-31 01865098 2023-10-31 01865098 c:EntityControlledByKeyManagementPersonnel1 2023-10-31 01865098 2022-10-31 01865098 c:EntityControlledByKeyManagementPersonnel1 2022-10-31 01865098 d:CompanySecretary1 2022-11-01 2023-10-31 01865098 d:Director1 2022-11-01 2023-10-31 01865098 d:RegisteredOffice 2022-11-01 2023-10-31 01865098 c:Buildings c:ShortLeaseholdAssets 2022-11-01 2023-10-31 01865098 c:Buildings c:ShortLeaseholdAssets 2023-10-31 01865098 c:Buildings c:ShortLeaseholdAssets 2022-10-31 01865098 c:PlantMachinery 2022-11-01 2023-10-31 01865098 c:PlantMachinery 2023-10-31 01865098 c:PlantMachinery 2022-10-31 01865098 c:PlantMachinery c:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 01865098 c:FurnitureFittings 2022-11-01 2023-10-31 01865098 c:FurnitureFittings 2023-10-31 01865098 c:FurnitureFittings 2022-10-31 01865098 c:FurnitureFittings c:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 01865098 c:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 01865098 c:CurrentFinancialInstruments 2023-10-31 01865098 c:CurrentFinancialInstruments 2022-10-31 01865098 c:CurrentFinancialInstruments c:WithinOneYear 2023-10-31 01865098 c:CurrentFinancialInstruments c:WithinOneYear 2022-10-31 01865098 c:ShareCapital 2023-10-31 01865098 c:ShareCapital 2022-10-31 01865098 c:SharePremium 2023-10-31 01865098 c:SharePremium 2022-10-31 01865098 c:RetainedEarningsAccumulatedLosses 2023-10-31 01865098 c:RetainedEarningsAccumulatedLosses 2022-10-31 01865098 d:FRS102 2022-11-01 2023-10-31 01865098 d:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 01865098 d:FullAccounts 2022-11-01 2023-10-31 01865098 d:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 01865098 2 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure

Registered number: 01865098










AUSTIN DESMOND FINE ART LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
AUSTIN DESMOND FINE ART LIMITED
 
 
COMPANY INFORMATION


Director
J A W Austin 




Company secretary
P Austin



Registered number
01865098



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





 
AUSTIN DESMOND FINE ART LIMITED
 

CONTENTS



Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6


 
AUSTIN DESMOND FINE ART LIMITED
REGISTERED NUMBER: 01865098

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
532
639

  
532
639

Current assets
  

Stocks
 5 
56,601
45,511

Debtors: amounts falling due within one year
 6 
32,306
7,606

Cash at bank and in hand
  
89,991
195,094

  
178,898
248,211

Creditors: amounts falling due within one year
 7 
(22,895)
(149,221)

Net current assets
  
 
 
156,003
 
 
98,990

Total assets less current liabilities
  
156,535
99,629

  

Net assets
  
156,535
99,629


Capital and reserves
  

Called up share capital 
  
1,220,140
1,220,140

Share premium account
  
399,252
399,252

Profit and loss account
  
(1,462,857)
(1,519,763)

  
156,535
99,629


Page 1

 
AUSTIN DESMOND FINE ART LIMITED
REGISTERED NUMBER: 01865098
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2023

The director considers 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 director acknowledges his 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: 30 October 2024

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
AUSTIN DESMOND FINE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Austin Desmond Fine Art Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is 8th Floor, Becket House, 36 Old Jewry, London, EC2R 8DD.
The principal actlvity 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.

The following principal accounting policies have been applied:

  
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:
Revenue represents amounts receivable for sale of paintings, drawings and sculptures. AII the
company's turnover arises from its principal activity carried out in the United Kingdom.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

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

 
2.5

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 3

 
AUSTIN DESMOND FINE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Over the remaining lives of the lease.
Plant and machinery
-
33% reducing balance.
Fixtures and fittings
-
15% reducing balance.

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.

 
2.6

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.

 
2.7

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.

 
2.8

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.

 
2.9

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.

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares.

Page 4

 
AUSTIN DESMOND FINE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


4.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 November 2022
180,695
38,085
39,995
258,775



At 31 October 2023

180,695
38,085
39,995
258,775



Depreciation


At 1 November 2022
180,695
38,025
39,416
258,136


Charge for the year on owned assets
-
20
87
107



At 31 October 2023

180,695
38,045
39,503
258,243



Net book value



At 31 October 2023
-
40
492
532



At 31 October 2022
-
60
579
639


5.


Stocks

2023
2022
£
£

Finished goods and goods for resale
56,601
45,511

56,601
45,511


Page 5

 
AUSTIN DESMOND FINE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
14,580
4,330

Other debtors
13,761
3,000

Prepayments and accrued income
3,965
276

32,306
7,606



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other taxation and social security
746
3,007

Other creditors
19,000
141,614

Accruals and deferred income
3,149
4,600

22,895
149,221



8.


Contingent liabilities

Mr J A W Austin has formally waived a salary entitlement of £30,000. The cumulative liability at the balance sheet date is £690,000. The director considers that the company would be liable for this amount if a claim was made. At the balance sheet date, no such claim had been made.


9.


Related party transactions

Contemporary Books Limited is a company incorporated in England and Wales in which Mr J A W Austin is a director and shareholder. During the year management fees of £15,000 (2022: £15,000) was charged by the company to Contemporary Books Limited. At the balance sheet date £13,761 was owed to the company by Contemporary Books Limited (2022 owed to Contemporary Books: £4,614). 
During the year stock valued at £289,250 (2022: £232,500) was purchased from Freetask Limited, a company in which Mr J A W Austin is a director. At the end of the year £18,000 (2022: £136,000) was owed by the company to Freetask Limited.


10.


Controlling party

The ultimate controlling party is Mr J A W Austin, by virtue of his shareholding.

 
Page 6