Registered number
07288959
David Baker Oriental Art Limited
Filleted Accounts
31 May 2024
David Baker Oriental Art Limited
Registered number: 07288959
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 366 488
Current assets
Stocks 94,200 92,882
Debtors 4 6,863 3,426
Cash at bank and in hand 1,254 1,272
102,317 97,580
Creditors: amounts falling due within one year 5 (20,497) (3,601)
Net current assets 81,820 93,979
Net assets 82,186 94,467
Capital and reserves
Called up share capital 1 1
Profit and loss account 82,185 94,466
Shareholder's funds 82,186 94,467
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
David J Baker
Director
Approved by the board on 8 January 2025
David Baker Oriental Art Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Equipment 25% Reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Equipment
£
Cost
At 1 June 2023 3,717
At 31 May 2024 3,717
Depreciation
At 1 June 2023 3,229
Charge for the year 122
At 31 May 2024 3,351
Net book value
At 31 May 2024 366
At 31 May 2023 488
4 Debtors 2024 2023
£ £
Trade debtors 4,300 1,029
Other debtors 2,563 2,397
6,863 3,426
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 2,644 -
Directors current account 15,845 189
Other creditors 2,008 3,412
20,497 3,601
6 Related party transactions
Dividends paid to the director was £NIL(2023-£8,000)
7 Controlling party
Mr D Baker controls the company by virtue of his shareholding.
8 Other information
David Baker Oriental Art Limited is a private company limited by shares and incorporated in England. Its registered office is:
Simia Wall LLP
Devonshire House
582 Honeypot Lane
Stanmore
HA71JS
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