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REGISTERED NUMBER: 11281872 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

PATINA CLASSICS LTD

PATINA CLASSICS LTD (REGISTERED NUMBER: 11281872)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PATINA CLASSICS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: J Buckley
A S N Lejeune





REGISTERED OFFICE: Montpelier Galleries
Montpelier Street
London
SW7 1HH





REGISTERED NUMBER: 11281872 (England and Wales)





AUDITORS: Ad Valorem Audit Services Limited
Chartered Certified Accountants
2 Manor Farm Court
Old Wolverton Road
Old Wolverton
Buckinghamshire
MK12 5NN

PATINA CLASSICS LTD (REGISTERED NUMBER: 11281872)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £ £ £
FIXED ASSETS
Intangible assets 5 187,140 72,221
Tangible assets 6 87,905 121,457
275,045 193,678

CURRENT ASSETS
Stocks 30,000 -
Debtors 7 91,940 99,389
Cash at bank 59,536 446,894
181,476 546,283
CREDITORS
Amounts falling due within one year 8 765,600 1,450,944
NET CURRENT LIABILITIES (584,124 ) (904,661 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(309,079

)

(710,983

)

CAPITAL AND RESERVES
Called up share capital 9 2 2
Retained earnings (309,081 ) (710,985 )
SHAREHOLDERS' FUNDS (309,079 ) (710,983 )

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 June 2025 and were signed on its behalf by:





A S N Lejeune - Director


PATINA CLASSICS LTD (REGISTERED NUMBER: 11281872)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. STATUTORY INFORMATION

Patina Classics Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis which assumes that continuing support will be made available by the company's parent to provide working capital and enable the company to meet its obligations as they fall due. Further details are shown below.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Sale of Goods
Turnover from the sale of goods is recognised when the significant risk and reward 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 cost incurred for the work performed to date to the total estimated contract cost. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of four years.

Intangible is amortised to profit and loss account on a reducing balance basis of 25% per year.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold5 years straight line
Fixtures & Fittings 5 years straight line
Office Equipment4 years straight line
Computer Equipment 3 years straight line

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


PATINA CLASSICS LTD (REGISTERED NUMBER: 11281872)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued
TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

FOREIGN CURRENCIES
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

GOING CONCERN
Bonhams 1793 Limited., the ultimate parent company, has provided written confirmation that no payment for the liability will requested at year end in support of the going concern assumption made by management.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 16 ) .

4. AUDITORS' REMUNERATION
2024 2023
£ £
Fees payable to the company's auditors for the audit of the
company's financial statements

16,550

11,000

PATINA CLASSICS LTD (REGISTERED NUMBER: 11281872)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£
COST
At 1 January 2024 110,294
Additions 153,714
At 31 December 2024 264,008
AMORTISATION
At 1 January 2024 38,073
Charge for year 38,795
At 31 December 2024 76,868
NET BOOK VALUE
At 31 December 2024 187,140
At 31 December 2023 72,221

6. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and Computer
leasehold machinery fittings equipment Totals
£ £ £ £ £
COST
At 1 January 2024 80,200 40,502 52,342 10,870 183,914
Additions - - 5,688 - 5,688
At 31 December 2024 80,200 40,502 58,030 10,870 189,602
DEPRECIATION
At 1 January 2024 20,368 19,845 12,919 9,325 62,457
Charge for year 16,040 10,049 11,606 1,545 39,240
At 31 December 2024 36,408 29,894 24,525 10,870 101,697
NET BOOK VALUE
At 31 December 2024 43,792 10,608 33,505 - 87,905
At 31 December 2023 59,832 20,657 39,423 1,545 121,457

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 9,702 -
Other debtors 31,105 43,915
VAT - 13,846
Prepayments 51,133 41,628
91,940 99,389

PATINA CLASSICS LTD (REGISTERED NUMBER: 11281872)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors 12,983 51,121
Amounts owed to group undertakings 662,343 1,115,341
Taxation and social security 65,062 -
Other creditors 25,212 284,482
765,600 1,450,944

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
2 Ordinary 1 2 2

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Zubair Arshad FCCA (Senior Statutory Auditor)
for and on behalf of Ad Valorem Audit Services Limited

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Bonhams 1793 Limited.

The company's ultimate controlling party is Bonhams 1793 Limited by virtue of its ownership of 100% of the issues share capital in the company.