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Company No: 01207794 (England and Wales)

ANTHONY D'OFFAY LIMITED

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

ANTHONY D'OFFAY LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

ANTHONY D'OFFAY LIMITED

COMPANY INFORMATION

For the financial year ended 30 September 2024
ANTHONY D'OFFAY LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 September 2024
DIRECTORS Anthony d'Offay
Marie-Louise Laband
SECRETARY Marie-Louise Laband
REGISTERED OFFICE 9 Dering Street
London
W1S 1AG
United Kingdom
COMPANY NUMBER 01207794 (England and Wales)
ANTHONY D'OFFAY LIMITED

BALANCE SHEET

As at 30 September 2024
ANTHONY D'OFFAY LIMITED

BALANCE SHEET (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,893,434 1,886,335
Investment property 4 625,000 625,000
2,518,434 2,511,335
Current assets
Stocks 27,328,786 24,375,170
Debtors 5 556,271 444,732
Investments 6 4,195,274 3,398,971
Cash at bank and in hand 3,652,823 6,270,858
35,733,154 34,489,731
Creditors: amounts falling due within one year 7 ( 1,142,957) ( 404,021)
Net current assets 34,590,197 34,085,710
Total assets less current liabilities 37,108,631 36,597,045
Provision for liabilities ( 644,522) ( 544,588)
Net assets 36,464,109 36,052,457
Capital and reserves
Called-up share capital 14,014,999 14,014,999
Share premium account 95,352 95,352
Revaluation reserve 1,366,680 1,366,680
Profit and loss account 20,987,078 20,575,426
Total shareholder's funds 36,464,109 36,052,457

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 Anthony d'Offay Limited (registered number: 01207794) were approved and authorised for issue by the Board of Directors on 17 June 2025. They were signed on its behalf by:

Marie-Louise Laband
Director
ANTHONY D'OFFAY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
ANTHONY D'OFFAY 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

Anthony d'Offay Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 9 Dering Street, London, W1S 1AG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold land and buildings and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date.
All exchange differences are included in the profit and loss account.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in respect of fine art transactions. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Income from the sales of works of art is recognised at the date when the risks and rewards of ownership are transferred to the purchaser. Commission income is recognised when the company is entitled to receipt as a result of the completion of a deal.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably.

Dividend income

Dividends are accounted for on an ex-dividend accruals basis.

Employee benefits

Defined contribution schemes
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current or prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contributions due for service, the excess is recognised as a prepayment.

Taxation

Current tax
Current tax is provided at amounts expected to be paid using the tax rates and laws that have been enacted or substantively enacted at the reporting date in the countries where the company operates and generates taxable income. Current tax is recognised in the profit and loss account, except where an item of income or expense is classified as other comprehensive income, then the charge on that item is recognised directly in the statement of other comprehensive income.

Deferred tax
Deferred Tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company.
Deferred Tax is determined using tax rates that have been enacted or substantially enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Other operating income

Other operating income relates to rental income and foreign exchange gains or losses. Rental income is recognised in the profit or loss on the accruals basis. Foreign exchange gains or losses are recognised at the year end when foreign currency transactions are translated into the functional currency.

Tangible fixed assets

Freehold land and buildings are stated at fair value, derived from the open market valuation for comparable land and buildings assessed annually by the directors. Changes in fair value are recognised in profit or loss.

Furniture, fittings, and equipment are stated at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of the tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is not charged on freehold land and buildings. This is a departure from the requirements of the Companies Act 2006 which requires all properties to be depreciated. The directors consider that this accounting policy results in the accounts giving a true and fair view. Depreciation is only one of the many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Depreciation is charged so as to write off the cost of the asset as follows:

Land and buildings not depreciated
Fixtures and fittings 5 years straight line
Leases

The company as lessee
Rentals under operating leases are charged to the profit and loss account in equal amounts over the lease term.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors or periodically by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Stocks

Stocks, being completed works of art held for resale, are stated at the lower of cost and net realisable value. Cost represents the price paid to acquire stock items and net realisable value represents the anticipated selling price less costs to sell.

Trade and other 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. They are subsequently measured at amortised cost using the effective interested method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade and other creditors

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company 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. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently at amortised cost using the effective interest method.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Investments
Investments in equity shares which are publicly traded or where fair value can be measured reliably are measured at fair value, with changes in fair value recognised in the profit or loss.

Where possible the prices reflect the mid-price of securities as quoted on the relevant stock exchange and reported by a reputable pricing source on the applicable date. Where, for whatever reason, this is not possible reasonable discretion is used to determine what the company believes to be a fair value or price.

Ordinary share capital

The ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 5 5

3. Tangible assets

Land and buildings Fixtures and fittings Total
£ £ £
Cost/Valuation
At 01 October 2023 1,875,000 566,408 2,441,408
Additions 0 12,625 12,625
At 30 September 2024 1,875,000 579,033 2,454,033
Accumulated depreciation
At 01 October 2023 0 555,073 555,073
Charge for the financial year 0 5,526 5,526
At 30 September 2024 0 560,599 560,599
Net book value
At 30 September 2024 1,875,000 18,434 1,893,434
At 30 September 2023 1,875,000 11,335 1,886,335

The land and buildings have been valued at £1,875,000 (2023 - £1,875,000). The directors consider this to be market value.

Had this class of assets been measured on a historical cost basis, the historical cost would have been £52,760 (2023 - £52,760). The accumulated depreciation on this historical cost is £nil (2023 - £nil).

4. Investment property

Investment property
£
Valuation
As at 01 October 2023 625,000
As at 30 September 2024 625,000

Valuation

The investment property has been valued at £625,000 (2023 - £625,000). The directors consider this to be market value, based on market research of comparable properties. There has been no valuation by an independent valuer.

The historical cost of the property is £17,587 (2023 - £17,587). The corresponding accumulated depreciation as at the year end would be £nil (2023- £nil).

5. Debtors

2024 2023
£ £
Trade debtors 528,265 344,917
Corporation tax 0 246
Other debtors 28,006 99,569
556,271 444,732

6. Current asset investments

2024 2023
£ £
Listed investments – at fair value 4,195,274 3,398,971

Current asset investments comprise listed investments at fair value. The historical cost of the investments is £3,565,831 (2023 - £3,356,657).

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 470,050 290,602
Taxation and social security 12,468 13,479
Other creditors 660,439 99,940
1,142,957 404,021