Caseware UK (AP4) 2023.0.135 2023.0.135 2024-12-312025-05-192025-05-21088383582024-12-312024-01-01false57truetrue 08838358 2024-01-01 2024-12-31 08838358 2023-01-01 2023-12-31 08838358 2024-12-31 08838358 2023-12-31 08838358 2023-01-01 08838358 1 2024-01-01 2024-12-31 08838358 d:Director2 2024-01-01 2024-12-31 08838358 c:Buildings c:LongLeaseholdAssets 2024-01-01 2024-12-31 08838358 c:Buildings c:LongLeaseholdAssets 2024-12-31 08838358 c:Buildings c:LongLeaseholdAssets 2023-12-31 08838358 c:FurnitureFittings 2024-01-01 2024-12-31 08838358 c:FurnitureFittings 2024-12-31 08838358 c:FurnitureFittings 2023-12-31 08838358 c:FurnitureFittings c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 08838358 c:OfficeEquipment 2024-01-01 2024-12-31 08838358 c:OfficeEquipment 2024-12-31 08838358 c:OfficeEquipment 2023-12-31 08838358 c:OfficeEquipment c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 08838358 c:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 08838358 c:CurrentFinancialInstruments 2024-12-31 08838358 c:CurrentFinancialInstruments 2023-12-31 08838358 c:Non-currentFinancialInstruments 2024-12-31 08838358 c:Non-currentFinancialInstruments 2023-12-31 08838358 c:CurrentFinancialInstruments c:WithinOneYear 2024-12-31 08838358 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 08838358 c:Non-currentFinancialInstruments c:AfterOneYear 2024-12-31 08838358 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 08838358 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2024-12-31 08838358 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-12-31 08838358 c:ShareCapital 2024-12-31 08838358 c:ShareCapital 2023-12-31 08838358 c:SharePremium 2024-01-01 2024-12-31 08838358 c:SharePremium 2024-12-31 08838358 c:SharePremium 2023-12-31 08838358 c:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 08838358 c:RetainedEarningsAccumulatedLosses 2024-12-31 08838358 c:RetainedEarningsAccumulatedLosses 2023-12-31 08838358 d:OrdinaryShareClass1 2024-01-01 2024-12-31 08838358 d:OrdinaryShareClass1 2023-01-01 2023-12-31 08838358 d:OrdinaryShareClass1 2024-12-31 08838358 d:OrdinaryShareClass1 2023-12-31 08838358 d:FRS102 2024-01-01 2024-12-31 08838358 d:Audited 2024-01-01 2024-12-31 08838358 d:FullAccounts 2024-01-01 2024-12-31 08838358 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 08838358 c:WithinOneYear 2024-12-31 08838358 c:WithinOneYear 2023-12-31 08838358 c:BetweenOneFiveYears 2024-12-31 08838358 c:BetweenOneFiveYears 2023-12-31 08838358 d:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 08838358 2 2024-01-01 2024-12-31 08838358 7 2024-01-01 2024-12-31 08838358 c:AcceleratedTaxDepreciationDeferredTax 2024-12-31 08838358 c:AcceleratedTaxDepreciationDeferredTax 2023-12-31 08838358 c:RetirementBenefitObligationsDeferredTax 2024-12-31 08838358 c:RetirementBenefitObligationsDeferredTax 2023-12-31 08838358 e:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure



















Galeries Bartoux London Limited

Registered number: 08838358
Annual Report
For the year ended 31 December 2024

 
 08838358
31 December 2024
GALERIES BARTOUX LONDON LIMITED
REGISTERED NUMBER: 08838358

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
20,778
120,806

  
20,778
120,806

Current assets
  

Stocks
  
157,370
440,475

Debtors: amounts falling due within one year
 5 
1,104,545
1,781,368

Cash and cash equivalents
  
121,830
398,163

  
1,383,745
2,620,006

Creditors: amounts falling due within one year
 6 
(729,085)
(1,757,316)

