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Registration number: 08374210

Robilant Fine Art Limited

Annual Report and Financial Statements

for the Year Ended 30 April 2024

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

 

Robilant Fine Art Limited

Contents

Company Information

1

Strategic Report

2 to 4

Director's Report

5

Statement of Director's Responsibilities

6

Independent Auditor's Report

7 to 10

Income Statement

11

Statement of Financial Position

12

Statement of Changes in Equity

13

Statement of Cash Flows

14

Notes to the Financial Statements

15 to 24

 

Robilant Fine Art Limited

Company Information

Director

E D Robilant

Registered office

1st Floor
38 Dover Street
London
W1S 4NL

Auditor

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
W1D 5AR

 

Robilant Fine Art Limited

Strategic Report for the Year Ended 30 April 2024

The director presents his strategic report for the year ended 30 April 2024.

Principal activity

The principal activity of the company is that of a dealer and agent for the sale of works of fine art.

Fair review of the business

The company was incorporated in 2013 to specialise in the acquisition and sale of works of art to and from private and institutional collectors and other dealers specialising in Old Master, Nineteenth Century, Modern and Contemporary fine art which linked to the director’s extensive expertise and heritage. It has staged important monographic exhibitions, as well as studies on Italian city landscapes and the International Caravaggesque Movement, which are core specialisms. Over time it has developed expertise in other sectors of the market, both out of demand and as a way of adapting to the ever-evolving art market, including but not limited to the Italian Modern and Post-War Art. The company also trades in antique furniture and sculptures. This multi-faceted approach helps mitigate a certain degree of risk within the art market, which can be highly volatile.

Following the lifting of travel restrictions and the cancellation of art fairs and auctions during the Covid-19 pandemic, the company has been returning to pre-pandemic levels of trade, with art fairs and auctions being held as normal. Accordingly, along with the director's reliance on personal relationships with existing clients, this has enabled the company to maintain its turnover at pre-pandemic levels in the year.
 

Key Performance Indicators

Turnover for the year was £16,434,777 (2023 - £12,557,034) generating a gross profit of £1,657,680 (2023 - £2,238,883). As the art market becomes more transparent and competitive, margins have become smaller which has led to the gross profit margin falling from 17% to 10%. The company made a loss before tax of £40,360 (2023 - profit before tax of £1,199,692), as a result of an increase in administrative expenses from £1,012,305 to £1,722,070. This increase in costs has been driven by several factors; there has been greater staff turnover and in order to retain and recruit new staff, salaries have increased. Exhibition costs were greater than 2023 due to attendance at more art fairs to increase exposure in the market. Insurance costs have also increased due to this greater attendance at more art fairs which generates increased movement of stock and insurance premiums have risen.

Net assets have decreased from £4,200,066 to £4,138,612 a result of the loss for the year. Cash at bank decreased from £619,280 to £552,011 and stock has decreased from £7,409,866 to £6,986,645. Creditors decreased from £5,668,349 to £5,478,454 while debtors increased from £1,822,014 to £62,061,502.

The company has continued to make significant changes to ensure that the financial reporting and stock management systems for the company provide the director with frequent financial reporting across key financial performance indicators including cash flow management, stock volumes, creditor and debtor reporting. The company and its advisors believe this will further help increase profitability in future years.

Principal risks and uncertainties

The company’s principal financial liabilities comprise bank loan facility, trade creditors and a shareholder loan. The company has no other lending but is exposed to foreign exchange, liquidity and cash flow and price risk. After 30 June 2020, the company became exposed to a new EU Anti-Money Laundering Directive.

The principal risk and uncertainties are all individually monitored by the director and deemed necessary for the continuation of the business activity, whilst the external risks are closely monitored by the director.

 

Robilant Fine Art Limited

Strategic Report for the Year Ended 30 April 2024

Risk associated with financial instruments

• Price risk

As the company solely deals in the purchase and sale of pieces of art, the company is exposed to significant price risk. The company is largely dependent on the expert knowledge of its sole director, Count E di Robilant, who has been involved in the art market for over 40 years and is widely respected as an expert in his field.

