Registered number
06345253
S A Fine Arts Limited
Unaudited Filleted Accounts
31 August 2024
API Partnership Ltd T/A Chandler & Georges
Chartered Accountants
75, Westow Hill
Crystal Palace
London
SE19 1TX
Tel: 0208 761 2213
Website: www.cgca.co.uk
S A Fine Arts Limited
Registered number: 06345253
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 98 256
Current assets
Stocks 21,587 21,587
Debtors 4 672 -
Cash at bank and in hand 5,056 14,369
27,315 35,956
Creditors: amounts falling due within one year 5 (203,058) (187,117)
Net current liabilities (175,743) (151,161)
Total assets less current liabilities (175,645) (150,905)
Creditors: amounts falling due after more than one year 6 (20,459) (23,912)
Net liabilities (196,104) (174,817)
Capital and reserves
Called up share capital 100 100
Profit and loss account (196,204) (174,917)
Shareholder's funds (196,104) (174,817)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Sangeeta Ahuja
Director
Approved by the board on 27 May 2025
S A Fine Arts Limited
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
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
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 artwork and from the rendering of services. Turnover from the sale of artwork is recognised when the significant risks and rewards of ownership of the artwork have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 3 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2023 4,859
At 31 August 2024 4,859
Depreciation
At 1 September 2023 4,603
Charge for the year 158
At 31 August 2024 4,761
Net book value
At 31 August 2024 98
At 31 August 2023 256
4 Debtors 2024 2023
£ £
Other debtors 672 -
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 4,120 4,785
Trade creditors 3,975 10,768
Taxation and social security costs - 85
Other creditors 194,963 171,479
203,058 187,117
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 20,459 23,912
Other creditors more than one year includes a loan amount availed under Bounce Back Loan Scheme (BBLS) from a commercial lender at an interest rate of 2.5% per annum.
7 Controlling party
The company is controlled by Mrs Sangeeta Ahuja.
8 Other information
S A Fine Arts Limited is a private company limited by shares and incorporated in England. Its registered office is:
75 Westow Hill
Crystal Palace
London
SE19 1TX
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