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FAMOUS ANTIQUES LIMITED

Registered Number
03412327
(England and Wales)

Unaudited Financial Statements for the Year ended
31 July 2024

FAMOUS ANTIQUES LIMITED
Company Information
for the year from 1 August 2023 to 31 July 2024

Directors

Ms F J Davies
J M Davies

Company Secretary

Ms F J Davies

Registered Address

12a Marlborough Place
Brighton
BN1 1WN

Registered Number

03412327 (England and Wales)
FAMOUS ANTIQUES LIMITED
Balance Sheet as at
31 July 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets41,4151,007
1,4151,007
Current assets
Stocks5342,500370,000
Debtors692,11495,387
Current asset investments7550550
Cash at bank and on hand294,587219,400
729,751685,337
Creditors amounts falling due within one year8(48,034)(25,546)
Net current assets (liabilities)681,717659,791
Total assets less current liabilities683,132660,798
Provisions for liabilities9(190)(190)
Net assets682,942660,608
Capital and reserves
Called up share capital100100
Profit and loss account682,842660,508
Shareholders' funds682,942660,608
The financial statements were approved and authorised for issue by the Board of Directors on 10 December 2024, and are signed on its behalf by:
J M Davies
Director
Registered Company No. 03412327
FAMOUS ANTIQUES LIMITED
Notes to the Financial Statements
for the year ended 31 July 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 1997, has been amortised evenly over its estimated useful life of five years.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Plant and machinery25
Fixtures and fittings20
Office Equipment25
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks and work in progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
2.Average number of employees

20242023
Average number of employees during the year22
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 August 2320,50020,500
At 31 July 2420,50020,500
Amortisation and impairment
At 01 August 2320,50020,500
At 31 July 2420,50020,500
Net book value
At 31 July 24--
At 31 July 23--
4.Tangible fixed assets

Plant & machinery

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 01 August 232163,2936,60110,110
Additions--787787
At 31 July 242163,2937,38810,897
Depreciation and impairment
At 01 August 232142,5426,3479,103
Charge for year-150229379
At 31 July 242142,6926,5769,482
Net book value
At 31 July 2426018121,415
At 31 July 2327512541,007
5.Stocks

2024

2023

££
Other stocks342,500370,000
Total342,500370,000
6.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables72,13652,204
Other debtors19,97843,183
Total92,11495,387
7.Current asset investments
The company's investments at the Balance Sheet date in the share capital of companies include the following: Famous Antiques (Aust.) Pty Ltd Nature of business: Dealer in antiques and second hand jewellery Class of shares: Ordinary Holding: 100.00% Famous Antiques (Aust.) Pty Ltd was incorporated in Australia on 11 June 2003.
8.Creditors: amounts due within one year

2024

2023

££
Taxation and social security6,61822,492
Other creditors38,4464
Accrued liabilities and deferred income2,9703,050
Total48,03425,546
9.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)190190
Total190190
10.Related party transactions
Included in the financial statements are the following transactions and balances with related parties: Famous Antiques (Aust.) Pty Limited (a wholly owned subsidiary of Famous Antiques Ltd): Turnover: £141,753 (2023: £275,423) Other operating income: £7,557 (2023: £47,297) Current assets: Debtors £Nil (2023: £41,563) Creditors: Due within one year: £38,446 (2023: £Nil)
11.Controlling party
The company was controlled by its directors, J M Davies and Ms F J Davies, throughout the period.