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Registered number: 07998673
Rare Art Press Limited
Unaudited Financial Statements
For The Year Ended 31 December 2024
Coastal Accountants Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07998673
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 359 130
359 130
CURRENT ASSETS
Stocks 6 156,869 87,408
Debtors 7 269,829 200,820
Cash at bank and in hand 141 55,693
426,839 343,921
Creditors: Amounts Falling Due Within One Year 8 (390,401 ) (273,156 )
NET CURRENT ASSETS (LIABILITIES) 36,438 70,765
TOTAL ASSETS LESS CURRENT LIABILITIES 36,797 70,895
Creditors: Amounts Falling Due After More Than One Year 9 (13,446 ) (13,686 )
NET ASSETS 23,351 57,209
CAPITAL AND RESERVES
Called up share capital 10 167 167
Share premium account 539,933 539,933
Profit and Loss Account (516,749 ) (482,891 )
SHAREHOLDERS' FUNDS 23,351 57,209
Page 1
Page 2
For the year ending 31 December 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 Tony Nourmand
Director
30/04/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Rare Art Press Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07998673 . The registered office is Office 2 Unit 3 Mitchell Point, Ensign Way, Hamble, Southampton, SO31 4RF.
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
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 10% straight line
Computer Equipment 25% Staright line
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 3)
4 3
4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2024 55,000
As at 31 December 2024 55,000
Amortisation
As at 1 January 2024 55,000
As at 31 December 2024 55,000
...CONTINUED
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Page 4
Net Book Value
As at 31 December 2024 -
As at 1 January 2024 -
5. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 January 2024 10,492 14,629 25,121
Additions - 400 400
As at 31 December 2024 10,492 15,029 25,521
Depreciation
As at 1 January 2024 10,491 14,500 24,991
Provided during the period - 171 171
As at 31 December 2024 10,491 14,671 25,162
Net Book Value
As at 31 December 2024 1 358 359
As at 1 January 2024 1 129 130
6. Stocks
2024 2023
£ £
Finished goods 156,869 87,408
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 248,118 176,874
Other debtors 655 415
VAT 4,416 1,091
Director's loan account 16,640 22,440
269,829 200,820
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 110,156 64,775
Bank loans and overdrafts 17,191 17,715
Other loans 222,083 -
Other taxes and social security 4,173 5,063
Other creditors - 99,928
Commissions owed 33,670 83,801
Accruals and deferred income 3,128 1,874
390,401 273,156
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Page 5
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 13,446 13,686
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 167 167
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2024 Amounts advanced Amounts repaid Amounts written off As at 31 December 2024
£ £ £ £ £
Mr Tony Nourmand 22,440 16,640 (22,440 ) - 16,640
The above loan is unsecured, interest free and repayable on demand.
Page 5