REGISTERED NUMBER: 04312853 (England and Wales)

Fine Art Management Services Limited

Unaudited Financial Statements

for the Year Ended 31 December 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

A M Heriot

E C R Schneider

F Stewart

C Wright

A J Ward

Registered office:

17 Hill Street

London

W1J 5LJ

Registered number:

04312853 (England and Wales)

Fixed assets

Intangible assets

4

2,478

2,478

Tangible assets

5

139,738

116,893

142,216

119,371

Current assets

Debtors

6

2,401,369

1,716,662

Cash in hand

174,344

188,230

2,575,713

1,904,892

Creditors

Amounts falling due within one year

7

2,713,635

1,692,549

Net current (liabilities)/assets

(137,922

)

212,343

Total assets less current liabilities

4,294

331,714

Capital and reserves

Called up share capital

1

1

Retained earnings

8

4,293

331,713

4,294

331,714

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 directors acknowledge their 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 Board of Directors and authorised for issue on 15 December 2025 and were signed on its behalf by:

A J Ward - Director

1.	Statutory information

Fine Art Management Services 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 as modified by the revaluation of certain assets.

Going concern

The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment.

Turnover

Turnover represents amounts receivable for services provided in the year and is stated net of VAT.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at fair value.

Tangible fixed assets

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

Fixtures and fittings

-

10% on cost

Artwork

-

no depreciation charged

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors, creditors, loans from the bank and other third parties, loans to related parties, and investment in ordinary shares.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3.	Employees and directors

The average number of employees during the year was 24 (2023 - 25 ) .

4.	Intangible fixed assets

Computer

software

£

Cost or valuation

At 1 January 2024

and 31 December 2024

2,478

Net book value

At 31 December 2024

2,478

At 31 December 2023

2,478

Cost or valuation at 31 December 2024 is represented by:

Computer

software

£

Valuation in 2022

175

Cost

2,303

2,478

5.	Tangible fixed assets

Fixtures

and

fittings

Artwork

Totals

£

£

£

Cost

At 1 January 2024

19,051

99,748

118,799

Additions

27,500

-

27,500

At 31 December 2024

46,551

99,748

146,299

Depreciation

At 1 January 2024

1,906

-

1,906

Charge for year

4,655

-

4,655

At 31 December 2024

6,561

-

6,561

Net book value

At 31 December 2024

39,990

99,748

139,738

At 31 December 2023

17,145

99,748

116,893

6.

Debtors: amounts falling due within one year

2024

2023

£

£

Trade debtors

89,173

-

Amounts owed by group undertakings

1,903,191

1,349,598

Other debtors

409,005

367,064

2,401,369

1,716,662

7.

Creditors: amounts falling due within one year

2024

2023

£

£

Trade creditors

163,077

85,858

Amounts owed to group undertakings

1,118,308

1,106,426

Taxation and social security

57,223

99,267

Other creditors

1,375,027

400,998

2,713,635

1,692,549

8.

Reserves

Retained

earnings

£

At 1 January 2024

331,713

Deficit for the year

(327,420

)

At 31 December 2024

4,293

9.	Ultimate controlling party

The ultimate parent company is Fine Art Management Holding Limited, a company registered in Jersey.