Count di Robilant also consults with third parties to asses market shifts in fair market value and has managed the stock book of the company to avoid too much accumulation of risk in a single market segment, as he has done successfully throughout his international career.

Stock is stated at £6,986,645 at 30 April 2024 which is deemed suitable to further protect against segment down-valuations, as the company holds sufficient stock in non-correlated alternative segments which protect against the need to consider undervalued sales to manage cash flow.

• Liquidity and cash flow risk

The company is exposed to liquidity and cash flow risk. The company’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its obligations as they fall due. This is achieved by holding regular financial management meetings with the company’s outsourced finance professionals to review creditor invoices and note any expected short-term cash flow needs. At 30 April 2024 the company held £552,011 in cash at bank.

• Foreign exchange risk

This is linked to the company buying and selling pieces of art in multiple jurisdictions so revenue or expenses may not be in pound sterling. The company operates bank accounts in multiple currencies to help mitigate against this exposure where possible. Sterling has been volatile during the year with the current global political climate proving to have had a direct impact on sterling value.


Trade debtors

Trade debtors are managed by the director who has had a personal relationship with the associated parties for many years, while the ledgers are updated by the outsourced finance professionals. At 30 April 2024 the director reviewed the position and it is the intention of the director to continuously review these positions. Trade debtors increased from £1,399,788 in 2023 to £1,670,661.
 

5th EU Anti-Money Laundering Directive

The European art market saw further changes with the introduction of anti-money laundering regulations under the fifth anti-money laundering directive, that was adopted into UK law in January 2020. These regulations introduced a requirement for art market participants to register with HMRC by January 2021 and collect due diligence information on the individuals involved in art transactions worth in excess of €10,000 or equivalent. The company registered with HMRC as required and adopted the relevant procedures when purchasing and selling pieces of art to identify and hold due diligence information on the seller/purchaser. The company does not expect a major impact on its financial performance as a result of the regulations.
 

 

Robilant Fine Art Limited

Strategic Report for the Year Ended 30 April 2024

Future developments

The company continues to review the status of the market very carefully, taking into consideration the ongoing impact of the high inflation being experienced in the UK economy as well as the impact of the global economy on the international markets in which the company operates.

Current plans are to set up a gallery based in Italy, which would be a joint venture arrangement with the director's long-standing business partner.

Approved by the director on 23 January 2025 and signed on its behalf by:

.........................................
E D Robilant
Director

 

Robilant Fine Art Limited

Director's Report for the Year Ended 30 April 2024

The director presents his report and the financial statements for the year ended 30 April 2024.

Director of the company

The director who held office during the year was as follows:

E D Robilant

Dividends

Interim dividends of £11,000 (2023 - £25,000) were paid in the year. No final dividend is proposed.

Information included in the Strategic Report

The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of future developments and financial risk management and exposure

Director's liabilities

The company has made qualifying third-party indemnity provisions for the benefit of its director which were made during the year and remain in force at the date of this report.

Disclosure of information to the auditor

The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.

Approved by the director on 23 January 2025 and signed by:



 

.........................................
E D Robilant
Director

 

Robilant Fine Art Limited

Statement of Director's Responsibilities

The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 director is required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

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

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

The director is 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 enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

 

Robilant Fine Art Limited

Independent Auditor's Report to the Members of Robilant Fine Art Limited
for the Year Ended 30 April 2024

Qualified opinion

We have audited the financial statements of Robilant Fine Art Limited (the 'company') for the year ended 30 April 2024, which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its loss for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion on financial statements

We were not appointed as auditor of the company until after 30 April 2023 and thus did not observe the inpsection and verification of physical inventories at the end of that period. We were unable to satisfy ourselves by alternative means concerning the inventories quantities held at 30 April 2023, which are included in the comparatives of the statement of financial position at £7,409,866, by using alternative audit procedures. Consequently we were unable to determine whether any adjustment to this amount at 30 April 2023 was necessary or whether there was any consequential effect on the costs of sales for the year ended 30 April 2024. In addition, were any adjustment to the inventory balance be required, the Strategic Report would also need to be amended.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other matters

The comparatives at 30 April 2023 are unaudited.

