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REGISTERED NUMBER: 10291822 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

FOR

PERRIN FINE ART LIMITED

PERRIN FINE ART LIMITED (REGISTERED NUMBER: 10291822)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PERRIN FINE ART LIMITED

COMPANY INFORMATION
for the Year Ended 31 July 2024







DIRECTORS: P PERRIN
M A PERRIN





SECRETARY: Regent Premium Secretary Ltd





REGISTERED OFFICE: 2nd Floor, 15 Hanover Square
London
W1S 1HS





REGISTERED NUMBER: 10291822 (England and Wales)





ACCOUNTANTS: Vera Group Ltd
15 Hanover Square
London
W1S 1HS

PERRIN FINE ART LIMITED (REGISTERED NUMBER: 10291822)

BALANCE SHEET
31 July 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 7,934 6,705

CURRENT ASSETS
Stocks 5 1,395,737 1,129,613
Debtors 6 40,637 23,555
Investments 7 2,096,310 2,124,208
Cash at bank and in hand 503,233 254,420
4,035,917 3,531,796
CREDITORS
Amounts falling due within one year 8 1,259,856 1,234,779
NET CURRENT ASSETS 2,776,061 2,297,017
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,783,995

2,303,722

CAPITAL AND RESERVES
Called up share capital 102 102
Share premium 494,373 494,373
Retained earnings 2,289,520 1,809,247
2,783,995 2,303,722

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

PERRIN FINE ART LIMITED (REGISTERED NUMBER: 10291822)

BALANCE SHEET - continued
31 July 2024


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 18 November 2024 and were signed on its behalf by:





P PERRIN - Director


PERRIN FINE ART LIMITED (REGISTERED NUMBER: 10291822)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Perrin 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost

Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

PERRIN FINE ART LIMITED (REGISTERED NUMBER: 10291822)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
(i) Financial assets
Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.
If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans and loans from related entities, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.


PERRIN FINE ART LIMITED (REGISTERED NUMBER: 10291822)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 August 2023 9,431
Additions 3,960
At 31 July 2024 13,391
DEPRECIATION
At 1 August 2023 2,726
Charge for year 2,731
At 31 July 2024 5,457
NET BOOK VALUE
At 31 July 2024 7,934
At 31 July 2023 6,705

PERRIN FINE ART LIMITED (REGISTERED NUMBER: 10291822)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2024

5. STOCKS
2024 2023
£    £   
Finished goods 1,395,737 1,129,613

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 2,250 10,722
VAT 28,597 3,543
Prepayments and accrued income 9,790 9,290
40,637 23,555

7. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Investment in Artwork 2,096,310 2,124,208

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 67,865 55,433
Tax 161,417 142,610
Social security and other taxes 2,495 2,652
Other creditors 5,584 -
Directors' current accounts 1,000,495 1,008,162
Accrued expenses 22,000 25,922
1,259,856 1,234,779

The directors' loan accounts are interest free and repayable on demand.

9. RELATED PARTY DISCLOSURES

No transactions with related parties were undertaken such as are required to be disclosed under the adopted reporting framework other than those disclosed in the creditors note to the financial statements.