Caseware UK (AP4) 2024.0.164 2024.0.164 2023-12-312023-12-31false102023-01-01truefalseFine art dealers13falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04983119 2023-01-01 2023-12-31 04983119 2022-01-01 2022-12-31 04983119 2023-12-31 04983119 2022-12-31 04983119 c:Director1 2023-01-01 2023-12-31 04983119 d:Buildings d:ShortLeaseholdAssets 2023-01-01 2023-12-31 04983119 d:Buildings d:ShortLeaseholdAssets 2023-12-31 04983119 d:Buildings d:ShortLeaseholdAssets 2022-12-31 04983119 d:FurnitureFittings 2023-01-01 2023-12-31 04983119 d:FurnitureFittings 2023-12-31 04983119 d:FurnitureFittings 2022-12-31 04983119 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04983119 d:OfficeEquipment 2023-01-01 2023-12-31 04983119 d:OfficeEquipment 2023-12-31 04983119 d:OfficeEquipment 2022-12-31 04983119 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04983119 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04983119 d:CurrentFinancialInstruments 2023-12-31 04983119 d:CurrentFinancialInstruments 2022-12-31 04983119 d:Non-currentFinancialInstruments 2023-12-31 04983119 d:Non-currentFinancialInstruments 2022-12-31 04983119 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 04983119 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 04983119 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 04983119 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 04983119 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 04983119 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 04983119 d:ShareCapital 2023-12-31 04983119 d:ShareCapital 2022-12-31 04983119 d:RetainedEarningsAccumulatedLosses 2023-12-31 04983119 d:RetainedEarningsAccumulatedLosses 2022-12-31 04983119 c:FRS102 2023-01-01 2023-12-31 04983119 c:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 04983119 c:FullAccounts 2023-01-01 2023-12-31 04983119 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04983119 2 2023-01-01 2023-12-31 04983119 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 04983119









BEN BROWN FINE ART LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
BEN BROWN FINE ART LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BEN BROWN FINE ART LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ben Brown Fine Art Limited for the year ended 31 December 2023 which comprise  the Statement of financial position 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 Ben Brown Fine Art Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Ben Brown Fine Art Limited and state those matters that we have agreed to state to the Board of directors of Ben Brown Fine Art Limited, 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 Ben Brown 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 Ben Brown Fine Art Limited 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 loss of Ben Brown Fine Art Limited. You consider that Ben Brown Fine Art Limited 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 Ben Brown 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 financial statements.

  



Greenback Alan LLP
 
Chartered Accountants
  
89 Spa Road
London
SE16 3SG
17 October 2024
Page 1

 
BEN BROWN FINE ART LIMITED
REGISTERED NUMBER: 04983119

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
227,688
181,547

  
227,688
181,547

Current assets
  

Stocks
  
10,243,858
9,529,601

Debtors: amounts falling due within one year
 5 
12,970,205
9,922,833

Cash at bank and in hand
 6 
495,571
338,256

  
23,709,634
19,790,690

Creditors: amounts falling due within one year
 7 
(25,927,834)
(8,890,678)

Net current (liabilities)/assets
  
 
 
(2,218,200)
 
 
10,900,012

Total assets less current liabilities
  
(1,990,512)
11,081,559

Creditors: amounts falling due after more than one year
 8 
-
(12,611,955)

Provisions for liabilities
  

Deferred tax
  
(2,923)
(4,365)

  
 
 
(2,923)
 
 
(4,365)

Net liabilities
  
(1,993,435)
(1,534,761)


Capital and reserves
  

Called up share capital 
  
10,000
10,000

Profit and loss account
  
(2,003,435)
(1,544,761)

  
(1,993,435)
(1,534,761)


Page 2

 
BEN BROWN FINE ART LIMITED
REGISTERED NUMBER: 04983119
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

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 profit and loss account 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 17 October 2024.




B Brown
Director

The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
BEN BROWN FINE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Ben Brown Fine Art Limited is a private company limited by share capital, incorporated in the United Kingdom and registered in England and Wales. The principal activity of the company is that of fine art dealers.

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 following principal accounting policies have been applied:

 
2.2

Going concern

At the year end the company's liabilities exceeded it's assets by £1,993,435 (2022: £1,534,761). The directors believe the company is and will continue to be a going concern as Mr B. Brown, a director of the company, has indicated his willingness to continue to support the company. 

 
2.3

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 Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
BEN BROWN FINE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

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

Sale of goods

Revenue 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 revenue 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.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 5

 
BEN BROWN FINE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

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 profit or loss 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.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.11

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.

Page 6

 
BEN BROWN FINE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

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:

Short-term leasehold property
-
Over the term of the lease.
Fixtures and fittings
-
33%
Office equipment
-
33%

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.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each 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 profit or loss.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

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.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 7

 
BEN BROWN FINE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 13 (2022 - 10).


4.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
771,335
40,206
84,814
896,355


Additions
63,933
8,372
5,429
77,734



At 31 December 2023

835,268
48,578
90,243
974,089



Depreciation


At 1 January 2023
596,350
38,039
80,422
714,811


Charge for the year on owned assets
23,515
3,645
4,430
31,590



At 31 December 2023

619,865
41,684
84,852
746,401



Net book value



At 31 December 2023
215,403
6,894
5,391
227,688



At 31 December 2022
174,986
2,168
4,393
181,547

Page 8

 
BEN BROWN FINE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
456,052
341,575

Amounts owed by group undertakings
15,640
2,788

Other debtors
12,315,090
9,446,712

Prepayments and accrued income
183,423
131,758

12,970,205
9,922,833



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
495,571
338,256

495,571
338,256


Page 9

 
BEN BROWN FINE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
17,597,817
3,347,118

Trade creditors
4,744,396
3,418,262

Corporation tax
194
194

Other taxation and social security
28,231
22,556

Other creditors
1,252,639
1,524,128

Accruals and deferred income
2,304,557
578,420

25,927,834
8,890,678


The following liabilities were secured:

2023
2022
£
£



Bank loans
17,597,817
3,347,118

17,597,817
3,347,118

Details of security provided:

The bank loan is and the other loan was secured on art works held by the company and related company, Ben Brown Gallery Limited in Hong Kong.

Page 10

 
BEN BROWN FINE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
12,611,955

-
12,611,955


The following liabilities were secured:

2023
2022
£
£



Bank loans
-
12,611,955

-
12,611,955

Details of security provided:

The bank loan is secured on art works held by the company and related company, Ben Brown Gallery Limited in Hong Kong.


9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
17,597,817
3,347,118


17,597,817
3,347,118

Amounts falling due 1-2 years

Bank loans
-
12,611,955


-
12,611,955



17,597,817
15,959,073


Page 11

 
BEN BROWN FINE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separetely from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £27,937 (2022: £31,563). Contributions totalling £7,832 (2022: £7,602) were payable to the fund at the reporting date.

 
Page 12