Caseware UK (AP4) 2024.0.164 2024.0.164 2023-11-302023-11-302022-12-01truefalseThe principal activity of the company continued to be that of production and sale of art.22falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 06868464 2022-12-01 2023-11-30 06868464 2021-12-01 2022-11-30 06868464 2023-11-30 06868464 2022-11-30 06868464 2021-12-01 06868464 c:Director1 2022-12-01 2023-11-30 06868464 c:RegisteredOffice 2022-12-01 2023-11-30 06868464 d:PlantMachinery 2022-12-01 2023-11-30 06868464 d:PlantMachinery 2023-11-30 06868464 d:PlantMachinery 2022-11-30 06868464 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 06868464 d:MotorVehicles 2022-12-01 2023-11-30 06868464 d:MotorVehicles 2023-11-30 06868464 d:MotorVehicles 2022-11-30 06868464 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 06868464 d:OfficeEquipment 2022-12-01 2023-11-30 06868464 d:OfficeEquipment 2023-11-30 06868464 d:OfficeEquipment 2022-11-30 06868464 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 06868464 d:OtherPropertyPlantEquipment 2022-12-01 2023-11-30 06868464 d:OtherPropertyPlantEquipment 2023-11-30 06868464 d:OtherPropertyPlantEquipment 2022-11-30 06868464 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 06868464 d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 06868464 d:CurrentFinancialInstruments 2023-11-30 06868464 d:CurrentFinancialInstruments 2022-11-30 06868464 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 06868464 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 06868464 d:ShareCapital 2023-11-30 06868464 d:ShareCapital 2022-11-30 06868464 d:ShareCapital 2021-12-01 06868464 d:RetainedEarningsAccumulatedLosses 2022-12-01 2023-11-30 06868464 d:RetainedEarningsAccumulatedLosses 2023-11-30 06868464 d:RetainedEarningsAccumulatedLosses 2021-12-01 2022-11-30 06868464 d:RetainedEarningsAccumulatedLosses 2022-11-30 06868464 d:RetainedEarningsAccumulatedLosses 2021-12-01 06868464 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-11-30 06868464 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-11-30 06868464 c:OrdinaryShareClass1 2022-12-01 2023-11-30 06868464 c:OrdinaryShareClass1 2023-11-30 06868464 c:OrdinaryShareClass1 2022-11-30 06868464 c:FRS102 2022-12-01 2023-11-30 06868464 c:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 06868464 c:FullAccounts 2022-12-01 2023-11-30 06868464 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 06868464 d:WithinOneYear 2023-11-30 06868464 d:WithinOneYear 2022-11-30 06868464 d:BetweenOneFiveYears 2023-11-30 06868464 d:BetweenOneFiveYears 2022-11-30 06868464 d:MoreThanFiveYears 2023-11-30 06868464 d:MoreThanFiveYears 2022-11-30 06868464 2 2022-12-01 2023-11-30 06868464 6 2022-12-01 2023-11-30 06868464 e:PoundSterling 2022-12-01 2023-11-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 06868464









SAVILLE ART LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
SAVILLE ART LIMITED
 
 
COMPANY INFORMATION


Director
J A Saville 




Registered number
06868464



Registered office
Eighth Floor
6 New Street Square

New Fetter Lane

London

EC4A 3AQ




Accountants
Rawlinson & Hunter LLP
Chartered Accountants

Eighth Floor

6 New Street Square

New Fetter Lane

London

EC4A 3AQ





 
SAVILLE ART LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Statement of Changes in Equity
 
3
Notes to the Financial Statements
 
4 - 10


 
SAVILLE ART LIMITED
REGISTERED NUMBER: 06868464

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
242,880
257,077

  
242,880
257,077

Current assets
  

Stocks
 6 
100,000
79,943

Debtors: amounts falling due within one year
 7 
10,435,859
2,682,765

Cash at bank and in hand
 8 
490,340
3,848,117

  
11,026,199
6,610,825

Creditors: amounts falling due within one year
 9 
(3,169,034)
(2,123,600)

Net current assets
  
 
 
7,857,165
 
 
4,487,225

Total assets less current liabilities
  
8,100,045
4,744,302

  

Net assets
  
8,100,045
4,744,302


Capital and reserves
  

Called up share capital 
 11 
1
1

Profit and loss account
  
8,100,044
4,744,301

  
8,100,045
4,744,302


Page 1

 
SAVILLE ART LIMITED
REGISTERED NUMBER: 06868464
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

The director considers 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 director acknowledges her 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 by: 




J A Saville
Director

Date: 25 February 2025

The notes on pages 4 to 10 form part of these financial statements.

