Silverfin false false 30/06/2024 01/07/2023 30/06/2024 K Beers 29/06/2012 A Salgado 29/06/2012 11 March 2025 The principal activity of the company continued to be that of an art gallery. 08124295 2024-06-30 08124295 bus:Director1 2024-06-30 08124295 bus:Director2 2024-06-30 08124295 2023-06-30 08124295 core:CurrentFinancialInstruments 2024-06-30 08124295 core:CurrentFinancialInstruments 2023-06-30 08124295 core:Non-currentFinancialInstruments 2024-06-30 08124295 core:Non-currentFinancialInstruments 2023-06-30 08124295 core:ShareCapital 2024-06-30 08124295 core:ShareCapital 2023-06-30 08124295 core:RetainedEarningsAccumulatedLosses 2024-06-30 08124295 core:RetainedEarningsAccumulatedLosses 2023-06-30 08124295 core:LeaseholdImprovements 2023-06-30 08124295 core:FurnitureFittings 2023-06-30 08124295 core:ComputerEquipment 2023-06-30 08124295 core:LeaseholdImprovements 2024-06-30 08124295 core:FurnitureFittings 2024-06-30 08124295 core:ComputerEquipment 2024-06-30 08124295 2023-07-01 2024-06-30 08124295 bus:FilletedAccounts 2023-07-01 2024-06-30 08124295 bus:SmallEntities 2023-07-01 2024-06-30 08124295 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 08124295 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 08124295 bus:Director1 2023-07-01 2024-06-30 08124295 bus:Director2 2023-07-01 2024-06-30 08124295 core:LeaseholdImprovements core:TopRangeValue 2023-07-01 2024-06-30 08124295 core:FurnitureFittings core:TopRangeValue 2023-07-01 2024-06-30 08124295 core:ComputerEquipment core:TopRangeValue 2023-07-01 2024-06-30 08124295 2022-07-01 2023-06-30 08124295 core:LeaseholdImprovements 2023-07-01 2024-06-30 08124295 core:FurnitureFittings 2023-07-01 2024-06-30 08124295 core:ComputerEquipment 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Company No: 08124295 (England and Wales)

BEERS CONTEMPORARY LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

BEERS CONTEMPORARY LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

BEERS CONTEMPORARY LIMITED

COMPANY INFORMATION

For the financial year ended 30 June 2024
BEERS CONTEMPORARY LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 June 2024
DIRECTORS K Beers
A Salgado
REGISTERED OFFICE 51 Little Britain
London
EC1A 7BH
United Kingdom
COMPANY NUMBER 08124295 (England and Wales)
ACCOUNTANT Gravita Business Services Limited
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
BEERS CONTEMPORARY LIMITED

BALANCE SHEET

As at 30 June 2024
BEERS CONTEMPORARY LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 24,558 59,048
24,558 59,048
Current assets
Debtors 4 92,096 133,520
Cash at bank and in hand 21,948 105,033
114,044 238,553
Creditors: amounts falling due within one year 5 ( 36,078) ( 48,093)
Net current assets 77,966 190,460
Total assets less current liabilities 102,524 249,508
Creditors: amounts falling due after more than one year 6 ( 82,927) ( 79,308)
Net assets 19,597 170,200
Capital and reserves
Called-up share capital 1 1
Profit and loss account 19,596 170,199
Total shareholders' funds 19,597 170,200

For the financial 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.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Beers Contemporary Limited (registered number: 08124295) were approved and authorised for issue by the Board of Directors on 11 March 2025. They were signed on its behalf by:

K Beers
Director
BEERS CONTEMPORARY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
BEERS CONTEMPORARY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Beers Contemporary Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 51 Little Britain, London, EC1A 7BH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 4 years straight line
Fixtures and fittings 5 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Tangible assets

Leasehold improve-
ments
Fixtures and fittings Computer equipment Total
£ £ £ £
Cost
At 01 July 2023 147,047 5,439 4,324 156,810
Additions 0 1,266 3,102 4,368
At 30 June 2024 147,047 6,705 7,426 161,178
Accumulated depreciation
At 01 July 2023 91,940 2,484 3,338 97,762
Charge for the financial year 36,762 884 1,212 38,858
At 30 June 2024 128,702 3,368 4,550 136,620
Net book value
At 30 June 2024 18,345 3,337 2,876 24,558
At 30 June 2023 55,107 2,955 986 59,048

4. Debtors

2024 2023
£ £
Trade debtors 33,548 95,223
Corporation tax 2,475 0
Other debtors 56,073 38,297
92,096 133,520

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 12,000 27,339
Trade creditors 6,981 11,264
Taxation and social security 0 2,475
Other creditors 17,097 7,015
36,078 48,093

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 82,927 79,308

7. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 0 121,500

8. Related party transactions

As at the year end, company owed £11,920 (2023: £931) to the directors of the company. This amount is unsecured, interest free and repayable on demand.