IRIS Accounts Production v24.3.0.553 04695544 Board of Directors 1.4.23 31.3.24 31.3.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh046955442023-03-31046955442024-03-31046955442023-04-012024-03-31046955442022-03-31046955442022-04-012023-03-31046955442023-03-3104695544ns15:EnglandWales2023-04-012024-03-3104695544ns14:PoundSterling2023-04-012024-03-3104695544ns10:Director12023-04-012024-03-3104695544ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3104695544ns10:SmallEntities2023-04-012024-03-3104695544ns10:AuditExemptWithAccountantsReport2023-04-012024-03-3104695544ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3104695544ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3104695544ns10:FullAccounts2023-04-012024-03-3104695544ns10:Director22023-04-012024-03-3104695544ns10:CompanySecretary12023-04-012024-03-3104695544ns10:RegisteredOffice2023-04-012024-03-3104695544ns5:CurrentFinancialInstruments2024-03-3104695544ns5:CurrentFinancialInstruments2023-03-3104695544ns5:ShareCapital2024-03-3104695544ns5:ShareCapital2023-03-3104695544ns5:SharePremium2024-03-3104695544ns5:SharePremium2023-03-3104695544ns5:RetainedEarningsAccumulatedLosses2024-03-3104695544ns5:RetainedEarningsAccumulatedLosses2023-03-3104695544ns5:PlantMachinery2023-04-012024-03-3104695544ns5:PlantMachinery2023-03-3104695544ns5:PlantMachinery2024-03-3104695544ns5:PlantMachinery2023-03-3104695544ns5:UnlistedNon-exchangeTradedns5:CostValuation2023-03-3104695544ns5:AdditionsToInvestmentsns5:UnlistedNon-exchangeTraded2024-03-3104695544ns5:UnlistedNon-exchangeTradedns5:DisposalsRepaymentsInvestments2024-03-3104695544ns5:UnlistedNon-exchangeTradedns5:RevaluationsIncreaseDecreaseInInvestments2024-03-3104695544ns5:UnlistedNon-exchangeTradedns5:CostValuation2024-03-3104695544ns5:UnlistedNon-exchangeTraded2024-03-3104695544ns5:UnlistedNon-exchangeTraded2023-03-3104695544ns5:WithinOneYearns5:CurrentFinancialInstruments2024-03-3104695544ns5:WithinOneYearns5:CurrentFinancialInstruments2023-03-31
REGISTERED NUMBER: 04695544 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

BROWNS FINE ART LIMITED

BROWNS FINE ART LIMITED (REGISTERED NUMBER: 04695544)






Contents of the Financial Statements
for the year ended 31 March 2024




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 4


BROWNS FINE ART LIMITED

Company Information
for the year ended 31 March 2024







DIRECTORS: P E M Brown
L M Brown





SECRETARY: L M Brown





REGISTERED OFFICE: 52 Combe Park
Bath
Banes
BA1 3NH





REGISTERED NUMBER: 04695544 (England and Wales)





ACCOUNTANTS: Richardson Swift
Chartered Accountants
11 Laura Place
Bath
BA2 4BL

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Browns Fine Art Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Browns Fine Art Limited for the year ended 31 March 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Browns Fine Art Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Browns Fine Art Limited and state those matters that we have agreed to state to the Board of Directors of Browns Fine Art Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Browns Fine Art Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Browns Fine Art Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Browns Fine Art Limited. You consider that Browns Fine Art Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Browns Fine Art Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Richardson Swift
Chartered Accountants
11 Laura Place
Bath
BA2 4BL


4 November 2024

BROWNS FINE ART LIMITED (REGISTERED NUMBER: 04695544)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 400 470
Investments 5 65,520 60,037
65,920 60,507

CURRENT ASSETS
Debtors 6 16,276 35,118
Cash at bank 85,457 99,376
101,733 134,494
CREDITORS
Amounts falling due within one year 7 55,562 78,319
NET CURRENT ASSETS 46,171 56,175
TOTAL ASSETS LESS CURRENT
LIABILITIES

112,091

116,682

CAPITAL AND RESERVES
Called up share capital 8 104 103
Share premium 5,650 5,650
Retained earnings 106,337 110,929
112,091 116,682

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 October 2024 and were signed on its behalf by:




P E M Brown - Director


BROWNS FINE ART LIMITED (REGISTERED NUMBER: 04695544)

Notes to the Financial Statements
for the year ended 31 March 2024

1. STATUTORY INFORMATION

Browns Fine Art Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Critical accounting estimates and uncertainties
No significant judgements or key assumptions have had to be made by the directors in preparing these financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised when either property is exchanged or services are rendered.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Office Equipment - 15% on reducing balance

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, loans from banks and other third parties.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit or loss.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


BROWNS FINE ART LIMITED (REGISTERED NUMBER: 04695544)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Hire purchase and leasing agreements
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Investments
Investments in shares and other similar financial assets held for investment are held at fair value, with gains and losses taken to the profit and loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Office
Equipment
£   
COST
At 1 April 2023
and 31 March 2024 8,232
DEPRECIATION
At 1 April 2023 7,762
Charge for year 70
At 31 March 2024 7,832
NET BOOK VALUE
At 31 March 2024 400
At 31 March 2023 470

BROWNS FINE ART LIMITED (REGISTERED NUMBER: 04695544)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

5. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST OR VALUATION
At 1 April 2023 60,037
Additions 65,520
Disposals (66,020 )
Revaluations 5,983
At 31 March 2024 65,520
NET BOOK VALUE
At 31 March 2024 65,520
At 31 March 2023 60,037

Cost or valuation at 31 March 2024 is represented by:

Unlisted
investments
£   
Cost 65,520

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 15,777 34,573
Other debtors 499 545
16,276 35,118

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 3,493 7,720
Taxation and social security 49,460 57,573
Other creditors 2,609 13,026
55,562 78,319

BROWNS FINE ART LIMITED (REGISTERED NUMBER: 04695544)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number Class Nominal Value 2024 2023
£    £   
50 A Ordinary £1 50 50
50 B Ordinary £1 50 50
1 C Ordinary £1 1 1
1 D Ordinary £1 1 1
1 E Ordinary £1 1 1
1 F Ordinary £1 1
104 103


All shares are entitled to full voting rights, full distribution rights, and dividends at the respective rate for the class of shares as stated in the articles of association.