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Registration number: 04414167

Liss Llewellyn Fine Art Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Liss Llewellyn Fine Art Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 12

 

Liss Llewellyn Fine Art Limited

Company Information

Directors

P B Liss

Miss Eva Florence Liss

Company secretary

Miss Eva Florence Liss

Registered office

Adam House
7-10 Adam Street
London
WC2N 6AA

Accountants

Opus Accounting Limited
Chartered Certified Accountants
Lindenmuth House
37 Greenham Business Park
Greenham
Thatcham
Berkshire
RG19 6HW

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Liss Llewellyn Fine Art Limited
for the Year Ended 30 April 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Liss Llewellyn Fine Art Limited for the year ended 30 April 2024 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Liss Llewellyn Fine Art Limited, as a body, in accordance with the terms of our engagement letter dated 12 June 2017. Our work has been undertaken solely to prepare for your approval the accounts of Liss Llewellyn Fine Art Limited and state those matters that we have agreed to state to the Board of Directors of Liss Llewellyn Fine Art Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Liss Llewellyn Fine Art Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Liss Llewellyn Fine Art Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Liss Llewellyn Fine Art Limited. You consider that Liss Llewellyn Fine Art Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Liss Llewellyn Fine Art Limited. 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 accounts.

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

Opus Accounting Limited
Chartered Certified Accountants
Lindenmuth House
37 Greenham Business Park
Greenham
Thatcham
Berkshire
RG19 6HW

28 January 2025

 

Liss Llewellyn Fine Art Limited

(Registration number: 04414167)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

12,544

15,680

Tangible assets

5

85,625

63,610

 

98,169

79,290

Current assets

 

Stocks

6

867,652

978,250

Debtors

7

432,920

143,506

Cash at bank and in hand

 

194,177

4,903

 

1,494,749

1,126,659

Creditors: Amounts falling due within one year

8

(139,874)

(96,558)

Net current assets

 

1,354,875

1,030,101

Total assets less current liabilities

 

1,453,044

1,109,391

Creditors: Amounts falling due after more than one year

8

(1,438,219)

(1,600,773)

Net assets/(liabilities)

 

14,825

(491,382)

Capital and reserves

 

Called up share capital

9

100

2

Retained earnings

14,725

(491,384)

Shareholders' funds/(deficit)

 

14,825

(491,382)

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Liss Llewellyn Fine Art Limited

(Registration number: 04414167)
Balance Sheet as at 30 April 2024 (continued)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 January 2025 and signed on its behalf by:
 

.........................................
P B Liss
Director

 

Liss Llewellyn Fine Art Limited

Notes to the Unaudited 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:
Adam House
7-10 Adam Street
London
WC2N 6AA
UK

These financial statements were authorised for issue by the Board on 28 January 2025.

2

Accounting policies

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

 

Liss Llewellyn Fine Art Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change 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 between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the balance sheet 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.

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

Fixtures and fittings

25% reducing balance

Office equipment

25% reducing balance

Short term leasehold improvements

over the term of the lease

Intangible assets

Intangible assets are stated in the balance sheet at cost, less any subsequent acculmulated amortisation and subsequent impairment losses.

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

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website

over five years

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.

 

Liss Llewellyn Fine Art Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

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 is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

The previous policy on stock provisions - 50% at five years and the remaining 50% at ten years - has been discontinued with effect from 1 May 2023 due to a change in the business operation. Instead, the director will review stock at the end of each year and make a decision based upon his knowledge of the stock and prevailing market conditions.

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.

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 profit and loss account 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.

 

Liss Llewellyn Fine Art Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 7).

 

Liss Llewellyn Fine Art Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 May 2023

22,000

22,000

At 30 April 2024

22,000

22,000

Amortisation

At 1 May 2023

6,320

6,320

Amortisation charge

3,136

3,136

At 30 April 2024

9,456

9,456

Carrying amount

At 30 April 2024

12,544

12,544

At 30 April 2023

15,680

15,680

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

111,806

123,040

234,846

Additions

-

54,699

54,699

At 30 April 2024

111,806

177,739

289,545

Depreciation

At 1 May 2023

74,537

96,699

171,236

Charge for the year

12,423

20,261

32,684

At 30 April 2024

86,960

116,960

203,920

Carrying amount

At 30 April 2024

24,846

60,779

85,625

At 30 April 2023

37,269

26,341

63,610

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of long leasehold land and buildings and £24,846 (2023 - £37,269) in respect of short leasehold land and buildings.
 

 

Liss Llewellyn Fine Art Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

6

Stocks

2024
£

2023
£

Other inventories

867,652

978,250

7

Debtors

Current

2024
£

2023
£

Trade debtors

415,862

134,650

Prepayments

8,814

2,030

Other debtors

8,244

6,826

 

432,920

143,506

 

Liss Llewellyn Fine Art Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

26,612

39,228

Trade creditors

 

17,591

(2,333)

Taxation and social security

 

49,151

22,718

Accruals and deferred income

 

300

3,624

Other creditors

 

46,220

33,321

 

139,874

96,558

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

1,438,219

1,565,227

Other non-current financial liabilities

 

-

35,546

 

1,438,219

1,600,773

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

2

2

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

1,438,219

1,565,227

Current loans and borrowings

 

Liss Llewellyn Fine Art Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2024
£

2023
£

Bank borrowings

26,612

36,461

Bank overdrafts

-

2,767

26,612

39,228

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

81,858

60,582

Contributions paid to money purchase schemes

59,562

76,047

141,420

136,629

Summary of transactions with other related parties

Transactions with the directors and their family.

 Purchase of items for stock totalling £231,099 (2023: £329,133).