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Registered number: 04316489









LEFEVRE FINE ART LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
LEFEVRE FINE ART LIMITED
REGISTERED NUMBER: 04316489

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 6 
5,016
6,074

  
5,016
6,074

Current assets
  

Stocks
 7 
1,088,319
1,400,116

Debtors: amounts falling due within one year
 8 
729,855
796,926

Cash at bank and in hand
 9 
178,985
38,666

  
1,997,159
2,235,708

Creditors: amounts falling due within one year
 10 
(53,370)
(159,500)

Net current assets
  
 
 
1,943,789
 
 
2,076,208

Total assets less current liabilities
  
1,948,805
2,082,282

Provisions for liabilities
  

Other provisions
  
(270,818)
-

  
 
 
(270,818)
 
 
-

Net assets
  
1,677,987
2,082,282


Capital and reserves
  

Called up share capital 
  
60
60

Capital redemption reserve
  
40
40

Profit and loss account
  
1,677,887
2,082,182

  
1,677,987
2,082,282


Page 1

 
LEFEVRE FINE ART LIMITED
REGISTERED NUMBER: 04316489
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 income and retained earnings 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: 




................................................
A M D Corcoran
Director

Date: 26 May 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
LEFEVRE FINE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Lefevre Fine Art Limited is a company incorporated and in the UK, registered in England and Wales. The Company's registered office address is Ground Floor, 45 Pall Mall, London, SW1Y 5JG.
The principal activity of the Company in the year under review was that of a fine art dealer.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover comprises the company's revenue in respect of art agent services and fine art goods sold during the year, exclusive of Value Added Tax and trade discounts.

 
2.3

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%
per annum on cost

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.

 
2.4

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.

Page 3

 
LEFEVRE FINE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowances for obsolete and slow moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Consignment stock which is stock held by the company but which is owned by third parties is distinguished from owned stock and is not included on the Balance Sheet. Shared stock, being stock purchased in conjunction with other parties, is accounted for to the extent of the company's share purchased. 

 
2.6

Debtors

Short term debtors are measured at transaction price, less any provision for bad or doubtful debt.

 
2.7

Creditors

Short term creditors are measured at the transaction price.

 
2.8

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational 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 the Statement of Income and Retained Earnings except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.9

Finance costs

Finance costs 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.

Page 4

 
LEFEVRE FINE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.10

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 accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Turnover

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
64,366
170,554

Rest of Europe
-
75,875

Rest of the world
633,915
-

698,281
246,429



4.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Exchange differences
(457)
129

Other operating lease rentals
22,656
234,390

Page 5

 
LEFEVRE FINE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Employees

The average monthly number of employees, including the director, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
1
1



Administration staff
-
2

1
3


6.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 January 2024
192,026


Additions
1,148



At 31 December 2024
193,174



Depreciation


At 1 January 2024
185,952


Charge for the year on owned assets
2,206



At 31 December 2024
188,158



Net book value



At 31 December 2024
5,016



At 31 December 2023
6,074


7.


Stocks

2024
2023
£
£

Finished goods and goods for resale
1,088,319
1,400,116

1,088,319
1,400,116


Page 6

 
LEFEVRE FINE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Debtors

2024
2023
£
£


Trade debtors
-
5,833

Other debtors
729,855
783,213

Prepayments and accrued income
-
7,880

729,855
796,926



9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
178,985
38,666

Less: bank overdrafts
-
(67,391)

178,985
(28,725)



10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
67,391

Trade creditors
3,009
7,459

Corporation tax
3,254
-

Other taxation and social security
-
2,271

Other creditors
25,551
41,446

Accruals and deferred income
21,556
40,933

53,370
159,500



11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £497 (2023 - £5,962). No contributions were payable to the fund at the balance sheet date.

Page 7

 
LEFEVRE FINE ART LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Transactions with directors

At the balance sheet date £549,036 was due from the director (2023 - £539,396).

 
Page 8