Roberto Crippa Paolo Zeriali

05996993 (England and Wales)

Forest House 8 Gainsborough Road LONDON E11 1HT

Investments

1,179,612 

1,179,612 

Inventories

10,500 

1,500 

Debtors

11,702 

5,469,143 

Cash at bank and in hand

7,614 

1,322 

(754,464)

(6,202,510)

(305,687)

(294,952)

Called up share capital

50,000 

50,000 

Profit and loss account

99,277 

104,115 

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 financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by

Paolo Zeriali Director Company Registration No. 05996993

FINE ARTS (UK) LTD is a private company, limited by shares, registered in England and Wales, registration number 05996993. The registered office is Forest House, 8 Gainsborough Road, LONDON, E11 1HT.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

Valuation at 1 January 2024

656,495 

523,117 

1,179,612 

Valuation at 31 December 2024

Investments in subsidiaries and other entities – Impairment assessments As of 31 December 2024, the Company holds investments in both subsidiary and non-subsidiary entities. In accordance with Section 27 of FRS 102, impairment assessments have been carried out to determine whether the carrying amounts of such investments are recoverable. BANK OF ART Srl (wholly owned subsidiary – Italy) Bank of Art Srl (nominal value €758,000.00) is a wholly owned Italian subsidiary subject to judicial liquidation proceedings under Italian insolvency law. Despite this, the subsidiary continues to show a positive net asset position. As at year-end, the carrying amount of the investment was £656,495.00, and management expects a full or partial return of this amount after full settlement of creditor claims. As of the reporting date, no formal liquidation statement or asset/liability position has yet been issued by the court-appointed liquidator, who was appointed on 16 October 2024. Consequently, an impairment review was performed taking into account the most recent available financial information and management’s best estimates of the realisable value of the subsidiary’s net assets and the expected return to the parent company. As the recoverable amount is considered to be equal to or greater than the carrying amount, no impairment loss has been recognised. Management continues to monitor the liquidation process closely. DWC 3.0 Spa (minority interest – listed on Euronext) The Company also holds a minority interest in DWC 3.0 Spa, a company formerly listed on Euronext Access (ISIN IT0005154635), comprising 1,677,778 ordinary shares (nominal value €604,000.08). This holding represents a stake below significant influence thresholds. The carrying amount of the investment as at year-end was £523,117.40. Although DWC 3.0 Spa was previously listed, trading of its shares has been suspended since 2018. Consequently, management considers the market price to be non-representative of fair value. The net asset value per share has therefore been used as a more reliable basis for estimating the recoverable amount. Based on this assessment, no impairment loss has been recognised. Management continues to monitor the financial position of the investee.

Trade debtors

VAT

967 

811 

Trade creditors

622,487 

6,087,478 

Proposed dividends

56,299 

56,299 

Loans from directors

68,546 

57,922 

Accruals

6,165 

- 

Other creditors

During the year the average number of employees was 0 (2023: 0).