Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01falseDealing in fine art and old master paintings.44falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01465413 2023-04-01 2024-03-31 01465413 2022-04-01 2023-03-31 01465413 2024-03-31 01465413 2023-03-31 01465413 c:Director1 2023-04-01 2024-03-31 01465413 d:FurnitureFittings 2023-04-01 2024-03-31 01465413 d:FurnitureFittings 2024-03-31 01465413 d:FurnitureFittings 2023-03-31 01465413 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01465413 d:ComputerEquipment 2023-04-01 2024-03-31 01465413 d:ComputerEquipment 2024-03-31 01465413 d:ComputerEquipment 2023-03-31 01465413 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01465413 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01465413 d:CurrentFinancialInstruments 2024-03-31 01465413 d:CurrentFinancialInstruments 2023-03-31 01465413 d:Non-currentFinancialInstruments 2024-03-31 01465413 d:Non-currentFinancialInstruments 2023-03-31 01465413 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 01465413 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 01465413 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 01465413 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 01465413 d:ShareCapital 2024-03-31 01465413 d:ShareCapital 2023-03-31 01465413 d:RetainedEarningsAccumulatedLosses 2024-03-31 01465413 d:RetainedEarningsAccumulatedLosses 2023-03-31 01465413 c:FRS102 2023-04-01 2024-03-31 01465413 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 01465413 c:FullAccounts 2023-04-01 2024-03-31 01465413 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01465413 2 2023-04-01 2024-03-31 01465413 6 2023-04-01 2024-03-31 01465413 2 2024-03-31 01465413 2 2023-03-31 01465413 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 01465413










WHITFIELD FINE ARTS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
WHITFIELD FINE ARTS LIMITED
 

CONTENTS



Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8


 
WHITFIELD FINE ARTS LIMITED
REGISTERED NUMBER: 01465413

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
1,109
2,719

  
1,109
2,719

Current assets
  

Stocks
 7 
834,903
834,903

Debtors: amounts falling due within one year
 8 
2,940
6,737

Cash at bank and in hand
  
7,417
7,617

  
845,260
849,257

Creditors: amounts falling due within one year
 9 
(2,991,869)
(2,922,711)

Net current liabilities
  
 
 
(2,146,609)
 
 
(2,073,454)

Total assets less current liabilities
  
(2,145,500)
(2,070,735)

Creditors: amounts falling due after more than one year
 10 
(17,782)
(27,737)

  

Net liabilities
  
(2,163,282)
(2,098,472)


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
(2,164,282)
(2,099,472)

  
(2,163,282)
(2,098,472)


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.

Page 1

 
WHITFIELD FINE ARTS LIMITED
REGISTERED NUMBER: 01465413
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 November 2024.




C. Whitfield
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
WHITFIELD FINE ARTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Whitfield Fine Arts Limited are a company limited by shares, incorporated in England and Wales, registration number 01465413. The address of the registered office is 14th Floor, 33 Cavendish Square, London, W1G 0PW.  
 The principal activity of the company continued to be that of dealing in fine art and old master paintings.  

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 following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the basis that the company will continue as a going concern.  Whilst the Company has a net liability position at the year end, the shareholders have indicated that they will continue to fund the company in order to meet its liabilities as they fall due.

 
2.3

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.

 
2.4

Interest income

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

 
2.5

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.

Page 3

 
WHITFIELD FINE ARTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using an appropriate method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25% reducing balance
Computer equipment
-
3 years straight line

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.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

 
2.10

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.11

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.

Page 4

 
WHITFIELD FINE ARTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.12

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.

 
2.13

Financial instruments

The Company 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 Company's Balance sheet when the Company 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 Company'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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans 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 receipts 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).

Page 5

 
WHITFIELD FINE ARTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Taxation

Factors affecting future tax charges
The Company has trading losses of £2,636,602 (2023: £2,575,325) carried forward available to offset against future profits.


5.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost


At 1 April 2023
17,706
8,975
26,681



At 31 March 2024

17,706
8,975
26,681



Depreciation


At 1 April 2023
17,111
6,851
23,962


Charge for the year on owned assets
151
1,459
1,610



At 31 March 2024

17,262
8,310
25,572



Net book value



At 31 March 2024
444
665
1,109



At 31 March 2023
595
2,124
2,719

Page 6

 
WHITFIELD FINE ARTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Fixed asset investments





Unlisted investments

£



Cost


At 1 April 2023
200,000



At 31 March 2024

200,000



Impairment


At 1 April 2023
200,000



At 31 March 2024

200,000



Net book value



At 31 March 2024
-



At 31 March 2023
-


7.


Stocks

2024
2023
£
£

Finished goods and goods for resale
834,903
834,903



8.


Debtors

2024
2023
£
£


Trade debtors
-
56

Other debtors
2,548
3,698

Prepayments and accrued income
392
2,983

2,940
6,737


Page 7

 
WHITFIELD FINE ARTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
9,956
9,713

Trade creditors
29,147
43,932

Corporation tax
330,614
330,614

Other taxation and social security
-
50

Other creditors
2,480,956
2,399,253

Accruals and deferred income
141,196
139,149

2,991,869
2,922,711



10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
17,782
27,737



11.


Related party transactions

Included in other creditors is an amount of £2,480,559 (2023: £2,399,154) owed to the directors.

 
Page 8