 

Robilant Fine Art Limited

Independent Auditor's Report to the Members of Robilant Fine Art Limited
for the Year Ended 30 April 2024

Other information

The director is responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Director's Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of director's remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of the director

As explained more fully in the Statement of Director's Responsibilities (set out on page 6), the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.

 

Robilant Fine Art Limited

Independent Auditor's Report to the Members of Robilant Fine Art Limited
for the Year Ended 30 April 2024

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and the industry in which it operates, we determined that the principal risks of non-compliance with laws and regulations related to the reporting framework (FRS 102 and the Companies Act 2006) and UK corporate taxation laws, data protection legislation, Proceeds of Crime Act 2002 (POCA), VAT act 1994 and Money Laundering Regulations 2017. These risks were communicated to our audit team and we remained alert to any indications of non-compliance throughout our audit.

We understood how the company is complying with relevant legislation by making enquiries of management. We also considered the results of our audit procedures and to what extent these corroborate this understanding and assessed the susceptibility of the company’s financial statements to material misstatement. This included consideration of how fraud might occur and evaluation of management’s incentives and opportunities for fraudulent manipulation of the financial statements.

We designed our audit procedures to identify any non-compliance with laws and regulations. Such procedures included, but were not limited to, inspection of any regulatory or legal correspondence; challenging assumptions and judgements made by management; identifying and testing journal entries with a focus on large or unusual transactions as determined based on our understanding of the business; and identifying and assessing the effectiveness of controls in place to prevent and detect fraud.

Owing to the inherent limitations of an audit, there remains a risk that a material misstatement may not have been detected, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance with laws and regulations and cannot be expected to detect all instances of non-compliance.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

The primary responsibility for the detection and prevention of fraud rests with those responsible for governance and management. The further removed non-compliance with laws and regulations is from the events reflected in the financial statements, the less likely the auditor will become aware of it.

The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission, misrepresentation or forgery.

 

Robilant Fine Art Limited

Independent Auditor's Report to the Members of Robilant Fine Art Limited
for the Year Ended 30 April 2024

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Martin Widdowson (Senior Statutory Auditor)
For and on behalf of

Brebners, Statutory Auditor
130 Shaftesbury Avenue
W1D 5AR

24 January 2025

 

Robilant Fine Art Limited

Income Statement for the Year Ended 30 April 2024

Note

2024
£

2023
£

Turnover

4

16,434,777

12,557,034

Cost of sales

 

(14,777,097)

(10,318,151)

Gross profit

 

1,657,680

2,238,883

Administrative expenses

 

(1,722,070)

(1,012,305)

Other operating income

5

45,801

4,233

Operating (loss)/profit

6

(18,589)

1,230,811

Other interest receivable and similar income

7

20

218

Interest payable and similar expenses

8

(21,791)

(31,337)

   

(21,771)

(31,119)

(Loss)/profit before tax

 

(40,360)

1,199,692

Tax on (loss)/profit

11

(10,094)

(242,093)

(Loss)/profit for the financial year

 

(50,454)

957,599

 

Robilant Fine Art Limited

Statement of Financial Position as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

12

16,833

17,180

Investments

13

75

75

 

16,908

17,255

Current assets

 

Stocks

14

6,986,645

7,409,866

Debtors

15

2,061,502

1,822,014

Cash at bank and in hand

 

552,011

619,280

 

9,600,158

9,851,160

Creditors: Amounts falling due within one year

16

(5,478,454)

(5,668,349)

Net current assets

 

4,121,704

4,182,811

Net assets

 

4,138,612

4,200,066

Capital and reserves

 

Called up share capital

1

1

Retained earnings

4,138,611

4,200,065

Shareholders' funds

 

4,138,612

4,200,066

Approved and authorised by the director on 23 January 2025

 

......................................................................

