0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-10-01 Sage Accounts Production Advanced 2024 - FRS102_2024 791 659 19 678 113 132 110,752 110,752 110,752 xbrli:pure xbrli:shares iso4217:GBP 04444917 2023-10-01 2024-09-30 04444917 2024-09-30 04444917 2023-09-30 04444917 2022-10-01 2023-09-30 04444917 2023-09-30 04444917 2022-09-30 04444917 bus:Director1 2023-10-01 2024-09-30 04444917 core:FurnitureFittings 2023-09-30 04444917 core:FurnitureFittings 2024-09-30 04444917 core:WithinOneYear 2024-09-30 04444917 core:WithinOneYear 2023-09-30 04444917 core:AfterOneYear 2024-09-30 04444917 core:AfterOneYear 2023-09-30 04444917 core:ShareCapital 2024-09-30 04444917 core:ShareCapital 2023-09-30 04444917 core:RetainedEarningsAccumulatedLosses 2024-09-30 04444917 core:RetainedEarningsAccumulatedLosses 2023-09-30 04444917 core:FurnitureFittings 2023-10-01 2024-09-30 04444917 core:CostValuation core:Non-currentFinancialInstruments 2024-09-30 04444917 core:Non-currentFinancialInstruments 2024-09-30 04444917 core:Non-currentFinancialInstruments 2023-09-30 04444917 core:FurnitureFittings 2023-09-30 04444917 bus:Director1 2022-09-30 04444917 bus:Director1 2023-09-30 04444917 bus:Director1 2022-10-01 2023-09-30 04444917 bus:SmallEntities 2023-10-01 2024-09-30 04444917 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 04444917 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 04444917 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 04444917 bus:FullAccounts 2023-10-01 2024-09-30
COMPANY REGISTRATION NUMBER: 04444917
FINE-ART-BROKERS LTD
Filleted Unaudited Financial Statements
30 September 2024
FINE-ART-BROKERS LTD
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
113
132
Investments
5
110,752
110,752
---------
---------
110,865
110,884
Current assets
Debtors
6
51,266
12,926
Cash at bank and in hand
1,807
979
--------
--------
53,073
13,905
Creditors: amounts falling due within one year
7
168,120
79,152
---------
--------
Net current liabilities
115,047
65,247
---------
---------
Total assets less current liabilities
( 4,182)
45,637
Creditors: amounts falling due after more than one year
8
18,333
28,333
Provisions
Taxation including deferred tax
( 1,891)
( 1,891)
--------
--------
Net (liabilities)/assets
( 20,624)
19,195
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 20,724)
19,095
--------
--------
Shareholders (deficit)/funds
( 20,624)
19,195
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 Act with respect to accounting records and the preparation of financial statements .
FINE-ART-BROKERS LTD
Statement of Financial Position (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 21 May 2025 , and are signed on behalf of the board by:
Mr J Dodd
Director
Company registration number: 04444917
FINE-ART-BROKERS LTD
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4th Floor, 58-59 Great Marlborough Street, London, W1F 7JY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
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 and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the period, exclusive of Value Added Tax, for Art Sales and Commissions.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
15% Straight Line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Fixtures and fittings
Total
£
£
Cost
At 1 October 2023 and 30 September 2024
791
791
----
----
Depreciation
At 1 October 2023
659
659
Charge for the year
19
19
----
----
At 30 September 2024
678
678
----
----
Carrying amount
At 30 September 2024
113
113
----
----
At 30 September 2023
132
132
----
----
5. Investments
Shares in participating interests
£
Cost
At 1 October 2023 and 30 September 2024
110,752
---------
Impairment
At 1 October 2023 and 30 September 2024
---------
Carrying amount
At 30 September 2024
110,752
---------
At 30 September 2023
110,752
---------
As at 30th September 2024, the company owned 22.26% (2023: 22.26%) of an art dealing company, Waterhouse & Dodd Ltd (Company No: 02241117) which is a related party (Note 11).
6. Debtors
2024
2023
£
£
Trade debtors
33,005
600
Other debtors
18,261
12,326
--------
--------
51,266
12,926
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
237
244
Trade creditors
34,098
Amounts owed to group undertakings and undertakings in which the company has a participating interest
164,883
33,940
Other creditors
3,000
10,870
---------
--------
168,120
79,152
---------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bounce bank loan
18,333
28,333
--------
--------
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr J Dodd
----
----
----
----
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr J Dodd
( 75,190)
( 280)
67,600
( 7,870)
--------
----
--------
-------
10. Related party transactions
Waterhouse and Dodd Ltd (W&D), whose activity is art dealing, is a company in which Mr J W Dodd is sole director and controlling shareholder. A loan balance of £164,882 (2023: £33,940) was owed to W&D ltd at the year end. All transactions were made on an arm's length basis.