REGISTERED NUMBER: 05139336 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

MORETTI FINE ART LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

G J Shilling

SECRETARY:

ABT ADVISORY LTD

REGISTERED OFFICE:

Office 3, Peverel House

Maldon Road

Hatfield Peverel

Essex

CM32JF

REGISTERED NUMBER:

05139336 (England and Wales)

ACCOUNTANTS:

ABT Advisory Ltd

Office 3

Peverel House

Maldon Road

Hatfield Peverel

Essex

CM3 2JF

FIXED ASSETS

Tangible assets

4

49,431

77,152

Investments

5

35,050

50

84,481

77,202

CURRENT ASSETS

Stocks

5,476,458

8,823,033

Debtors

6

218,125

4,211,746

Cash in hand

271,502

160,201

5,966,085

13,194,980

CREDITORS

Amounts falling due within one year

7

6,971,561

12,758,280

NET CURRENT (LIABILITIES)/ASSETS

(1,005,476

)

436,700

TOTAL ASSETS LESS CURRENT LIABILITIES

(920,995

)

513,902

PROVISIONS FOR LIABILITIES

2,487

2,487

NET (LIABILITIES)/ASSETS

(923,482

)

511,415

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(923,483

)

511,414

SHAREHOLDERS' FUNDS

(923,482

)

511,415

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 September 2025 and were signed by:

G J Shilling - Director

1.	STATUTORY INFORMATION

MORETTI FINE ART LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

and 31 December 2024

136,221

DEPRECIATION

At 1 January 2024

59,069

Charge for year

27,721

At 31 December 2024

86,790

NET BOOK VALUE

At 31 December 2024

49,431

At 31 December 2023

77,152

5.	FIXED ASSET INVESTMENTS

31.12.24

31.12.23

£

£

Shares in group undertakings

50

50

Loans to group undertakings

35,000

-

35,050

50

Additional information is as follows:

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

50

NET BOOK VALUE

At 31 December 2024

50

At 31 December 2023

50

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Ward Moretti Ltd

Registered office: 3 Peverel House, Maldon Road, Hatfield Peverel, Essex CM3 2JF

Nature of business: Fine art dealer

%

Class of shares:

holding

Ordinary

50.00

Loans to

group

undertakings

£

New in year

35,000

At 31 December 2024

35,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

89,149

4,146,472

Other debtors

128,976

65,274

218,125

4,211,746

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

5,554,600

3,370,651

Trade creditors

247,764

8,127,117

Taxation and social security

-

28,504

Other creditors

1,169,197

1,232,008

6,971,561

12,758,280

8.	ULTIMATE CONTROLLING PARTY

The controlling party is Oceanus Administrative & AdvisoryServices Ltd.

The ultimate controlling party is Oceanus Administrative & AdvisoryServices Ltd.