Caseware UK (AP4) 2024.0.164 2024.0.164 2023-12-312023-12-31false2023-01-01The principal activity of the company during the year was the purchase and resale of artwork.22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 13082845 2023-01-01 2023-12-31 13082845 2022-01-01 2022-12-31 13082845 2023-12-31 13082845 2022-12-31 13082845 c:Director1 2023-01-01 2023-12-31 13082845 d:OfficeEquipment 2023-12-31 13082845 d:OfficeEquipment 2022-12-31 13082845 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 13082845 d:ComputerEquipment 2023-01-01 2023-12-31 13082845 d:CurrentFinancialInstruments 2023-12-31 13082845 d:CurrentFinancialInstruments 2022-12-31 13082845 d:Non-currentFinancialInstruments 2023-12-31 13082845 d:Non-currentFinancialInstruments 2022-12-31 13082845 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 13082845 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 13082845 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 13082845 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 13082845 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-12-31 13082845 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-12-31 13082845 d:ShareCapital 2023-12-31 13082845 d:ShareCapital 2022-12-31 13082845 d:RetainedEarningsAccumulatedLosses 2023-12-31 13082845 d:RetainedEarningsAccumulatedLosses 2022-12-31 13082845 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 13082845 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 13082845 c:OrdinaryShareClass1 2023-01-01 2023-12-31 13082845 c:OrdinaryShareClass1 2023-12-31 13082845 c:OrdinaryShareClass1 2022-12-31 13082845 c:FRS102 2023-01-01 2023-12-31 13082845 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 13082845 c:FullAccounts 2023-01-01 2023-12-31 13082845 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13082845 2 2023-01-01 2023-12-31 13082845 e:Euro 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 13082845









M. STERN FINE ART LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
M. STERN FINE ART LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 9


 
M. STERN FINE ART LIMITED
REGISTERED NUMBER: 13082845

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note

Fixed assets
  

Tangible assets
 4 
6,596
8,858

  
6,596
8,858

Current assets
  

Stocks
 5 
1,046,144
1,595,305

Debtors: amounts falling due after more than one year
 6 
1,213,005
-

Debtors: amounts falling due within one year
 6 
1
1

Cash at bank and in hand
 7 
159,352
322,601

  
2,418,502
1,917,907

Creditors: amounts falling due within one year
 8 
(1,081,136)
(1,742,087)

Net current assets
  
 
 
1,337,366
 
 
175,820

Total assets less current liabilities
  
1,343,962
184,678

Creditors: amounts falling due after more than one year
 9 
(1,162,892)
-

  

Net assets
  
181,070
184,678


Capital and reserves
  

Called up share capital 
 12 
1
1

Profit and loss account
  
181,069
184,677

  
181,070
184,678


Page 1

 
M. STERN FINE ART LIMITED
REGISTERED NUMBER: 13082845
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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.

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: 

................................................
P Baker
Director

Date: 18 March 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
M. STERN FINE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

M. Stern Fine Art Limited is a private company, limited by shares, incorporated in England and Wales with registration number of 13082845. The registered office is Eighth Floor, 6 New Street Square, 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors consider the adoption of the going concern basis in preparing the financial statements to be appropriate, as the company has business continuity and cashflow contingency plans in place for the company to meet its liabilities as they fall due and continue in operation for a period of at least twelve months from the date of signing the financial statements for the year ended 31 December 2023. In addition, the lender has confirmed they will not seek repayment of the other loans referred to in Note 8 of the financial statements until the company has sufficient funds to repay the loan from the sale of artwork.  

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is Euros.

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

 
M. STERN FINE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

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.

Rendering 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.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

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.


Page 4

 
M. STERN FINE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

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.

Depreciation is provided on the following basis:

Computer equipment
-
20%

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.

  
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value. Cost comprises original purchase price and those overheads that have been incurred in bringing the stock to their present condition and location.
At each balance sheet 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.

 
2.9

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.

 
2.10

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.

 
2.11

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

 
M. STERN FINE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

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.
Financial instruments are recognised in the company's Balance Sheet when the company becomes party to the contractual provisions of the instrument.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party.
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.



3.


Employees

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

Page 6

 
M. STERN FINE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Office equipment




Cost 


At 1 January 2023
11,313



At 31 December 2023

11,313



Depreciation


At 1 January 2023
2,455


Charge for the year on owned assets
2,262



At 31 December 2023

4,717



Net book value



At 31 December 2023
6,596



At 31 December 2022
8,858


5.


Stocks

2023
2022

Artwork
1,046,144
1,595,305


Page 7

 
M. STERN FINE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022

Due after more than one year

Other debtors
1,213,005
-


Other loans are unsecured, bearing interest at 2.5% per annum, and are repayable in full by 31 December 2035. The lender is a company that is indirectly owned by a close family member of one of the directors.

2023
2022

Due within one year

Called up share capital not paid
1
1



7.


Cash and cash equivalents

2023
2022

Cash at bank and in hand
159,352
322,601



8.


Creditors: Amounts falling due within one year

2023
2022

Other loans
969,039
1,629,234

Trade creditors
24,117
48,497

Corporation tax
51,722
38,349

Other creditors
870
870

Accruals and deferred income
35,388
25,137

1,081,136
1,742,087


Other loans consist of various loans which are interest free, unsecured and for an indefinite period. The lender may demand repayment immediately or within 30 days. The lender is a company that is indirectly owned by a close family member of one of the directors.

Page 8

 
M. STERN FINE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022

Other loans
1,162,892
-


Other loans is unsecured, bearing interest at 2.5% per annum, and is repayable in full by 31 December 2035. The lender is a company that is indirectly owned by a close family member of one of the directors.


10.


Loans


Analysis of the maturity of loans is given below:


2023
2022

Amounts falling due within one year

Other loans
969,039
1,629,234



Amounts falling due after more than 5 years

Other loans
1,162,892
-

2,131,931
1,629,234



11.


Financial instruments

2023
2022

Financial assets


Financial assets measured at fair value through profit or loss
159,352
322,601




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

12.


Share capital

2023
2022
Allotted, called up and unpaid



1 (2022 - 1) Ordinary share of £1
1
1


 
Page 9