Registered number
06640772
Brandt Asian Art Limited
Filleted Accounts
30 April 2024
Brandt Asian Art Limited
Registered number: 06640772
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 148,713 155,473
Tangible assets 4 1,823 2,278
150,536 157,751
Current assets
Stocks 465,888 534,000
Debtors 5 25,068 13,698
490,956 547,698
Creditors: amounts falling due within one year 6 (124,970) (180,960)
Net current assets 365,986 366,738
Net assets 516,522 524,489
Capital and reserves
Called up share capital 1 1
Profit and loss account 516,521 524,488
Shareholders' funds 516,522 524,489
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 members have 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.
C R Brandt
Director
Approved by the board on 11 September 2024
Brandt Asian Art Limited
Notes to the Accounts
for the year ended 30 April 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. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Intangible assets over 25 years
Plant and machinery 20% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 May 2023 168,993
At 30 April 2024 168,993
Amortisation
At 1 May 2023 13,520
Provided during the year 6,760
At 30 April 2024 20,280
Net book value
At 30 April 2024 148,713
At 30 April 2023 155,473
Goodwill is being written off in equal annual instalments over its estimated economic life of 25 years.
4 Tangible fixed assets
Plant and machinery etc Fixtures & fittings Total
£ £ £
Cost
At 1 May 2023 2,295 7,331 9,626
At 30 April 2024 2,295 7,331 9,626
Depreciation
At 1 May 2023 1,139 6,209 7,348
Charge for the year 231 224 455
At 30 April 2024 1,370 6,433 7,803
Net book value
At 30 April 2024 925 898 1,823
At 30 April 2023 1,156 1,122 2,278
5 Debtors 2024 2023
£ £
Trade debtors 24,400 13,698
Taxation and social security costs 668 -
25,068 13,698
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 103,831 152,510
Trade creditors 11,000 18,256
Taxation and social security costs 7,482 6,732
Other creditors 2,657 3,462
124,970 180,960
7 Other information
Brandt Asian Art Limited is a private company limited by shares and incorporated in England. Its registered office is:
Devonshire House
582 Honeypot Lane
Stanmore
HA7 1JS
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