Page 2

 
SAVILLE ART LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 December 2021
1
13,010,306
13,010,307



Profit for the year
-
8,033,391
8,033,391

Dividends: Equity capital
-
(16,299,396)
(16,299,396)



At 1 December 2022
1
4,744,301
4,744,302



Profit for the year
-
4,575,743
4,575,743

Dividends: Equity capital
-
(1,220,000)
(1,220,000)


At 30 November 2023
1
8,100,044
8,100,045


The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
SAVILLE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Saville Art Limited is a private company, limited by shares, incorporated in England and Wales with registration number of 06868464. The registered office is Eighth Floor, 6 New Street Square, New Fetter Lane, London, EC4A 3AQ.

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

Revenue

Turnover from the sales of artworks is recognised when the company has transferred the significant risks and rewards of ownership to the buyer and it is probable that the company or corresponding art gallery will receive the previously agreed payment. These criteria are considered to be met when the goods are delivered to the buyer and full payment has been received.

 
2.3

Exemption from preparing consolidated financial statements

The company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.

 
2.4

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 separately in the profit or loss.

Page 4

 
SAVILLE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
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

Borrowing costs

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

 
2.8

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 Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.9

Taxation

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 balance sheet date in the countries where the company operates and generates income.


 
2.10

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 5

 
SAVILLE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)


2.10
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:

Art work
-
No depreciation
Motor vehicles
-
25%
Straight line
Office equipment
-
25%
Straight line
Studio and exhibition equipment
-
25%
Straight line

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.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

Stocks

Stocks and work in progress are stated at the lower of cost and net realisable value. Costs include all direct costs and an apportionment of costs which relate to projects spanning the balance sheet date which have not yet been completed.


 
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 6

 
SAVILLE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.16

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors 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 instrument is 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, 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.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 7

 
SAVILLE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Studio and Exhibition Equipment
Total

£
£
£
£
£



Cost or valuation


At 1 December 2022
212,271
66,480
8,546
9,815
297,112


Additions
-
-
1,833
5,592
7,425



At 30 November 2023

212,271
66,480
10,379
15,407
304,537



Depreciation


At 1 December 2022
-
33,047
5,761
1,227
40,035


Charge for the year on owned assets
-
16,620
2,315
2,687
21,622



At 30 November 2023

-
49,667
8,076
3,914
61,657



Net book value



At 30 November 2023
212,271
16,813
2,303
11,493
242,880



At 30 November 2022
212,271
33,433
2,785
8,588
257,077


5.


Fixed asset investments

During the year, 200 shares were issued at £Nil par value from JAI Studio Inc., a newly incorporated US subsidiary. In addition, 200 shares were issued at £Nil par value from JAI Work Inc., also a newly incorporated US subsidiary.


6.


Stocks

2023
2022
£
£

Raw materials and consumables
66,000
27,181

Work in progress
34,000
52,762

100,000
79,943


Page 8

 
SAVILLE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

7.


Debtors

2023
2022
£
£


Trade debtors
-
2,034,826

Amounts owed by group undertakings
9,745,052
-

Other debtors
652,523
627,939

Prepayments and accrued income
38,284
20,000

10,435,859
2,682,765



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
490,340
3,848,117



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Gagosian Gallery loan
960,267
-

Trade creditors
111,847
16,965

Corporation tax
1,084,878
1,184,636

Other taxation and social security
54,617
1,491

Other creditors
83,784
31,411

Accruals and deferred income
873,641
889,097

3,169,034
2,123,600



10.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
490,340
3,848,117




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.
Page 9

 
SAVILLE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
1
1



12.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately 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 £1,013 (2022 - £1,013). Contributions totalling £197 (2022 - £197) were payable to the fund at the balance sheet date and are included in creditors.


13.


Commitments under operating leases

At 30 November 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
199,250
122,667

Later than 1 year and not later than 5 years
484,417
655,083

Later than 5 years
-
28,583

683,667
806,333

A new 10 year lease has been signed during the year, with a 5 year break clause, for £73,000 per annum.


14.


Subsidiaries

During the year, two subsidiary entities, JAI Studio Inc. and JAI Work Inc., were incorporated in the United States. JAI Studio Inc. was incorporated to hold a US property, and JAI Work Inc. was incorporated to be a sales outlet in the United States for artwork created by the company in the United States.

 
Page 10