Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-305The principal activity of the company continued to be that of operation of art galleries.true2023-05-01false5trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05305237 2023-05-01 2024-04-30 05305237 2022-05-01 2023-04-30 05305237 2024-04-30 05305237 2023-04-30 05305237 c:Director1 2023-05-01 2024-04-30 05305237 c:Director2 2023-05-01 2024-04-30 05305237 c:RegisteredOffice 2023-05-01 2024-04-30 05305237 d:Buildings 2023-05-01 2024-04-30 05305237 d:Buildings 2024-04-30 05305237 d:Buildings 2023-04-30 05305237 d:Buildings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 05305237 d:Buildings d:LongLeaseholdAssets 2023-05-01 2024-04-30 05305237 d:Buildings d:LongLeaseholdAssets 2024-04-30 05305237 d:Buildings d:LongLeaseholdAssets 2023-04-30 05305237 d:FurnitureFittings 2023-05-01 2024-04-30 05305237 d:FurnitureFittings 2024-04-30 05305237 d:FurnitureFittings 2023-04-30 05305237 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 05305237 d:ComputerEquipment 2023-05-01 2024-04-30 05305237 d:ComputerEquipment 2024-04-30 05305237 d:ComputerEquipment 2023-04-30 05305237 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 05305237 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 05305237 d:Goodwill 2024-04-30 05305237 d:Goodwill 2023-04-30 05305237 d:CurrentFinancialInstruments 2024-04-30 05305237 d:CurrentFinancialInstruments 2023-04-30 05305237 d:Non-currentFinancialInstruments 2024-04-30 05305237 d:Non-currentFinancialInstruments 2023-04-30 05305237 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 05305237 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 05305237 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 05305237 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 05305237 d:ShareCapital 2024-04-30 05305237 d:ShareCapital 2023-04-30 05305237 d:RetainedEarningsAccumulatedLosses 2024-04-30 05305237 d:RetainedEarningsAccumulatedLosses 2023-04-30 05305237 c:FRS102 2023-05-01 2024-04-30 05305237 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 05305237 c:FullAccounts 2023-05-01 2024-04-30 05305237 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 05305237 e:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure
Registered number: 05305237














EPPONNEE RAE LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 APRIL 2024

 
EPPONNEE RAE LIMITED
 
 
COMPANY INFORMATION


Directors
R Hossack 
M Sturgis 




Registered number
05305237



Registered office
5 Elstree Gate
Elstree Way

Borehamwood

Hertfordshire

United Kingdom

WD6 1JD




Accountants
Sopher + Co LLP
Chartered Accountants

5 Elstree Gate

Elstree Way

Borehamwood

Hertfordshire

WD6 1JD





 
EPPONNEE RAE LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
 
1 - 2
Notes to the Financial Statements
 
 
3 - 9


 
EPPONNEE RAE LIMITED
REGISTERED NUMBER:05305237

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
3,407,069
3,461,756

  
3,407,069
3,461,756

Current assets
  

Stocks
  
360,280
168,368

Debtors: amounts falling due within one year
 6 
844,485
536,263

Cash at bank and in hand
  
183,491
107,095

  
1,388,256
811,726

Creditors: amounts falling due within one year
 7 
(834,761)
(687,994)

Net current assets
  
 
 
553,495
 
 
123,732

Total assets less current liabilities
  
3,960,564
3,585,488

Creditors: amounts falling due after more than one year
 8 
(1,637,147)
(1,779,732)

Provisions for liabilities
  

Deferred tax
  
(41,072)
(44,525)

  
 
 
(41,072)
 
 
(44,525)

Net assets
  
2,282,345
1,761,231


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
2,282,245
1,761,131

  
2,282,345
1,761,231


Page 1

 
EPPONNEE RAE LIMITED
REGISTERED NUMBER:05305237
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
R Hossack
Director

Date: 31 January 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
EPPONNEE RAE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Epponnee Rae Limited is a private company limited by shares incorporated in England and Wales. The registered address is 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, United Kingdom, WD6 1JD.
The principal activity of the company continued to be that of operation of art galleries.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover represents net invoiced sales of artwork, excluding value added tax. Income is recognised at the point of sale.

 
2.3

Borrowing costs

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

 
2.4

Pensions

Defined contribution pension plan
The Company contributes to 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.

Page 3

 
EPPONNEE RAE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Intangible assets

Goodwill, being the amount paid in connection with the acquisition of a business in 2006, was amortised evenly over its estimated useful life of ten years.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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

Page 4

 
EPPONNEE RAE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

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:

Freehold property
-
2%
on cost
Improvements to property
-
2%
on cost
Fixtures and fittings
-
25%
on reducing balance
Computer equipment
-
33%
on reducing balance

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.

 
2.8

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each balance sheet 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 and loss.

 
2.9

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.

 
2.10

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 5

 
EPPONNEE RAE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.11

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2023 - 5).

Page 6

 
EPPONNEE RAE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 May 2023
192,205



At 30 April 2024

192,205



Amortisation


At 1 May 2023
192,205



At 30 April 2024

192,205



Net book value



At 30 April 2024
-



At 30 April 2023
-



Page 7

 
EPPONNEE RAE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Tangible fixed assets





Freehold property
Improvements to property
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 May 2023
2,776,948
896,320
316,052
40,035
4,029,355


Additions
-
9,275
8,218
1,482
18,975



At 30 April 2024

2,776,948
905,595
324,270
41,517
4,048,330



Depreciation


At 1 May 2023
223,068
58,980
250,248
35,304
567,600


Charge for the year on owned assets
35,539
18,092
17,913
2,117
73,661



At 30 April 2024

258,607
77,072
268,161
37,421
641,261



Net book value



At 30 April 2024
2,518,341
828,523
56,109
4,096
3,407,069



At 30 April 2023
2,553,880
837,341
65,804
4,731
3,461,756


6.


Debtors

2024
2023
£
£


Trade debtors
837,985
507,926

Other debtors
6,450
23,742

Prepayments and accrued income
50
4,595

844,485
536,263


Page 8

 
EPPONNEE RAE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
79,437

Bank loans
142,585
177,366

Trade creditors
91,434
38,926

Corporation tax
493,036
306,448

Other taxation and social security
28,838
6,829

Other creditors
36,368
36,488

Accruals and deferred income
42,500
42,500

834,761
687,994



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
1,637,147
1,779,732

1,637,147
1,779,732


Bank loans and overdrafts are secured by a debenture over the freehold property of the company, dated 28 October 2006, and a fixed and floating charge over the other assets of the company, dated 14 November 2006 and 9 November 2021.


9.


Related party transactions

Included within other creditors are amounts totalling £4,303 (2023 - £9,738) owed to the directors.  These amounts are interest free and repayable on demand.

 
Page 9