Caseware UK (AP4) 2023.0.135 2023.0.135 2024-08-312024-08-31true2023-09-01falseFine art consultancy.4The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.4truefalse 01324230 2023-09-01 2024-08-31 01324230 2022-09-01 2023-08-31 01324230 2024-08-31 01324230 2023-08-31 01324230 2022-09-01 01324230 1 2023-09-01 2024-08-31 01324230 d:Director2 2023-09-01 2024-08-31 01324230 c:Buildings c:ShortLeaseholdAssets 2023-09-01 2024-08-31 01324230 c:Buildings c:ShortLeaseholdAssets 2024-08-31 01324230 c:Buildings c:ShortLeaseholdAssets 2023-08-31 01324230 c:FurnitureFittings 2023-09-01 2024-08-31 01324230 c:FurnitureFittings 2024-08-31 01324230 c:FurnitureFittings 2023-08-31 01324230 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 01324230 c:OfficeEquipment 2023-09-01 2024-08-31 01324230 c:OfficeEquipment 2024-08-31 01324230 c:OfficeEquipment 2023-08-31 01324230 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 01324230 c:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 01324230 c:CurrentFinancialInstruments 2024-08-31 01324230 c:CurrentFinancialInstruments 2023-08-31 01324230 c:CurrentFinancialInstruments c:WithinOneYear 2024-08-31 01324230 c:CurrentFinancialInstruments c:WithinOneYear 2023-08-31 01324230 c:ShareCapital 2023-09-01 2024-08-31 01324230 c:ShareCapital 2024-08-31 01324230 c:ShareCapital 2022-09-01 2023-08-31 01324230 c:ShareCapital 2023-08-31 01324230 c:ShareCapital 2022-09-01 01324230 c:RetainedEarningsAccumulatedLosses 2023-09-01 2024-08-31 01324230 c:RetainedEarningsAccumulatedLosses 2024-08-31 01324230 c:RetainedEarningsAccumulatedLosses 2022-09-01 2023-08-31 01324230 c:RetainedEarningsAccumulatedLosses 2023-08-31 01324230 c:RetainedEarningsAccumulatedLosses 2022-09-01 01324230 d:OrdinaryShareClass1 2023-09-01 2024-08-31 01324230 d:OrdinaryShareClass1 2024-08-31 01324230 d:OrdinaryShareClass1 2023-08-31 01324230 d:FRS102 2023-09-01 2024-08-31 01324230 d:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 01324230 d:FullAccounts 2023-09-01 2024-08-31 01324230 d:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 01324230 c:WithinOneYear 2024-08-31 01324230 c:WithinOneYear 2023-08-31 01324230 c:BetweenOneFiveYears 2024-08-31 01324230 c:BetweenOneFiveYears 2023-08-31 01324230 e:PoundSterling 2023-09-01 2024-08-31 xbrli:shares iso4217:GBP xbrli:pure
Company registration number: 01324230











________________________________________________________________________________________


OMNIA ART LIMITED

________________________________________________________________________________________



UNAUDITED

ANNUAL REPORT

INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 
31 AUGUST 2024

 
OMNIA ART LIMITED
REGISTERED NUMBER:01324230

BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
22,065
24,401

  
22,065
24,401

Current assets
  

Debtors: amounts falling due within one year
 5 
81,158
437,465

Cash at bank and in hand
  
672,817
699,635

  
753,975
1,137,100

Creditors: amounts falling due within one year
 7 
(178,144)
(278,126)

Net current assets
  
 
 
575,831
 
 
858,974

Total assets less current liabilities
  
597,896
883,375

  

Net assets
  
597,896
883,375


Capital and reserves
  

Called up share capital 
 8 
90
90

Profit and loss account
 9 
597,806
883,285

  
597,896
883,375


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.
 
Page 1

 
OMNIA ART LIMITED
REGISTERED NUMBER:01324230
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024


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 on pages 1 to 10 were approved and authorised for issue by the directors on 14 January 2025 and were signed on their behalf by:




Mr A. Cowie
Director

Page 2

 
OMNIA ART LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 September 2022
90
701,224
701,314


Comprehensive income for the year

Profit for the year
-
522,061
522,061
Total comprehensive income for the year
-
522,061
522,061


Contributions by and distributions to owners

Dividends: Equity capital
-
(340,000)
(340,000)


Total transactions with owners
-
(340,000)
(340,000)



At 1 September 2023
90
883,285
883,375


Comprehensive income for the year

Profit for the year
-
154,521
154,521
Total comprehensive income for the year
-
154,521
154,521


Contributions by and distributions to owners

Dividends: Equity capital
-
(440,000)
(440,000)


Total transactions with owners
-
(440,000)
(440,000)


At 31 August 2024
90
597,806
597,896
Page 3

 
OMNIA ART LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.Accounting policies

 
1.1

Statement of compliance

The principal activity of the Company continued to be that of fine art consultancy. Omnia Art Limited is a private company limited by shares and is incorporated and domiciled in England and Wales. The address of its registered office is and principal place of business is 17 Clifford Street, London, W1S 3RQ.

  
1.2

Basis of preparation

The financial statements have been prepared in accordance with United Kingdom Accounting Standards, including Section 1A 'Small Entities' of Financial Reporting Standard 102, ‘the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland’ (“FRS 102”) and the Companies Act 2006.  The financial statements have been prepared under the historical cost convention.
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 assumptions and estimates are significant to the financial statements, are disclosed in note 2.

