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Registered number: 01235975









A. & J. SPEELMAN LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2024

 
A. & J. SPEELMAN LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 7


 
A. & J. SPEELMAN LIMITED
REGISTERED NUMBER: 01235975

STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
6,084,778
6,103,145

  
6,084,778
6,103,145

Current assets
  

Stocks
 5 
48,264,236
48,150,728

Debtors: amounts falling due within one year
 6 
151,783
233,231

Bank and cash balances
  
5,872,399
1,414,153

  
54,288,418
49,798,112

  

Creditors: amounts falling due within one year
 7 
(7,094,815)
(7,957,462)

Net current assets
  
 
 
47,193,603
 
 
41,840,650

Total assets less current liabilities
  
53,278,381
47,943,795

Creditors: amounts falling due after more than one year
 8 
(242,654)
(209,614)

Provisions for liabilities
  

Deferred tax
  
(21,591)
(13,745)

  
 
 
(21,591)
 
 
(13,745)

Net assets
  
53,014,136
47,720,436


Capital and reserves
  

Called up share capital 
  
100
100

Revaluation reserve
  
605,791
605,791

Profit and loss account
  
52,408,245
47,114,545

  
53,014,136
47,720,436


Page 1

 
A. & J. SPEELMAN LIMITED
REGISTERED NUMBER: 01235975
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 NOVEMBER 2024

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 7 August 2025.




J V Speelman
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
A. & J. SPEELMAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

1.


General information

A & J Speelman Limited is a private company limited by shares incorporated in England & Wales. The registed office is 124 Finchley Road, London, NW3 5JS. The business address is 36 Kensington Square, London, W8 5HP.
The principal activity of the company continued to be that of specialist Asian antique dealing.

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

Turnover

Turnover comprises revenue recognised by the Company in respect of sales of art and antiques at auctions, private sales and through joint venture deals, exclusive of Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of turnover can be reliably measured and it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Turnover from auction sales is recognised at the auction settlement date. 

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

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.

 
2.5

Borrowing costs

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

Page 3

 
A. & J. SPEELMAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred 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 balance sheet date in the countries where the Company operates and generates income
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

 
2.7

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, on the following basis:.


Freehold buildings and leasehold buildings with leases in excess of 100 years
-
1%
Straight Line
Motor vehicles
-
25%
Reducing Balance
Fixtures, fittings & equipment
-
20%
Straight Line

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.

Page 4

 
A. & J. SPEELMAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.8

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell.
At each balance sheet date, stocks are assessed for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

  
2.9

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.

 
2.10

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.

  
2.11

Financial Instruments

The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's statement of financial position when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset , with the net amounts presented in the financial statements, when there is alegally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or relaise the asset and settle the liability simultaenously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initally measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the
Page 5

 
A. & J. SPEELMAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractul obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2023 - 5).


4.


Tangible fixed assets





Freehold buildings and leaseold buildings with leases in excess of 100 years
Motor vehicles
Fixtures, fittings& equipment
Total

£
£
£
£



Cost or valuation


At 1 December 2023
6,553,762
14,700
398,024
6,966,486


Additions
2,934
66,212
12,697
81,843



At 30 November 2024

6,556,696
80,912
410,721
7,048,329



Depreciation


At 1 December 2023
557,213
3,675
302,453
863,341


Charge for the year on owned assets
59,247
19,309
21,654
100,210



At 30 November 2024

616,460
22,984
324,107
963,551



Net book value



At 30 November 2024
5,940,236
57,928
86,614
6,084,778



At 30 November 2023
5,996,549
11,025
95,571
6,103,145

Page 6

 
A. & J. SPEELMAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

5.


Stocks

2024
2023
£
£

Finished goods and goods for resale
48,264,236
48,150,728



6.


Debtors

2024
2023
£
£


Trade debtors
132,500
134,722

Other debtors
350
80,316

Prepayments and accrued income
18,933
18,193

151,783
233,231



7.


Creditors

2024
2023
£
£

Pension fund loan
112,731
355,386

Trade creditors
73,663
510,915

Other taxation and social security
1,890,944
293,259

Other creditors
4,938,258
6,725,647

Accruals and deferred income
79,219
72,255

7,094,815
7,957,462



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Long term pension fund loan
242,654
209,614



9.


Related party transactions

Rent was received from one of the directors for one of the properties of £36,000 (2023: £36,000).
As at the year end the director owed the company £350, included in other debtors, this amount is repaid within 9 months of the year end.  

Page 7

 
A. & J. SPEELMAN LIMITED
 
 
 Page 8