Net current assets
  
 
 
654,660
 
 
862,690

Total assets less current liabilities
  
675,438
983,496

Creditors: amounts falling due after more than one year
 7 
(73,034)
(221,667)

Provisions for liabilities
  

Deferred tax
 9 
(25,522)
(25,522)

  
 
 
(25,522)
 
 
(25,522)

Net assets
  
576,882
736,307


Capital and reserves
  

Called up share capital 
 10 
120,000
120,000

Share premium account
 11 
378,000
378,000

Profit and loss account
 11 
78,882
238,307

Total equity
  
576,882
736,307


- 1 -

 
 08838358
31 December 2024
GALERIES BARTOUX LONDON LIMITED
REGISTERED NUMBER: 08838358
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


I N Bartoux
Director

Date: 19 May 2025

The notes on pages 3 to 12 form part of these financial statements.

- 2 -

 
 08838358
31 December 2024
GALERIES BARTOUX LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Galeries Bartoux London Limited is a private company limited by shares incorporated in England and Wales. The Company's registered number is 08838358. The Company's registered office address is 30 Old Bailey, London, United Kingdom, EC4M 7AU. The address of its principal place of business is 104 New Bond St, London, W1S 1SU.
The principal activity of the Company is the retail of work of arts and the promotion and representation of a varied roster of international artists.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the Company operates and is rounded to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

Going concern

The parent company, Galeries Bartoux SARL, has confirmed it will provide financial support to the Company to enable it to continue trading for at least 12 months from the date of approval of these financial statements. Accordingly the financial statements have been prepared on a going concern basis.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.
 
- 3 -

 
 08838358
31 December 2024
GALERIES BARTOUX LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. 

Depreciation is provided on the following basis:

Long-term leasehold property
-
Over the term of the lease
Fixtures and fittings
-
20% straight line
Office equipment
-
33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. 

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
 
- 4 -

 
 08838358
31 December 2024
GALERIES BARTOUX LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable.
Financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is identified, an impairment loss is recognised in profit or loss.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and its recoverable amount, which is an estimate of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial liabilities
Basic financial liabilities, including trade and other payables are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a rate of interest.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payables are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transactions price and subsequently measured at amortised costs.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

- 5 -

 
 08838358
31 December 2024
GALERIES BARTOUX LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.10

Foreign currency translation

Functional and presentation currency

The Company's functional and presentation currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income.

 
2.11

Interest receivable and similar income

Interest receivable and similar income is recognised in profit or loss using the effective interest method.

 
2.12

Interest payable and similar expenses

Interest payable and similar expenses are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.13

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

- 6 -

 
 08838358
31 December 2024
GALERIES BARTOUX LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.14

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.15

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

 
2.16

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Employees

The average monthly number of employees, including the directors, during the year was 5 (2023: 7). 

- 7 -

 
 08838358
31 December 2024
GALERIES BARTOUX LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Tangible fixed assets





Leasehold improvements
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost


At 1 January 2024
1,111,901
28,521
17,700
1,158,122



At 31 December 2024

1,111,901
28,521
17,700
1,158,122



Depreciation


At 1 January 2024
994,742
26,070
16,504
1,037,316


Charge for the year
97,525
2,153
350
100,028



At 31 December 2024

1,092,267
28,223
16,854
1,137,344



Net book value



At 31 December 2024
19,634
298
846
20,778



At 31 December 2023
117,159
2,451
1,196
120,806


5.


Debtors: amounts falling due within one year

2024
2023
£
£


Trade debtors
224,466
418,063

Amounts owed by group undertakings
284,059
824,711

Other debtors
174,810
411,773

Prepayments and accrued income
421,210
126,821

1,104,545
1,781,368


Trade debtors are stated at net of a provision of £27,400 (2023: £27,400).
Amounts owed by group undertakings are unsecured, interest free and payable on demand.
Included in other debtors are amounts owed by shareholders totalling £26,625 (2023: £27,905) which are unsecured,  interest free and payable on demand.

