Company registration number 08572952 (England and Wales)
MODERN MASTERS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
MODERN MASTERS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
MODERN MASTERS LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
4
60,078,288
58,991,353
Debtors
5
9,845,030
10,134,973
Cash at bank and in hand
1,025,007
81,179
70,948,325
69,207,505
Creditors: amounts falling due within one year
6
(9,934,307)
(9,705,081)
Net current assets
61,014,018
59,502,424
Creditors: amounts falling due after more than one year
7
(21,500,000)
(21,500,000)
Net assets
39,514,018
38,002,424
Capital and reserves
Called up share capital
11,442,730
11,442,730
Share premium account
17,991,000
17,991,000
Profit and loss reserves
10,080,288
8,568,694
Total equity
39,514,018
38,002,424

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 9 December 2025 and are signed on its behalf by:
J E Morton Morris
Director
Company registration number 08572952 (England and Wales)
MODERN MASTERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
1
Accounting policies
Company information

Modern Masters Limited is a private company limited by shares incorporated in England and Wales. The registered office is 38 Bury Street, London, United Kingdom, SW1Y 6BB.

1.1
Accounting convention

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

1.2
Going concern

The company had a profitable year of trading and this has continued in the 2025 financial year. The directors believe that the strong stock portfolio provides the basis for future profitable trading. Banking facilities are agreed for a period over twelve months and therefore the directors believe it is appropriate for the financial statements to be prepared on the going concern basis.true

1.3
Turnover

Turnover comprises works of art invoiced by the company during the year, exclusive of Value Added Tax and trade discounts. Turnover is recognised on the invoice date which is the date when works of art are despatched to the customer.

1.4
Stocks

Stock is valued at the lower of cost and estimated selling price less the estimated costs to sell. This requires an estimation of stock impairment based on current market conditions and the historical experience of selling products of a similar nature.

MODERN MASTERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments
Basic financial assets

The Company's financial assets comprise basic financial instruments, being trade and other receivables and cash and bank balances.

Cash is represented by cash in hand and deposits with high financial institutions repayable without penalty on notice of no more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months or less from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Trade and other receivables are measured at transaction price less any impairment. Any impairment loss is recognised in the Statement of Comprehensive Income.

The impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets are derecognised when contractual rights to the cash flows from the financial asset expire or are settled, or when substantially all the risks and rewards of ownership have been transferred.

Basic financial liabilities

The Company's financial liabilities comprise basic financial liabilities, being trade and other payables, loans from banks and accruals. Short term creditors are initially recognised at transaction price and are subsequently measured at amortised cost. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest rate method.

Trade payables 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 payment is due within one year or less. If not, they are presented as non current liabilities.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.6
Taxation
Current tax

The charge for current tax is based on the result for the year adjusted for disallowable items. It is calculated using the tax rates that have been enacted or substantially enacted by the reporting date.

MODERN MASTERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Foreign exchange

The functional currency is deemed to be pound sterling.

Foreign currency translations are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income.

1.8

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2
Judgements and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstance.

Key accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimate and assumption that has a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year is:-

Stock valuation - Stock is valued at the lower of cost and estimated selling price less the estimated costs to sell. This requires an estimation of stock impairment based on current market conditions and the historical experience of selling products of a similar nature. A change in market conditions may have a material impact on the estimation of the valuation.

3
Employees

The Company has no employees other than the directors, who did not receive any remuneration (2023: £nil). Wages and salaries are recharged from other group companies for work performed on behalf of the company.

There are no individuals other than the Directors who are considered to be the key management personnel.

2024
2023
Number
Number
Total
0
0
MODERN MASTERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 5 -
4
Stocks
2024
2023
£
£
Stocks
60,078,288
58,991,353

Total carrying amount of inventories pledged on charges was £4,666,464 (2023: £5,017,904).

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
8,929,317
8,389,881
Other debtors
915,713
1,745,092
9,845,030
10,134,973

Included within other debtors are amounts owed by group companies and related parties totalling £586,977 (2023: £1,081,994).

6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
57,664
8,296
Corporation tax
-
0
325,123
Other creditors
9,876,643
9,371,662
9,934,307
9,705,081

Included within other creditors are amounts owed to group companies and related parties totalling £9,852,642 (2023: £8,575,742).

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
21,500,000
21,500,000
MODERN MASTERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
8
Loans and overdrafts
2024
2023
£
£
Bank loans
21,500,000
21,500,000
Payable after one year
21,500,000
21,500,000

The bank loan agreement has a termination date of 22 December 2026.

Secured loans

The loan is secured by a fixed and floating charge over the assets of the company and chattel mortgages over specific stock items.

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 October 2024 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Senior Statutory Auditor:
John Howard
Statutory Auditor:
Azets Audit Services
Date of audit report:
6 January 2026
10
Parent company

The immediate parent company is Luberon Holdings Limited, a company incorporated in Jersey, which is controlled by Luberon Trust, a trust registered in Jersey. There is no ultimate controlling party.

2024-10-31 2023-11-01 false false false 06 January 2026 CCH Software CCH Accounts Production 2025.300 No description of principal activity The Hon J Holland-Hibbert P H Ashley M G Simpson J E Morton Morris N P Hudson 08572952 2023-11-01 2024-10-31 08572952 2024-10-31 08572952 2023-10-31 08572952 core:CurrentFinancialInstruments core:WithinOneYear 2024-10-31 08572952 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 08572952 core:WithinOneYear 2024-10-31 08572952 core:WithinOneYear 2023-10-31 08572952 core:AfterOneYear 2024-10-31 08572952 core:AfterOneYear 2023-10-31 08572952 core:CurrentFinancialInstruments 2024-10-31 08572952 core:CurrentFinancialInstruments 2023-10-31 08572952 core:ShareCapital 2024-10-31 08572952 core:ShareCapital 2023-10-31 08572952 core:SharePremium 2024-10-31 08572952 core:SharePremium 2023-10-31 08572952 core:RetainedEarningsAccumulatedLosses 2024-10-31 08572952 core:RetainedEarningsAccumulatedLosses 2023-10-31 08572952 bus:Director4 2023-11-01 2024-10-31 08572952 2022-11-01 2023-10-31 08572952 core:Non-currentFinancialInstruments 2024-10-31 08572952 core:Non-currentFinancialInstruments 2023-10-31 08572952 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 08572952 bus:FRS102 2023-11-01 2024-10-31 08572952 bus:Audited 2023-11-01 2024-10-31 08572952 bus:Director1 2023-11-01 2024-10-31 08572952 bus:Director2 2023-11-01 2024-10-31 08572952 bus:Director3 2023-11-01 2024-10-31 08572952 bus:CompanySecretary1 2023-11-01 2024-10-31 08572952 bus:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 08572952 bus:FullAccounts 2023-11-01 2024-10-31 xbrli:pure xbrli:shares iso4217:GBP