Caseware UK (AP4) 2023.0.135 2023.0.135 2024-10-312024-10-31atrue2023-11-01false119falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09248323 2023-11-01 2024-10-31 09248323 2022-11-01 2023-10-31 09248323 2024-10-31 09248323 2023-10-31 09248323 c:Director1 2023-11-01 2024-10-31 09248323 d:Buildings d:LongLeaseholdAssets 2023-11-01 2024-10-31 09248323 d:Buildings d:LongLeaseholdAssets 2024-10-31 09248323 d:Buildings d:LongLeaseholdAssets 2023-10-31 09248323 d:PlantMachinery 2023-11-01 2024-10-31 09248323 d:PlantMachinery 2024-10-31 09248323 d:PlantMachinery 2023-10-31 09248323 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 09248323 d:FurnitureFittings 2023-11-01 2024-10-31 09248323 d:OfficeEquipment 2023-11-01 2024-10-31 09248323 d:ComputerEquipment 2023-11-01 2024-10-31 09248323 d:ComputerEquipment 2024-10-31 09248323 d:ComputerEquipment 2023-10-31 09248323 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 09248323 d:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 09248323 d:CurrentFinancialInstruments d:WithinOneYear 2024-10-31 09248323 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 09248323 d:Non-currentFinancialInstruments d:AfterOneYear 2024-10-31 09248323 d:Non-currentFinancialInstruments d:AfterOneYear 2023-10-31 09248323 d:ShareCapital 2024-10-31 09248323 d:ShareCapital 2023-10-31 09248323 d:RetainedEarningsAccumulatedLosses 2024-10-31 09248323 d:RetainedEarningsAccumulatedLosses 2023-10-31 09248323 c:OrdinaryShareClass1 2023-11-01 2024-10-31 09248323 c:OrdinaryShareClass1 2024-10-31 09248323 c:OrdinaryShareClass1 2023-10-31 09248323 c:FRS102 2023-11-01 2024-10-31 09248323 c:AuditExempt-NoAccountantsReport 2023-11-01 2024-10-31 09248323 c:FullAccounts 2023-11-01 2024-10-31 09248323 c:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 09248323 e:PoundSterling 2023-11-01 2024-10-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 09248323







THE HOUSE OF FINE ART LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

 
THE HOUSE OF FINE ART LIMITED
 

CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 6

 
THE HOUSE OF FINE ART LIMITED
REGISTERED NUMBER:09248323

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 3 
281,665
313,560

Current assets
  

Stocks
  
881,945
807,682

Debtors
  
572,744
652,206

Cash at bank and in hand
  
599,036
629,808

  
2,053,725
2,089,696

  

Creditors: amounts falling due within one year
  
(1,117,060)
(1,321,798)

Net current assets
  
 
 
936,665
 
 
767,898

Creditors: amounts falling due after more than one year
  
(28,103)
(34,210)

  

Net assets
  
1,190,227
1,047,248


Capital and reserves
  

Called up share capital 
 4 
10,124
10,124

Profit and loss account
  
1,180,103
1,037,124

  
1,190,227
1,047,248


The directors consider 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 directors acknowledge their 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 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 on 20 March 2025.




E D'Anna
Page 1

 
THE HOUSE OF FINE ART LIMITED
REGISTERED NUMBER:09248323
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2024

Director


The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
THE HOUSE OF FINE ART LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

The House of Fine Art Limited is a limited liability company incorporated in England and Wales, with its registered office at 11 Bruton Street, Mayfair, London, W1J 6PY.

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 following principal accounting policies have been applied:

 
2.2

Revenue

Turnover comprises revenue recognised on sale of artworks and gallery hire during the year, exclusive of Value Added Tax.
Revenue is recognised at the point of sale.

 
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 provided on the following basis:

Long-term leasehold property
-
over the term of the lease
Fixtures, fittings & equipment
-
15% reducing balance
Office equipment
-
15% reducing balance

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.

 
2.4

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
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.

 
2.5

Debtors

Short term debtors are measured at transaction price, less any impairment.

Page 3

 
THE HOUSE OF FINE ART LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.6

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.

 
2.7

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 debtors and creditors, loans from related parties.

 
2.8

Creditors

Short term creditors are measured at the transaction price.

 
2.9

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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.10

Borrowing costs

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

Page 4

 
THE HOUSE OF FINE ART LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.11

Taxation

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.

Page 5

 
THE HOUSE OF FINE ART LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

3.


Tangible fixed assets





Long-term leasehold property
Fixtures, fittings and equipment
Computer software
Total

£
£
£
£



Cost


At 1 November 2023
24,464
330,123
164,563
519,150


Additions
-
18,552
-
18,552



At 31 October 2024

24,464
348,675
164,563
537,702



Depreciation


At 1 November 2023
19,571
134,902
51,117
205,590


Charge for the year on owned assets
4,893
28,537
17,017
50,447



At 31 October 2024

24,464
163,439
68,134
256,037



Net book value



At 31 October 2024
-
185,236
96,429
281,665



At 31 October 2023
4,893
195,221
113,446
313,560


4.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10,124 (2023 - 10,124) Ordinary shares of £1.00 each
10,124
10,124


 
Page 6