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Registration number: 13024805

Coskun Fine Art Limited
Unaudited Filleted Financial Statements
for the Year Ended 5 April 2025

Coskun Fine Art Limited

Contents

Company Information | 1
Balance Sheet | 2
Notes to the Unaudited Financial Statements | 3 to 9

Coskun Fine Art Limited

Company Information

Director | Ms Gul Coskun

Registered office | 6 Grosvenor Street Mayfair London W1K 4PZ

Accountants | Horne Brooke Shenton 15 Olympic Court Boardmans Way, Whitehills Business Park Blackpool FY4 5GU

Coskun Fine Art Limited

(Registration number: 13024805)
Balance Sheet as at 5 April 2025

| Note | 2025 £ | (As restated) 2024 £
Fixed Assets |  |  |
Tangible Assets | 4 | 3,854 | 5,139
Current assets |  |  |
Stocks | 5 | 4,861,928 | 5,840,467
Debtors | 6 | 19,445 | 28,085
Cash at bank and in hand |  | 1,095,764 | 545,182
|  | 5,977,137 | 6,413,734
Creditors: Amounts falling due within one year | 7 | (6,421,925) | (7,282,930)
Net current liabilities |  | (444,788) | (869,196)
Total assets less current liabilities |  | (440,934) | (864,057)
Provisions for liabilities |  | (964) | (1,285)
Net liabilities |  | (441,898) | (865,342)
Capital and Reserves |  |  |
Called up share capital | 8 | 100 | 100
Retained Earnings |  | (441,998) | (865,442)
Shareholders' deficit |  | (441,898) | (865,342)

For the financial year ending 5 April 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 18 November 2025

......................................... Ms Gul Coskun Director

Coskun Fine Art Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
6 Grosvenor Street
Mayfair
London
W1K 4PZ

These financial statements were authorised for issue by the director on 18 November 2025.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional and presentational currency is GBP.

Revenue recognition

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.

Foreign currency transactions and balances

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. Exchange movements are recognised in the profit and loss account.

Tax

The tax expense for the period comprises current and deferred 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.

Coskun Fine Art Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2025

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible Assets

Tangible Assets are stated in the balance sheet 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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Office Equipment | 25% Reducing Balance

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.

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 according to the original terms of the receivables.

Stocks

Stock is valued at the lower of cost and esitmated selling price less costs to complete and sell. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete.

Coskun Fine Art Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2025

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 effective interest method.

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.

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.

3 | Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2024 - 1).

Coskun Fine Art Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2025

4 | Tangible Assets

| Office equipment £ | Total £
Cost or valuation
At 6 April 2024 | 7,044 | 7,044
At 5 April 2025 | 7,044 | 7,044
Depreciation
At 6 April 2024 | 1,905 | 1,905
Charge for the year | 1,285 | 1,285
At 5 April 2025 | 3,190 | 3,190
Carrying amount
At 5 April 2025 | 3,854 | 3,854
At 5 April 2024 | 5,139 | 5,139

5 | Stocks

| 2025 £ | 2024 £
Other inventories | 4,861,928 | 5,840,467

6 | Debtors

Current | 2025 £ | 2024 £
Prepayments | 11,954 | 9,146
Corporation tax | - | 15,657
VAT | - | 3,196
Import VAT reclaimable | 7,491 | -
Other debtors | - | 86
| 19,445 | 28,085

Coskun Fine Art Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2025

7 | Creditors

Creditors: amounts falling due within one year

| 2025 £ | 2024 £
Due within one year |  |
Directors current account | 6,406,109 | 7,279,006
VAT | 10,413 | -
Accruals and deferred income | 3,100 | 3,100
Credit card | 1,931 | 452
Other creditors | 372 | 372
| 6,421,925 | 7,282,930

8 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary Shares of £1 each | 100 | 100 | 100 | 100

9 | Related party transactions

In regards to the directors' loan account, the loan is repayable on demand and is secured on the assets of the company and is included within creditors due within 1 year in the accounts. Interest is payable on the loan annually at the Bank of England base rate for that period.

10 | Transition to FRS 102

On transition from FRS 105 to FRS 102 Section 1A, the comparative 2024 year has been restated to reflect deferred tax, as required by FRS 102 Section 1A. No other adjustments have been made on transition.

Coskun Fine Art Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2025

Balance Sheet at 6 April 2023

| As originally reported £ | Reclassification £ | Remeasurement £ | As restated £
Fixed Assets |  |  |  |
Tangible Assets | 3,812 | - | - | 3,812
Current assets |  |  |  |
Stocks | 7,331,963 | - | - | 7,331,963
Debtors | 27,235 | - | - | 27,235
Cash at bank and in hand | 582,718 | - | - | 582,718
| 7,941,916 | - | - | 7,941,916
Creditors: Amounts falling due within one year | (7,776,627) | - | - | (7,776,627)
Net current assets | 165,289 | - | - | 165,289
Total assets less current liabilities | 169,101 | - | - | 169,101
Provisions for liabilities | - | - | (725) | (725)
Net assets/(liabilities) | 169,101 | - | (725) | 168,376
Capital and Reserves |  |  |  |
Called up share capital | 100 | - | - | 100
Retained Earnings | 169,001 | - | (725) | 168,276
Total equity | 169,101 | - | (725) | 168,376

Coskun Fine Art Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2025

Balance Sheet at 5 April 2024

| As originally reported £ | Reclassification £ | Remeasurement £ | As restated £
Fixed Assets |  |  |  |
Tangible Assets | 5,139 | - | - | 5,139
Current assets |  |  |  |
Stocks | 5,840,467 | - | - | 5,840,467
Debtors | 28,085 | - | - | 28,085
Cash at bank and in hand | 545,182 | - | - | 545,182
| 6,413,734 | - | - | 6,413,734
Creditors: Amounts falling due within one year | (7,282,930) | - | - | (7,282,930)
Net current liabilities | (869,196) | - | - | (869,196)
Total assets less current liabilities | (864,057) | - | - | (864,057)
Provisions for liabilities | - | - | (1,285) | (1,285)
Net liabilities | (864,057) | - | (1,285) | (865,342)
Capital and Reserves |  |  |  |
Called up share capital | 100 | - | - | 100
Retained Earnings | (864,157) | - | (1,285) | (865,442)
Total equity | (864,057) | - | (1,285) | (865,342)