10220548falsethe sale of works of art 2024-01-012024-12-31http://www.companieshouse.gov.uk/2023-12-31http://www.companieshouse.gov.uk/pt:ShareCapital2023-12-31http://www.companieshouse.gov.uk/cd:Director12024-01-012024-12-31http://www.companieshouse.gov.uk/pt:ShareCapital2024-12-31http://www.companieshouse.gov.uk/pt:FurnitureFittings2023-12-31http://www.companieshouse.gov.uk/pt:FurnitureFittings2024-12-31http://www.companieshouse.gov.uk/cd:OrdinaryShareClass12024-01-012024-12-31http://www.companieshouse.gov.uk/cd:RegisteredOffice2024-01-012024-12-31http://www.companieshouse.gov.uk/cd:AuditExemptWithAccountantsReport2024-01-012024-12-31http://www.companieshouse.gov.uk/pt:CurrentFinancialInstruments2024-12-31http://www.companieshouse.gov.uk/pt:CurrentFinancialInstruments2023-12-31http://www.companieshouse.gov.uk/2024-01-012024-12-31http://www.companieshouse.gov.uk/2023-12-31http://www.companieshouse.gov.uk/cd:FRS1022024-01-012024-12-31http://www.companieshouse.gov.uk/2024-12-31http://www.companieshouse.gov.uk/cd:FullAccounts2024-01-012024-12-31http://www.companieshouse.gov.uk/cd:PrivateLimitedCompanyLtd2024-01-012024-12-31iso4217:GBPxbrli:sharesxbrli:pure
Registered number: 10220548
Trinity Fine Art Limited
UNAUDITED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Prepared By:
Lever Bros & Co
Chartered Accountants
First Floor, 690 Great West Road
Osterley Village
Isleworth
TW7 4PU
Trinity Fine Art Limited
ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
DIRECTORS
C M F Orsi
REGISTERED OFFICE
15 Old Bond Street
London
W1S 4AX
COMPANY DETAILS
Private company limited by shares registered in EW - England and Wales, registered number 10220548
ACCOUNTANTS
Lever Bros & Co
Chartered Accountants
First Floor, 690 Great West Road
Osterley Village
Isleworth
TW7 4PU
Trinity Fine Art Limited
ACCOUNTS
FOR THEYEARENDED31 DECEMBER 2024
CONTENTS
Page
Directors' Report-
Accountants' Report-
Statement Of Comprehensive Income-
Balance Sheet3
Notes To The Accounts4
The following do not form part of the statutory financial statements:
Trading And Profit And Loss Account-
Profit And Loss Account Summaries-
Trinity Fine Art Limited
BALANCE SHEET AT 31 December 2024
20242023
Notes££
FIXED ASSETS
Tangible assets316,27119,984
CURRENT ASSETS
Stock41,118,6281,438,553
Debtors52,101,120108,997
Cash at bank and in hand3,561,1614,265,406
6,780,9095,812,956
CREDITORS: Amounts falling due within one year62,096,3261,176,382
NET CURRENT ASSETS4,684,5834,636,574
TOTAL ASSETS LESS CURRENT LIABILITIES4,700,8544,656,558
PROVISIONS FOR LIABILITIES AND CHARGES74,0684,996
NET ASSETS4,696,7864,651,562
CAPITAL AND RESERVES
Called up share capital8100100
Profit and loss account4,696,6864,651,462
SHAREHOLDERS' FUNDS4,696,7864,651,562
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have decided not to deliver to the registrar a copy of the company's profit and loss account.
Approved by the board on 24 July 2025 and signed on their behalf by
.............................
C M F Orsi
Director
Trinity Fine Art Limited
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1. ACCOUNTING POLICIES
1a. Basis Of Accounting
The accounts have been prepared under the historical cost convention.
The accounts have been prepared in accordance with FRS102 section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1b. Depreciation
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Short Leasehold Propertiesover the term of the lease%
Fixtures And Fittingsreducing balance25%
1c. Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is purchase cost and those overheads that have been incurred in bringing the inventories to their present location and condition.
At each reporting date, stocks are assessed for impairment. If stocks are 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.
1d. Taxation
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 taxable income.
1e. Pension Costs
The company operates a defined contribution pension scheme. The pension charge represents the amounts payable by the company to the fund in respect of the year.
Trinity Fine Art Limited
1f. Foreign Currency
Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
1g. Turnover
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when: The amount of revenue can be reliably measured; It is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.
1h. Statutory Information
Trinity Fine Art Limited is a private company, limited by shares, incorporated in England and Wales. The company's registered number is 10220548 and registered office address is 15 Old Bond Street, London, United Kingdom, W1S 4AX.
1i. 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 banks and other third parties, loans to related parties and investments.
1j. 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.
1k. 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. They are subsequently measured at amortised cost using the effective interest 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 to according to the original terms of the receivables.
1l. 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 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 measured at amortised cost using the effect interest method.
Trinity Fine Art Limited
1m. Share Capital
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.
1n. Dividends
Dividend distribution to the company's shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
1o. Deferred Taxation
Provision is made for deferred taxation in so far as a liability or asset has arisen as a result of transactions that had occurred by the balance sheet date and have given rise to an obligation to pay more tax in the future, or the right to pay less tax in the future. An asset has not been recognised to the extent that the transfer of economic benefits in the future is not probable. Deferred tax assets and liabilities recognised have not been discounted.
1p. Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
2. EMPLOYEES
20242023
No.No.
Average number of employees32
Trinity Fine Art Limited
3. TANGIBLE FIXED ASSETS
Short LeaseholdFixtures
Propertiesand FittingsTotal
£££
Cost
At 1 January 20245,12558,98764,112
Additions-1,5631,563
At 31 December 20245,12560,55065,675
Depreciation
At 1 January 20243,84540,28344,128
For the year5134,7635,276
At 31 December 20244,35845,04649,404
Net Book Amounts
At 31 December 202476715,50416,271
At 31 December 20231,28018,70419,984
4. STOCK 20242023
££
Stock comprises:
Stock1,118,6281,438,553
1,118,6281,438,553
5. DEBTORS 20242023
££
Amounts falling due within one year
Trade debtors2,008,06013,345
Other debtors57,02766,439
Prepayments36,03329,213
2,101,120108,997
Trinity Fine Art Limited
6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
20242023
££
Taxation and social security26,87863,484
Salaries and wages control-6,813
Directors current account1,029,2041,029,204
Trade creditors658,94356,341
Other creditors2,40919,200
Accruals378,8921,340
2,096,3261,176,382
7. PROVISIONS FOR LIABILITIES 20242023
££
Deferred taxation4,0684,996
4,0684,996
8. SHARE CAPITAL 20242023
££
Allotted, issued and fully paid:
100 Ordinary shares of £1.00 each100100
100100