  
1.3

Turnover

Revenue is recognised to the extent that the Company obtains the right to consideration in exchange for its performance.  Revenue is measured at the fair value of the consideration received or receivable, net of discounts, rebates and value added tax.  The following criteria must also be met before revenue is recognised:
Sale of services
Revenue from a contract to provide services is recognised in the period in which the services are
provided in accordance with the stage of completion of the contract when all of the following
conditions are satisfied:

            -          the amount of revenue can be measured reliably;
            -          it is probable that the company will receive the consideration due under the contract;
            -          the stage of completion of the contract at the end of the reporting period can be             measured reliably; and
            -          the costs incurred and the costs to complete the contract can be measured reliably.

Interest income
Revenue is recognised as interest accrues using the effective interest method.

Page 4

 
OMNIA ART LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.Accounting policies (continued)

  
1.4

Foreign currency translation

Functional and presentation currency
The Company's functional and presentation currency is the pound sterling.
 
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.  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 the Profit and Loss Account.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'administrative expenses'. All other foreign exchange gains and losses are presented in the Profit and Loss Account under the heading to which they relate.

  
1.5

Operating leases

At inception the Company assesses agreements that transfer the right to use assets.  The assessment considers whether the arrangement is, or contains, a lease based on the substance of the arrangement.
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases.  Rentals payable under operating leases are charged to the Profit and Loss Account on a straight line basis over the period of the lease.  Lease incentives are recognised over the lease term on a straight line basis.

Page 5

 
OMNIA ART LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.Accounting policies (continued)

  
1.6

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.  Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use and dismantling and restoration costs.
 
Depreciation is calculated, using the straight line method, to allocate the cost of assets less their residual value over their estimated useful lives, as follows:
                Leasehold improvements                     -  5 - 10 years
                Fixtures, fittings & office equipment     -  3 - 10 years
The assets’ residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period.  The effect of any change is accounted for prospectively.
Subsequent costs are included in the assets’ carrying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefits associated with the item will flow to the Company and the cost can be measured reliably.  Repairs and maintenance costs are expensed as incurred.
Tangible fixed assets are derecognised on disposal or when no future economic benefits are expected.  On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in the Profit and Loss Account and included in ‘administrative expenses’.

  
1.7

Financial instruments

The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.
Short term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price.  Any losses arising from impairment are recognised in the Profit and Loss Account in ‘administrative expenses’.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.
Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 6

 
OMNIA ART LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.Accounting policies (continued)

  
1.8

Taxation

Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the Profit and Loss Account. Current or deferred taxation assets and liabilities are not discounted.
Current tax
Current tax is the amount of corporation tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
 
Deferred tax
Deferred tax arises from timing differences that are differences between taxable profits and profit on ordinary activities before taxation as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only 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 tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

  
1.9

Distribution to equity holders

Final dividends to the Company's shareholders are recognised as a liability in the financial statements in the period in which the dividends are approved by the shareholder and recognised in the Statement of Changes in Equity. Interim dividends are recognised in the Statement of Changes in Equity as paid.

  
1.10

Share capital

Ordinary shares are classified as equity.

  
1.11

Related party transactions

The Company discloses transactions with related parties which are not wholly owned within the same group. It does not disclose transactions with members of the same group that are wholly owned. Where appropriate, transactions of a similar nature are aggregated unless, in the opinion of the directors separate disclosure is necessary to understand the effect of the transactions on the Company’s financial statements.

Page 7

 
OMNIA ART LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.


Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements management are required to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from these estimates. Whilst management have made judgements, estimates and assumptions in preparing the financial statements, they consider that these have not had a significant effect on amounts recognised. 


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).


4.


Tangible fixed assets





Short-term leasehold property
Fixtures, fittings & office equipment
Office equipment
Total

£
£
£
£



Cost 


At 1 September 2023
24,732
18,643
23,152
66,527


Additions
-
4,197
2,456
6,653



At 31 August 2024

24,732
22,840
25,608
73,180



Depreciation


At 1 September 2023
4,946
16,635
20,545
42,126


Charge for the year on owned assets
4,946
1,801
2,242
8,989



At 31 August 2024

9,892
18,436
22,787
51,115



Net book value



At 31 August 2024
14,840
4,404
2,821
22,065



At 31 August 2023
19,786
2,008
2,607
24,401
Page 8

 
OMNIA ART LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

5.


Debtors

2024
2023
£
£


Trade debtors
23,065
381,403

Other debtors
23,113
21,579

Prepayments and accrued income
34,980
34,483

81,158
437,465



6.


Cash at bank and in hand

Included within Cash at bank and in hand are client balances of £13,506 (2023: £10,770); the related liability being carried in Creditors: Amounts falling due within one year.


7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
8,181
9,432

Corporation tax
56,437
144,862

Other taxation and social security
7,429
74,140

Other creditors
26,702
11,895

Accruals and deferred income
79,395
37,797

178,144
278,126



8.


Share capital

2024
2023
£
£
Authorised, allotted, called up and fully paid



90 (2023 - 90) Ordinary Shares shares of £1.00 each
90
90



9.


Reserves

Profit and loss account

The profit and loss account is a wholly distributable reserve.

Page 9

 
OMNIA ART LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

10.


Commitments under operating leases

At 31 August 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
31,441
31,441

Later than 1 year and not later than 5 years
68,121
99,562

99,562
131,003


11.


Related party transactions

The Company has taken advantage of the exemption provided in FRS 102 Section 1A from disclosing transactions and balances with members of the same wholly owned group.


12.


Subsequent events

Subsequent to the balance sheet date the Company paid dividends totalling £170,000 to its parent company.


13.


Ultimate controlling party

The Company's ultimate parent company is Omnia Art Holding Limited, a company registered in England and Wales whose registered office is at 17 Clifford Street, London, W1S 3RQ.
 
Page 10