Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-29falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-03-01false22truetrue 01618661 2023-03-01 2024-02-29 01618661 2022-03-01 2023-02-28 01618661 2024-02-29 01618661 2023-02-28 01618661 2022-03-01 01618661 c:CompanySecretary1 2023-03-01 2024-02-29 01618661 c:Director1 2023-03-01 2024-02-29 01618661 c:Director2 2023-03-01 2024-02-29 01618661 c:RegisteredOffice 2023-03-01 2024-02-29 01618661 d:FurnitureFittings 2023-03-01 2024-02-29 01618661 d:FurnitureFittings 2024-02-29 01618661 d:FurnitureFittings 2023-02-28 01618661 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 01618661 d:OfficeEquipment 2023-03-01 2024-02-29 01618661 d:OfficeEquipment 2024-02-29 01618661 d:OfficeEquipment 2023-02-28 01618661 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 01618661 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 01618661 d:CurrentFinancialInstruments 2024-02-29 01618661 d:CurrentFinancialInstruments 2023-02-28 01618661 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 01618661 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 01618661 d:UKTax 2023-03-01 2024-02-29 01618661 d:UKTax 2022-03-01 2023-02-28 01618661 d:ShareCapital 2023-03-01 2024-02-29 01618661 d:ShareCapital 2024-02-29 01618661 d:ShareCapital 2022-03-01 2023-02-28 01618661 d:ShareCapital 2023-02-28 01618661 d:ShareCapital 2022-03-01 01618661 d:RetainedEarningsAccumulatedLosses 2023-03-01 2024-02-29 01618661 d:RetainedEarningsAccumulatedLosses 2024-02-29 01618661 d:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 01618661 d:RetainedEarningsAccumulatedLosses 2023-02-28 01618661 d:RetainedEarningsAccumulatedLosses 2022-03-01 01618661 c:FRS102 2023-03-01 2024-02-29 01618661 c:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 01618661 c:FullAccounts 2023-03-01 2024-02-29 01618661 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 01618661 e:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure

Registered number: 01618661
















UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
 
 
COMPANY INFORMATION


Directors
Mr J Erle-Drax 
Mrs S Rumbellow 




Company secretary
Mrs S Rumbellow



Registered number
01618661



Registered office
C/O Gibson Appleby
1-3 Ship Street

West Sussex

BN43 5DH




Accountants
Gibson Appleby
Chartered Accountants

1-3 Ship Street

Shoreham-by-Sea

West Sussex

BN43 5DH





 
 

CONTENTS



Page
Directors' report
1
Accountants' report
2
Statement of financial position
3 - 4
Statement of changes in equity
5
Notes to the financial statements
6 - 11


 
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

The directors present their report and the financial statements for the year ended 29 February 2024.

Principal activity

The principal activity of the company is that of fine art dealers.

Directors

The directors who served during the year were:

Mr J Erle-Drax 
Mrs S Rumbellow 

Directors' responsibilities statement

The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 


................................................
Mrs S Rumbellow
Secretary
Date: 18 November 2024

Page 1

 
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF 
FOR THE YEAR ENDED 29 FEBRUARY 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of  for the year ended 29 February 2024 which comprise  the statement of financial position, the 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 at https://www.icaew.com /regulation.

This report is made solely to the board of directors of , as a body, in accordance with the terms of our engagement letter dated 15 September 2010Our work has been undertaken solely to prepare for your approval the financial statements of  and state those matters that we have agreed to state to the board of directors of , as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than  and its board of directors, as a body, for our work or for this report. 

It is your duty to ensure that  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 . You consider that  is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of . 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.

  



Gibson Appleby
 
Chartered Accountants
  
1-3 Ship Street
Shoreham-by-Sea
West Sussex
BN43 5DH
22 November 2024
Page 2

 
REGISTERED NUMBER: 01618661

STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
261
-

  
261
-

Current assets
  

Stocks
 6 
4,487,296
3,861,185

Debtors: amounts falling due within one year
 7 
467
690,581

Cash at bank and in hand
 8 
15,423,991
14,099,834

  
19,911,754
18,651,600

Creditors: amounts falling due within one year
 9 
(1,633,819)
(1,517,313)

Net current assets
  
 
 
18,277,935
 
 
17,134,287

Total assets less current liabilities
  
18,278,196
17,134,287

  

Net assets
  
18,278,196
17,134,287


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
18,278,096
17,134,187

  
18,278,196
17,134,287


Page 3

 
REGISTERED NUMBER: 01618661
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 FEBRUARY 2024

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.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 November 2024.




................................................
Mr J Erle-Drax
Director

The notes on pages 6 to 11 form part of these financial statements.

Page 4

 
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 March 2023
100
17,134,187
17,134,287


Comprehensive income for the year

Profit for the year
-
1,143,909
1,143,909
Total comprehensive income for the year
-
1,143,909
1,143,909


Total transactions with owners
-
-
-


At 29 February 2024
100
18,278,096
18,278,196


The notes on pages 6 to 11 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 March 2022
100
16,046,452
16,046,552


Comprehensive income for the year

Profit for the year
-
1,087,735
1,087,735
Total comprehensive income for the year
-
1,087,735
1,087,735


Total transactions with owners
-
-
-


At 28 February 2023
100
17,134,187
17,134,287


The notes on pages 6 to 11 form part of these financial statements.

Page 5

 
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Hollywood Fine Art Limited is a private company limited by shares and incorporated in England. Its registered office is 1-3 Ship Street, Shoreham by Sea, west Sussex, BN43 5DH. The principal place of business is 31 Hollywood Road, London SW10 9HT.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The presentation currency is in Sterling and rounded to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover 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 turnover 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.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 6

 
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.3

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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

Depreciation is provided on the following basis:

Furniture, fittings and equipment
-
33%
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.

  
2.4

Stocks

Stocks relate to works of art and are stated at the lower of cost and net realisable value.  At each reporting date, stocks are assessed for impairment.  If stock is impaired, the carrying amount is reduced to its selling price.   

 
2.5

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

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.

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
Page 7

 
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.6
Financial instruments (continued)

equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 payments 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.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 8

 
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.7

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.



3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 9

 
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
372,345
248,117

Adjustments in respect of previous periods
-
(34,547)


372,345
213,570


Total current tax
372,345
213,570

Factors affecting tax charge for the year

There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of 19% and 25% (19%).



5.


Tangible fixed assets







Fixtures & fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 March 2023
2,498
749
3,247


Additions
392
-
392



At 29 February 2024

2,890
749
3,639



Depreciation


At 1 March 2023
2,498
749
3,247


Charge for the year on owned assets
131
-
131



At 29 February 2024

2,629
749
3,378



Net book value



At 29 February 2024
261
-
261



At 28 February 2023
-
-
-

Page 10

 
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

6.


Stocks

29 February
28 February
2024
2023
£
£

Finished goods and goods for resale
4,487,296
3,861,185

4,487,296
3,861,185



7.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
-
2,568

Other debtors
467
203,013

Prepayments and accrued income
-
485,000

467
690,581



8.


Cash and cash equivalents

29 February
28 February
2024
2023
£
£

Cash at bank and in hand
15,423,991
14,099,834

15,423,991
14,099,834



9.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Trade creditors
249,248
249,248

Corporation tax
372,345
248,117

Other creditors
999,426
1,007,448

Accruals and deferred income
12,800
12,500

1,633,819
1,517,313


 
Page 11