- 8 -

 
 08838358
31 December 2024
GALERIES BARTOUX LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Creditors: amounts falling due within one year

2024
2023
£
£

Bank loans
139,001
139,999

Trade creditors
138,951
192,673

Amounts owed to group undertakings
-
398,253

Other taxation and social security
5,000
-

Other creditors
11,147
10,864

Accruals and deferred income
434,986
1,015,527

729,085
1,757,316


Amounts owed by group undertakings are unsecured, interest free and repayable on demand. 

The following liabilities were secured:

2024
2023
£
£



Bank loans
139,001
139,999

Details of security provided:

Bank loans totalling £212,035 (2023: £361,666) are secured against the assets of the Company.


7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
73,034
221,667


The following liabilities were secured:

2024
2023
£
£



Bank loans
73,034
221,667

Details of security provided:

Bank loans totalling £212,035 (2023: £361,666) are secured against the assets  of the Company. The bank loans are repayable by June 2026.

- 9 -

 
 08838358
31 December 2024
GALERIES BARTOUX LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
139,001
139,999


139,001
139,999


Amounts falling due 2-5 years

Bank loans
73,034
221,667


73,034
221,667


212,035
361,666



9.


Deferred taxation




2024
2023


£

£






At beginning of year
(25,522)
(25,522)



At end of year
(25,522)
(25,522)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(25,729)
(25,729)

Short term timing difference
207
207

(25,522)
(25,522)

- 10 -

 
 08838358
31 December 2024
GALERIES BARTOUX LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Called up share capital

2024
2023
£
£
Allotted, called up and fully paid



120,000 (2023: 120,000) ordinary shares of £1 each
120,000
120,000

The Company has one class of ordinary shares; each share carries one voting right per share but no right to fixed income.


11.


Reserves

Share premium account

This reserve represents the amount above the nominal value received for issued share capital, less transaction costs.

Profit and loss account

This reserve represents the cumulative profits and losses of the Company.


12.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions payable to the fund at the year end amounted to £1,025 (2023: £1,284). This is included in other creditors. 


13.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
86,301
375,000

Later than 1 year and not later than 5 years
-
86,301

86,301
461,301


14.


Directors' benefits and advances

At the balance sheet date, an amount of £16,385 (2023: £16,385) was owed by a director of the Company. This amount is unsecured, interest free and is included in other debtors.

- 11 -

 
 08838358
31 December 2024
GALERIES BARTOUX LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Related party transactions

At the balance sheet date, an amount of £26,625 (2023: £27,905) is owed by a minority shareholder. There was no interest charged on this loan (2023: £nil). This amount is included in other debtors.
During the year, Enterprise FD Ltd, a company of which C Backhouse, a director of the Company is also director raised invoices totalling £5,875 (2023: £6,030) in respect of his remuneration. At the balance sheet date, an amount of £nil (2023: £nil) was outstanding.
The Company is has taken advantage of the exemption from disclosing related party transactions undertaken between wholly owned members of the group that have been concluded under normal market conditions.


16.


Post balance sheet events

There have been no significant events affecting the Company since the year end.


17.


Parent company and controlling party

The directors consider the immediate parent companies to be Galeries Bartoux SARL and Claude & Co., two companies incorporated in France, by virtue of their shareholding.
The directors consider R Bartoux and I Bartoux to jointly be the ultimate controlling parties, by virtue of their shareholdings in the parent company.
The parent company, Galeries Bartoux SARL, prepares consolidated financial statements for the group. The address at which the consolidated financial statements are publicly available is Galeries Bartoux SARL, 5 Avenue Matignon, 75008, Paris, France.


18.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 21 May 2025 by  (Senior Statutory Auditor) on behalf of Forvis Mazars LLP.

- 12 -