E D Robilant

Director

Company registration number: 08374210

 

Robilant Fine Art Limited

Statement of Changes in Equity for the Year Ended 30 April 2024

Share capital
£

Retained earnings
£

Total
£

At 1 May 2023

1

4,200,065

4,200,066

Loss for the year

-

(50,454)

(50,454)

Dividends

-

(11,000)

(11,000)

At 30 April 2024

1

4,138,611

4,138,612

Share capital
£

Retained earnings
£

Total
£

At 1 May 2022

1

3,267,466

3,267,467

Profit for the year

-

957,599

957,599

Dividends

-

(25,000)

(25,000)

At 30 April 2023

1

4,200,065

4,200,066

 

Robilant Fine Art Limited

Statement of Cash Flows for the Year Ended 30 April 2024

Note

2024
£

2023
£

Cash flows from operating activities

(Loss)/profit for the year

 

(50,454)

957,599

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

4,209

4,295

Finance income

7

(20)

(218)

Finance costs

8

21,791

31,337

Income tax expense

11

10,094

242,093

 

(14,380)

1,235,106

Working capital adjustments

 

Decrease in stocks

 

423,221

482,574

Increase in trade debtors

 

(239,488)

(858,683)

(Decrease)/increase in trade creditors

 

(975,080)

1,181,678

Cash generated from operations

 

(805,727)

2,040,675

Income taxes paid

 

(242,230)

(13,728)

Net cash flow from operating activities

 

(1,047,957)

2,026,947

Cash flows from investing activities

 

Interest received

 

20

218

Acquisitions of tangible assets

(3,862)

(14,415)

Net cash flows from investing activities

 

(3,842)

(14,197)

Cash flows from financing activities

 

Interest paid

8

(21,791)

(31,337)

Dividends paid

(11,000)

(25,000)

Net cash flows from financing activities

 

(32,791)

(56,337)

Net (decrease)/increase in cash and cash equivalents

 

(1,084,590)

1,956,413

Cash and cash equivalents at 1 May

 

619,280

(1,337,133)

Cash and cash equivalents at 30 April

 

(465,310)

619,280

 

Robilant Fine Art Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1st Floor
38 Dover Street
London
W1S 4NL

The principal activity of the company is that of a dealer and agent for the sale of works of fine art.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Significant judgements and estimates

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies.

The areas involving a higher degree of judgement or complexity, or areas where assumption and estimates are significant to the financial statements are considered to be:

Stock

Significant estimates are involved in the determination of the net realisable value of stock held by the company. Management exercises judgement in assessing the likely realisable value of stock and appropriate provisions are made where it is considered that realisable value may be considered to be less than the original cost of the relevant items.

Trade debtors

Management exercises judgement in assessing the quantum of any provisions which may be required for potential bad or doubtful debts.

 

Robilant Fine Art Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Going concern

The company made a loss for the year ended 30 April 2024 but had net assets of £4,138,612 including cash at bank of £552,011 at that date.

The director has considered the potential effect of current global conflicts and the director's view is that there will be no significant impact. The company has experienced strong turnover subsequent to 30 April 2024.

After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover is recognised at the fair value of the consideration received or receivable for goods and services
provided in the normal course of business, and is shown net of VAT and other sales-related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

The company recognises revenue from the sale of art and antiques when the significant risks and rewards of
ownership have passed to the buyer based upon the contractual terms of title and possession of the works, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the
transaction will flow to the entity.

The company recognises revenue from acting as agent when the underlying transaction has been completed, the amount of revenue can be measured reliably and it is probable that economic benefit will flow to the company.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised in respect of all timing differences at the reporting date. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Robilant Fine Art Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

20% reducing balance

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Robilant Fine Art Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the statement of financial position. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

 

Robilant Fine Art Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

3

Staff costs

The aggregate payroll costs (including director's remuneration) were as follows:

2024
£

2023
£

Wages and salaries

313,918

262,011

Social security costs

31,256

22,191

Pension costs, defined contribution scheme

5,489

4,780

Other employee expense

4,594

4,593

355,257

293,575

The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

8

8

8

8

4

Turnover

The analysis of the company's turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of artwork

16,283,498

12,542,387

Commissions received

151,279

14,647

16,434,777

12,557,034

The company operates from a gallery in London and sells to customers all over the world as well as selling at international art fairs. It is not therefore practicable to provide a geographical analysis of turnover.

