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Company No: 00651966 (England and Wales)

MACCONNAL-MASON & SON LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

MACCONNAL-MASON & SON LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

MACCONNAL-MASON & SON LIMITED

COMPANY INFORMATION

For the financial year ended 30 September 2024
MACCONNAL-MASON & SON LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 September 2024
DIRECTORS D L Mason OBE
C E Mason
M G C Halliwell Esq
D M Mason Esq
S Palmer (Appointed 09 January 2024)
SECRETARY D M Mason Esq
REGISTERED OFFICE 22 Chancery Lane
London
WC2A 1LS
United Kingdom
COMPANY NUMBER 00651966 (England and Wales)
CHARTERED ACCOUNTANTS Dixon Wilson
22 Chancery Lane
London
WC2A 1LS
BANKERS Coutts & Co
440 Strand
London
WC2R 0QS
Citibank
Park Avenue
New York
NY10022
SOLICITORS Kingsley Napley
Knights Quarter
14 John's Lane
London
EC1M 4AJ
MACCONNAL-MASON & SON LIMITED

BALANCE SHEET

As at 30 September 2024
MACCONNAL-MASON & SON LIMITED

BALANCE SHEET (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 851,157 800,877
Investments 4 116,692 116,692
967,849 917,569
Current assets
Stocks 5 2,410,163 2,835,780
Debtors 6 61,978 58,787
Cash at bank and in hand 8,928,677 8,430,560
11,400,818 11,325,127
Creditors: amounts falling due within one year 7 ( 2,765,393) ( 2,846,797)
Net current assets 8,635,425 8,478,330
Total assets less current liabilities 9,603,274 9,395,899
Net assets 9,603,274 9,395,899
Capital and reserves
Called-up share capital 1,150 1,150
Capital redemption reserve 138 138
Profit and loss account 9,601,986 9,394,611
Total shareholder's funds 9,603,274 9,395,899

For the financial 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.

Directors' responsibilities:

The financial statements of MacConnal-Mason & Son Limited (registered number: 00651966) were approved and authorised for issue by the Board of Directors on 24 October 2024. They were signed on its behalf by:

D L Mason OBE
Director
MACCONNAL-MASON & SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
MACCONNAL-MASON & SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The company is a private company limited by share capital incorporated in England & Wales.

The address of its registered office is:
22 Chancery Lane
London
WC2A 1LS

The principal place of business is:
14 & 17 Duke Street St James'
London
SW1Y 6DB

These financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. As the parent of a small group the company is exempt from the requirement to prepare group accounts.

The financial statements have been prepared under the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

After reviewing the company’s forecast cash flows over the next 12 months, the directors are satisified that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate ruling at the time of transaction. Monetary assets and liabilities are translated at the rates ruling at the balance sheet date. Exchange gains and losses on settled transactions and unsettled monetary items are recognised in profit and loss for the period from ordinary activities.

Turnover

Income from the sale of paintings is recognised when a sale has been agreed and the risks and rewards of ownership have transferred to the purchaser.

Income from the provision of related services is recognised in the period in which the services are provided.

Tangible fixed assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Land and buildings not depreciated
Vehicles 9 % reducing balance
Fixtures and fittings 19 % reducing balance
Computer equipment 19 % reducing balance

Freehold land is not depreciated. No depreciation has been charged on freehold buildings as the amounts would be immaterial due to the length of the remaining economic life and the amount of the estimated residual value. Depreciation is charged on other tangible assets so as to write off the cost less estimated residual value of assets over their estimated useful lives, as above.

Stocks

Stocks are stated at the lower of cost and net realisable value. As the sales proceeds (less selling costs) of the company’s works of art are very difficult to predict, net realisable values have been estimated on the basis of a formula agreed with HM Revenue & Customs, by which the net realisable value of each item is assumed to reduce on a sliding scale over the period for which it has been held by the company.

Key sources of estimation uncertainty

The company's stocks consist of works of art, the values of which are subjective. Refer to the accounting policies for stock as to valuation methodology. The carrying amount is £2,410,163 (2023 - £2,835,780).

Tax

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 group operates and generates taxable income. All current tax relates to amounts recognised in profit and loss.

Provision is made for deferred tax assets and liabilities in respect of non-trivial timing differences arising from the different treatment of items for accounting and taxation without discounting. Deferred tax assets are recognised to the extent to which they are recoverable on the balance of probabilities.

Investments

Investments in subsidiaries are measured at cost less provision for impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. All trade debtors are short term. Provisions for impairment are made when there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. Trade creditors are recognised initially at the transaction price and non-demand amounts are subsequently measured at amortised cost using the effective interest method.

Borrowings

All borrowings are interest free, payable on demand, and measured at the transaction price and recognised as current liabilities.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 10 10

3. Tangible assets

Land and buildings Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 October 2023 630,000 210,316 319,376 13,060 1,172,752
Additions 0 142,496 6,323 3,174 151,993
Disposals 0 ( 96,262) 0 0 ( 96,262)
At 30 September 2024 630,000 256,550 325,699 16,234 1,228,483
Accumulated depreciation
At 01 October 2023 0 55,389 311,761 4,725 371,875
Charge for the financial year 0 19,719 2,648 1,036 23,403
Disposals 0 ( 17,952) 0 0 ( 17,952)
At 30 September 2024 0 57,156 314,409 5,761 377,326
Net book value
At 30 September 2024 630,000 199,394 11,290 10,473 851,157
At 30 September 2023 630,000 154,927 7,615 8,335 800,877

Included within the net book value of land and buildings above is £630,000 (2023 - £630,000) in respect of freehold land and buildings.

The company occupies rent free a property owned by a subsidiary.

4. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 October 2023 116,692
At 30 September 2024 116,692
Carrying value at 30 September 2024 116,692
Carrying value at 30 September 2023 116,692

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
30.09.2024
Ownership
30.09.2023
Held
19th Century Art Limited 22 Chancery Lane, London WC2A 1LS Dormant Ordinary 100.00% 100.00% Direct
Continental Paintings Limited 22 Chancery Lane, London WC2A 1LS Dormant Ordinary 100.00% 100.00% Direct
L.M.Investment Co. (St.James's) Limited 22 Chancery Lane, London WC2A 1LS Dormant Ordinary 100.00% 100.00% Direct

5. Stocks

2024 2023
£ £
Stocks 2,410,163 2,835,780

6. Debtors

2024 2023
£ £
Other debtors 61,978 58,787

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 19,049 388,661
Amounts owed to group undertakings 1,321,981 1,321,981
Taxation and social security 81,915 81,353
Other creditors 1,342,448 1,054,802
2,765,393 2,846,797