Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-30true2023-05-01falseNo description of principal activity22trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03866544 2023-05-01 2024-04-30 03866544 2022-05-01 2023-04-30 03866544 2024-04-30 03866544 2023-04-30 03866544 c:Director1 2023-05-01 2024-04-30 03866544 d:FurnitureFittings 2023-05-01 2024-04-30 03866544 d:FurnitureFittings 2024-04-30 03866544 d:FurnitureFittings 2023-04-30 03866544 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 03866544 d:ComputerEquipment 2023-05-01 2024-04-30 03866544 d:ComputerEquipment 2024-04-30 03866544 d:ComputerEquipment 2023-04-30 03866544 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 03866544 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 03866544 d:CurrentFinancialInstruments 2024-04-30 03866544 d:CurrentFinancialInstruments 2023-04-30 03866544 d:Non-currentFinancialInstruments 2024-04-30 03866544 d:Non-currentFinancialInstruments 2023-04-30 03866544 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 03866544 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 03866544 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 03866544 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 03866544 d:ShareCapital 2024-04-30 03866544 d:ShareCapital 2023-04-30 03866544 d:RetainedEarningsAccumulatedLosses 2024-04-30 03866544 d:RetainedEarningsAccumulatedLosses 2023-04-30 03866544 c:FRS102 2023-05-01 2024-04-30 03866544 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 03866544 c:FullAccounts 2023-05-01 2024-04-30 03866544 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 03866544 7 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure

Registered number: 03866544









JAMES HYMAN FINE ART LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
JAMES HYMAN FINE ART LIMITED
REGISTERED NUMBER: 03866544

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
27,022
29,914

Current assets
  

Stocks
 6 
887,534
846,028

Debtors Within One Year
 7 
649,880
424,921

Cash at bank and in hand
  
11,572
1,976

  
1,548,986
1,272,925

Creditors: amounts falling due within one year
 8 
(617,033)
(334,338)

Net current assets
  
 
 
931,953
 
 
938,587

Total assets less current liabilities
  
958,975
968,501

Creditors: amounts falling due after more than one year
  
(18,332)
(28,333)

  

Net assets
  
940,643
940,168


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
940,641
940,166

  
940,643
940,168


Page 1

 
JAMES HYMAN FINE ART LIMITED
REGISTERED NUMBER: 03866544
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024

The director considers 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 director acknowledges his 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 income and retained earnings 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 22 January 2025.




Dr J Hyman
Director

Page 2

 
JAMES HYMAN FINE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

James Hyman Fine Art Limited is a private company limited by shares and incorporated in England and Wales.The address of the registered office is 124 Finchley Road, London, NW3 5JS.

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.

 
2.2

Revenue

Turnover comprises revenue recognised by the company, upon issue of an invoice, in respect of the
sale of fine art and the provision of related services supplied during the year; with revenue measured as the fair value of consideration receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
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.

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

Depreciation is provided on the following basis:

Fixtures and fittings
-
25% reducing balance
Computer equipment
-
33% straight line

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value. At the reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the statement of income and retained earnings.

Page 3

 
JAMES HYMAN FINE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.5

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received

 
2.6

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.

 
2.7

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.8

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 the statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
JAMES HYMAN FINE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.9

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

 
2.10

Taxation

Tax is recognised in the statement of income and retained earnings. 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.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
The following are the company's key sources of estimation uncertainty:
Tangible assets
Tangible assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending upon a number of factors. In re-assessing the assets' lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account.
Stock provisioning
The company sells fine art and is subject to changing consumer demands and trends. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required.
When considering the need for a stock provision, management considers the nature and condition of the stock as well as applying assumptions around anticipated saleability of goods.
Accruals and prepayments
Estimates are made based on known expenses paid in advance and expenditure incurred for which invoices have not been received.


4.


Employees

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

Page 5

 
JAMES HYMAN FINE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 May 2023
49,785
5,495
55,280


Additions
-
1,739
1,739



At 30 April 2024

49,785
7,234
57,019



Depreciation


At 1 May 2023
21,669
3,697
25,366


Charge for the year on owned assets
3,659
972
4,631



At 30 April 2024

25,328
4,669
29,997



Net book value



At 30 April 2024
24,457
2,565
27,022



At 30 April 2023
28,116
1,798
29,914


6.


Stocks

2024
2023
£
£

Goods for resale
887,534
846,028



7.


Debtors

2024
2023
£
£


Trade debtors
2,502
3,011

Other debtors
644,916
421,910

Prepayments and accrued income
2,462
-

649,880
424,921


Page 6

 
JAMES HYMAN FINE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,000
10,000

Trade creditors
107,956
93,474

Corporation tax
1,513
4,798

Other taxation and social security
490
1,272

Other creditors
487,114
214,834

Accruals and deferred income
9,960
9,960

617,033
334,338



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
18,332
28,333


The Bank loan relates to a Bounce Back Loan that was taken by the company as a result of COVID-19. The loan is secured by the UK Government in accordance with the Bounce Back Loan Scheme.
Interest on the loan value is now 2.5% per annum. The loan is repayable by monthly instalments of £833 and will be repaid in full by February 2027. 


10.


Related party transactions

At the reporting date, the company was owed  £353,217 (2023: £333,026)  by James Hyman Photography Limited, a company in which Dr J Hyman, the director, is majority shareholder. During the year interest of £6,400 (2023: £6,100) was charged in respect of the balance owed to the company. During the year, the company charged a management fee to James Hyman Photography Limited to cover administrative costs totalling  £26,000 (2023: £59,000).
During the year the company paid rental to Dr J Hyman totalling £28,000 (2023: £28,000). At the reporting date the company owed £447,246 (2023: £172,191) to Dr J Hyman. The balance was provided interest free and is repayable on demand.
At the reporting date the company was owed £277,764 (2023: £86,920) by The Centre For British Photography, a charity which Dr J Hyman is a trustee. The balance is included in other debtors. The balance was provided interest free and is repayable on demand.  
The company has not entered into any other transactions with related parties that are material and that have not been concluded under normal market conditions.

 
Page 7