Company registration number 10569999 (England and Wales)
INTERNATIONAL CONTEMPORARY FINE ART LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
INTERNATIONAL CONTEMPORARY FINE ART LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
INTERNATIONAL CONTEMPORARY FINE ART LTD
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
151,977
151,977
Debtors
3
3,550
1,300
Cash at bank and in hand
155,465
201,052
310,992
354,329
Creditors: amounts falling due within one year
4
(11,529)
(42,264)
Net current assets
299,463
312,065
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
299,462
312,064
Total equity
299,463
312,065

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on .........................
2025-04-17
..............................................
Mr J Koenig
Director
Company registration number 10569999 (England and Wales)
INTERNATIONAL CONTEMPORARY FINE ART LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information

International Contemporary Fine Art Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 17-19 Station Road West, Oxted, Surrey, UK, RH8 9EE.

1.1
Accounting convention
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.
The financial statements are preapred in sterling, which is functional currency of the entity.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Corporation tax
The taxation expense represents the aggregate amount of current tax due.
1.2
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is calculated so as to write off the cost or valuation of assets less their residual values over their useful economic life of that asset as follows:

Fixtures and fittings -
20% straight line
1.3
Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Defined Contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
INTERNATIONAL CONTEMPORARY FINE ART LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
0
2
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
2,933
-
0
Other debtors
617
1,300
3,550
1,300
4
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,600
3,600
Corporation tax
-
0
34,731
Other taxation and social security
(46)
(46)
Other creditors
(25)
(21)
Accruals and deferred income
8,000
4,000
11,529
42,264
5
Ultimate controlling party

At the balance sheet date, the ultimate parent company is KONIG FAMILY HOLDING GMBH , a company incorporated in Berlin, Germany.

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