Caseware UK (AP4) 2024.0.164 2024.0.164 2024-02-292024-02-292023-03-01falseThe principal activity of the company is that of an contemporary art gallery.12truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10602277 2023-03-01 2024-02-29 10602277 2022-03-01 2023-02-28 10602277 2024-02-29 10602277 2023-02-28 10602277 c:Director1 2023-03-01 2024-02-29 10602277 d:Buildings d:LongLeaseholdAssets 2023-03-01 2024-02-29 10602277 d:Buildings d:LongLeaseholdAssets 2024-02-29 10602277 d:Buildings d:LongLeaseholdAssets 2023-02-28 10602277 d:OfficeEquipment 2023-03-01 2024-02-29 10602277 d:OfficeEquipment 2024-02-29 10602277 d:OfficeEquipment 2023-02-28 10602277 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 10602277 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 10602277 d:CurrentFinancialInstruments 2024-02-29 10602277 d:CurrentFinancialInstruments 2023-02-28 10602277 d:Non-currentFinancialInstruments 2024-02-29 10602277 d:Non-currentFinancialInstruments 2023-02-28 10602277 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 10602277 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 10602277 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-29 10602277 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 10602277 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-02-29 10602277 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-02-28 10602277 d:ShareCapital 2024-02-29 10602277 d:ShareCapital 2023-02-28 10602277 d:RetainedEarningsAccumulatedLosses 2024-02-29 10602277 d:RetainedEarningsAccumulatedLosses 2023-02-28 10602277 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-02-29 10602277 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-02-28 10602277 c:OrdinaryShareClass1 2023-03-01 2024-02-29 10602277 c:OrdinaryShareClass1 2024-02-29 10602277 c:OrdinaryShareClass1 2023-02-28 10602277 c:FRS102 2023-03-01 2024-02-29 10602277 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 10602277 c:FullAccounts 2023-03-01 2024-02-29 10602277 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 10602277 d:WithinOneYear 2024-02-29 10602277 d:WithinOneYear 2023-02-28 10602277 2 2023-03-01 2024-02-29 10602277 e:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 10602277









AENEAS BASTIAN LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
AENEAS BASTIAN LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 10


 
AENEAS BASTIAN LIMITED
REGISTERED NUMBER: 10602277

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,975
347,854

  
1,975
347,854

Current assets
  

Stocks
 5 
40,462
61,890

Debtors: amounts falling due within one year
 6 
18,020
189,894

Cash at bank and in hand
 7 
142,683
302,283

  
201,165
554,067

Creditors: amounts falling due within one year
 8 
(2,250,836)
(2,326,715)

Net current liabilities
  
 
 
(2,049,671)
 
 
(1,772,648)

Total assets less current liabilities
  
(2,047,696)
(1,424,794)

Creditors: amounts falling due after more than one year
 9 
(13,098)
(23,280)

  

Net liabilities
  
(2,060,794)
(1,448,074)


Capital and reserves
  

Called up share capital 
 12 
1
1

Profit and loss account
  
(2,060,795)
(1,448,075)

  
(2,060,794)
(1,448,074)


Page 1

 
AENEAS BASTIAN LIMITED
REGISTERED NUMBER: 10602277
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

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 his 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: 




................................................
Dr A Bastian
Director

Date: 26 February 2025

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
AENEAS BASTIAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Aeneas Bastian Limited is a private company, limited by shares, incorporated in England and Wales with registration number of 10602277. The registered office is Summit House, 12 Red Lion Square, London, WC1R 4QH.

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

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The director has reviewed the working capital requirements of the company and the shareholder has agreed to provide such support to the company as is necessary for it to meet its liabilities for a period of at least twelve months from the date of signing these financial statements.

 
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 3

 
AENEAS BASTIAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Revenue

Turnover represents the consideration received or receivable in relation to goods sold and services provided in respect of fine art transactions, excluding discounts and value added tax.
Income from the sale of artwork is recognised at the date the risks and rewards of ownership of the item transfer to the purchaser, which is when the works have been delivered or collected by the customer. 
Commission income is recognised when the company is entitled to receipt as a result of the completion of a deal.

