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Registered number: 00558710
Landsberg & Son(Antiques)Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
Square Mile Accounting Limited
Arquen House
4-6 Spicer Street
St. Albans
AL3 4PQ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 00558710
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 468 864
468 864
CURRENT ASSETS
Stocks 5 444,355 486,137
Debtors 6 43,805 53,258
Cash at bank and in hand 19,794 13,577
507,954 552,972
Creditors: Amounts Falling Due Within One Year 7 (64,696 ) (34,515 )
NET CURRENT ASSETS (LIABILITIES) 443,258 518,457
TOTAL ASSETS LESS CURRENT LIABILITIES 443,726 519,321
Creditors: Amounts Falling Due After More Than One Year 8 (20,833 ) (31,740 )
NET ASSETS 422,893 487,581
CAPITAL AND RESERVES
Called up share capital 9 100,891 100,891
Capital redemption reserve 113,359 113,359
Other reserves 6,447 6,447
Profit and Loss Account 202,196 266,884
SHAREHOLDERS' FUNDS 422,893 487,581
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For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr James Alexander Dallas
Director
7th March 2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Landsberg & Son(Antiques)Limited is a private company, limited by shares, incorporated in England & Wales, registered number 00558710 . The registered office is 2 Mill Street , Second Floor, London, W1S 2AT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
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.
2.3. Tangible Fixed Assets and Depreciation
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, on a reducing balance basis.
Depreciation is provided on the following basis:
Fixtures & Fittings 3 year straight line
Computer Equipment 3 year 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.
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
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.
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2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Factors that may affect future tax charges

The company has taxable losses which are available for offset against future profits of the same trade. A deferred tax asset has not been recognised in respect of these losses due to uncertainty regarding availability of future profits which these losses may be relieved against.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 July 2023 3,431 1,188 4,619
As at 30 June 2024 3,431 1,188 4,619
Depreciation
As at 1 July 2023 3,431 324 3,755
Provided during the period - 396 396
As at 30 June 2024 3,431 720 4,151
Net Book Value
As at 30 June 2024 - 468 468
As at 1 July 2023 - 864 864
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5. Stocks
2024 2023
£ £
Finished goods 444,355 486,137
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 35,698 40,506
Prepayments and accrued income 1,940 291
Intercompany loan 2,167 1,747
Deposits 4,000 4,000
Other taxes and social security - 6,714
43,805 53,258
Bad Debt Provision of £9,396.36 is included in Trade Debtor.
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 27,158 24,001
Other taxes and social security 1,204 -
VAT 1,740 50
Net wages 5,131 9,741
Accruals and deferred income 463 723
Director's loan account 29,000 -
64,696 34,515
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 20,833 31,740
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100,891 100,891
10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following: 
2024 2023
£ £
Not later than one year - 10,000
- 10,000
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11. Related Party Transactions
During the year, the company was owed £2,167.20 by Landsberg & Son (2019) Ltd and no interest is being charged on this loan. 
A company owes £29,000 to the director, this is an interest free loan. 
12. Ultimate Controlling Party
The ultimate controlling party is Landsberg & Son (2019) Limited.
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