5

Other operating income

The analysis of the company's other operating income for the year is as follows:

2024
 £

2023
 £

Miscellaneous other operating income

45,801

4,233

6

Operating (loss)/profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

4,209

4,295

Foreign exchange losses/(gains)

18,582

(51,571)

 

Robilant Fine Art Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

7

Other interest receivable and similar income

2024
£

2023
£

Other finance income

20

218

8

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

21,791

31,284

Interest expense on other finance liabilities

-

53

21,791

31,337

9

Director's remuneration

The director's remuneration for the year was as follows:

2024
 £

2023
 £

Remuneration

10,000

10,000

10

Auditor's remuneration

2024
 £

2023
 £

Audit of the financial statements

15,000

-

Other fees to auditors

Taxation compliance services

1,000

-


 

 

Robilant Fine Art Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

11

Taxation

Tax charged/(credited) in the income statement

2024
£

2023
£

Current taxation

UK corporation tax

10,094

242,093

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 19.5%).

The differences are reconciled below:

2024
£

2023
£

(Loss)/profit before tax

(40,360)

1,199,692

Corporation tax at standard rate

(10,090)

233,940

Tax increase from effect of capital allowances and depreciation

87

3,917

Tax increase from other short-term timing differences

39

29

Effect of expense not deductible in determining taxable profit (tax loss)

23,129

11,950

Tax decrease from changes in tax provisions due to legislation

(3,071)

(7,743)

Total tax charge

10,094

242,093

12

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

74,760

74,760

Additions

3,862

3,862

At 30 April 2024

78,622

78,622

Depreciation

At 1 May 2023

57,580

57,580

Charge for the year

4,209

4,209

At 30 April 2024

61,789

61,789

Carrying amount

At 30 April 2024

16,833

16,833

At 30 April 2023

17,180

17,180

 

Robilant Fine Art Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

13

Investments

2024
 £

2023
 £

Investments in joint ventures

75

75


 

Joint ventures

£

Cost

At 1 May 2023 and 30 April 2024

75

Carrying amount

At 30 April 2024

75

At 30 April 2023

75

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

2024

2023

Robilant and Voena USA Limited

3000 Marcus Avenue, #3E6 Lake
Success, New York 11042

Ordinary

50%

50%

 

USA

     

Robilant and Voena USA Limited

The principal activity of Robilant and Voena USA Limited is that of a dealer and agent for the sale of works of art and antiques.

14

Stocks

2024
£

2023
£

Stock

6,986,645

7,409,866

Stock is shown net of provisions for impairment amounting to £855,936 (2023 - £516,311).

 

Robilant Fine Art Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

15

Debtors

2024
£

2023
£

Trade debtors

1,670,661

1,399,788

Other debtors

105,627

277,248

Prepayments

285,214

144,978

2,061,502

1,822,014

16

Creditors

Note

2024
£

2023
£

Due within one year

 

Bank overdraft

19

1,017,321

-

Trade creditors

 

360,002

795,462

Social security and other taxes

 

13,771

5,373

Other payables

 

3,089,494

3,439,147

Accruals

 

987,928

1,186,293

Corporation tax liability

 

9,938

242,074

 

5,478,454

5,668,349

The bank overdraft is secured by a fixed and floating charge over the assets and undertakings of the company.

17

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £5,489 (2023 - £4,780).

18

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       

There are no restrictions on the repayment of capital or the distribution of dividends.

 

Robilant Fine Art Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

19

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

1,017,321

-

20

Analysis of changes in net debt

At 1 May 2023
£

Cash flows
£

At 30 April 2024
£

Cash and cash equivalents

Cash

619,280

(67,269)

552,011

Overdrafts

-

(1,017,321)

(1,017,321)

619,280

(1,084,590)

(465,310)

 

619,280

(1,084,590)

(465,310)

21

Related party transactions

At 30 April 2024 an amount of £624,193 (2023 - £469,562) was due from a joint venture undertaking. During the year there were sales amounting to £906,121 (2023 - £2,582,612) and recharged expenses of £138,355 (2023 - £Nil) with this company.

The company operates from a property leased from various parties including the director. Rent paid during the year amounted to £41,458 (2023 - £41,075).

At 30 April 2024 an amount of £3,074,973 (2023 - £3,430,534) was due to the director. Dividends of £11,000 (2023 - £25,000) were paid to the director.