 
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

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.

Page 4

 
AENEAS BASTIAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.9

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.

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.

The estimated useful lives range as follows:

Leasehold improvements
-
Over the term of the lease
Office equipment
-
3 years

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.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value. The value of stock is reviewed by the director annually. 


 
2.11

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.

 
2.12

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.

 
2.13

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

 
AENEAS BASTIAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.14

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 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 2).

Page 6

 
AENEAS BASTIAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Tangible fixed assets







Leasehold improvements
Office equipment
Total

£
£
£



Cost


At 1 March 2023
630,619
7,852
638,471


Disposals
(630,619)
(2,679)
(633,298)



At 29 February 2024

-
5,173
5,173



Depreciation


At 1 March 2023
285,992
4,625
290,617


Charge for the year on owned assets
-
1,252
1,252


Disposals
(285,992)
(2,679)
(288,671)



At 29 February 2024

-
3,198
3,198



Net book value



At 29 February 2024
-
1,975
1,975



At 28 February 2023
344,627
3,227
347,854


5.


Stocks

29 February
28 February
2024
2023
£
£

Artwork and books for resale
40,462
61,890


Page 7

 
AENEAS BASTIAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

6.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
-
17,587

Other debtors
6,542
69,600

Prepayments and accrued income
11,478
102,707

18,020
189,894



7.


Cash and cash equivalents

29 February
28 February
2024
2023
£
£

Cash at bank and in hand
142,683
302,283



8.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Bank loans (Note 10)
10,182
9,932

Trade creditors
468
36,508

Other taxation and social security
6,107
930

Other creditors
2,215,669
2,264,814

Accruals and deferred income
18,410
14,531

2,250,836
2,326,715



9.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Bank loans (Note 10)
13,098
23,280


Page 8

 
AENEAS BASTIAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

10.


Loans


Analysis of the maturity of loans is given below:


29 February
28 February
2024
2023
£
£

Amounts falling due within one year

Bank loans (Note 8)
10,182
9,932


Amounts falling due 2-5 years

Bank loans (Note 9)
13,098
23,280


23,280
33,212


The company entered into a bounce back loan in May 2020 for a term of six years. The bank loan bears interest at a rate of 2.5% per annum. Monthly repayments commenced in the thirteenth month following draw down.


11.


Financial instruments

29 February
28 February
2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
142,683
302,283




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


12.


Share capital

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary share of £1
1
1


Page 9

 
AENEAS BASTIAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

13.


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 £1,215 (2023 - £1,793). Contributions totalling £Nil (2023 - £232) were payable to the fund at the balance sheet date and are included in creditors.


14.


Commitments under operating leases

At 29 February 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

29 February
28 February
2024
2023
£
£


Not later than 1 year
-
69,688


15.


Related party transactions

Included within other creditors (Note 8) is an amount of £657,042 (2023 - £676,272) in respect of a loan from Dr A Bastian, a director of the company. The loan is unsecured, interest free and repayable on demand.
Included within creditors falling due within one year (Note 8) is a Euro denominated loan of £1,070,449 
(2023 - £1,086,743) due to Aeneas Bastian Fine Art e.K., a company controlled by the director. The loan is unsecured, interest free and repayable on demand. Included within debtors falling within one year (Note 6) is an amount of £Nil (2023 - £43,966) in relation to accrued income from Aeneas Bastian Fine Art e.K.. Sales of £168,151 (2023 - £95,491) and purchases of £138,973 (2023 - £Nil) were transacted with Aeneas Bastian Fine Art e.K.. 
Included with other creditors (Note 8) is a loan of £488,178 
(2023 - £501,567) from a close family member of the director. The loan is unsecured, repayable on demand and bearing a one off equivalent charge to interest of £8,046 (2023 - £8,267).

 
Page 10