| Nevill Keating Pictures Limited |
| Notes to the Accounts |
| for the year ended 31 July 2024 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared in accordance with Financial Reporting Standard 102 (FRS102) and the Companies Act 2006 (as applicable to companies subject to the small company regime).
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
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Turnover |
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Turnover represents the invoices value of goods and services supplied by the company, net of value added tax and trade discounts. Turnover is attributable to one continuing activity, dealing in fine art. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Leasehold land and buildings |
over the lease term |
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Plant and machinery |
25% on reducing balance |
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Fixtures, fittings, tools and equipment |
25% on reducing balance |
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Investments property |
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Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss. |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Employee benefits |
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When employees have rendered service to the company, short term employer benefits to which the employees are entitled are recognised at the undiscounted amount to be paid in exchange for that service. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Leased assets |
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Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Operating lease payments are recognised as an expense on a straight-line basis over the lease term. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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Going concern |
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At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements. |
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| 2 |
Employees |
2024 |
|
2023 |
| Number |
Number |
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Average number of persons employed by the company |
4 |
|
4 |
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| 3 |
Tangible fixed assets |
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Land and buildings |
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Plant and machinery etc |
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Motor vehicles |
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Total |
| £ |
£ |
£ |
£ |
|
Cost |
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At 1 August 2023 |
61,688 |
|
56,349 |
|
46,494 |
|
164,531 |
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At 31 July 2024 |
61,688 |
|
56,349 |
|
46,494 |
|
164,531 |
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Depreciation |
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At 1 August 2023 |
61,688 |
|
48,596 |
|
42,031 |
|
152,315 |
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Charge for the year |
- |
|
1,900 |
|
1,691 |
|
3,591 |
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At 31 July 2024 |
61,688 |
|
50,496 |
|
43,722 |
|
155,906 |
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Net book value |
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At 31 July 2024 |
- |
|
5,853 |
|
2,772 |
|
8,625 |
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At 31 July 2023 |
- |
|
7,753 |
|
4,463 |
|
12,216 |
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| 4 |
Investments |
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| Other |
| investments |
| £ |
|
Cost |
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At 1 August 2023 |
368,813 |
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At 31 July 2024 |
368,813 |
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Investment property comprises costs relating to the development of a property. As the property has not yet reached completion, fair value is considered to be the same as cost. |
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| 5 |
Debtors |
2024 |
|
2023 |
| £ |
£ |
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Trade debtors |
164,386 |
|
264,957 |
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Other debtors |
4,930,875 |
|
4,644,267 |
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5,095,261 |
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4,909,224 |
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| 6 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
| £ |
£ |
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Bank loans and overdrafts |
2,383,980 |
|
2,098,918 |
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Trade creditors |
1,599,346 |
|
1,307,949 |
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Taxation and social security costs |
211,826 |
|
89,887 |
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Other creditors |
1,699,232 |
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1,370,551 |
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5,894,384 |
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4,867,305 |
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| 7 |
Creditors: amounts falling due after one year |
2024 |
|
2023 |
| £ |
£ |
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Bank loans |
15,816 |
|
19,908 |
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The bank broowings are secured upon properties owned by the company's director. |
| 8 |
Other financial commitments |
2024 |
|
2023 |
| £ |
£ |
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Total future minimum payments under non-cancellable operating leases |
|
15,753 |
|
141,096 |
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| 9 |
Loans to directors |
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Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
| £ |
£ |
£ |
£ |
|
A I M Nevill |
|
Interest bearing loan |
3,536,062 |
|
175,574 |
|
(25,000) |
|
3,686,636 |
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3,536,062 |
|
175,574 |
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(25,000) |
|
3,686,636 |
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This loan is included within other debtors. The maximum amount owed during the year was £3,686,636 (2023 - £3,536,062) and the increase in the balance was the net result of advances made and dividends paid. Interest of £80,156 (2023 - £65,984) was receivable by the company during the year in respect of this loan and is calculated at a rate of 2.25%. Accrued interest outstanding at year end was £26,475 (2023 - £25,268) |
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| 10 |
Related party transactions |
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The company had loans from various Nevill family Trusts of which the director is a Trustee. The balance outstanding at the year end was £ 644,988 (2023 - £644,988). These amounts are included within other loans due within one year. Interest has been accrued on the balance outstanding at 10% per annum and £697,408 (2023- £631,732) was accrued at the year end.
Nevill Estate Company Limited - a company with a director in common have been charged in previous years project management fees for the redevelopment of a property with £15,000 (2023- £15,000) included in creditors at the year end. |
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| 11 |
Other information |
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Nevill Keating Pictures Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
5 Pickering Place |
|
St James's Street |
|
London |
|
SW1A 1EA |