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Registered number: 10700083 COWAN ART COLLECTION 2 LTD UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 MARCH 2025
COWAN ART COLLECTION 2 LTD REGISTERED NUMBER: 10700083 STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 4 |  | 154,341 |  | 250,519
|  |  | 154,341 |  | 250,519
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 2,100 |  | 2,100 |
|  | 2,100 |  | 2,100 |
Creditors: amounts falling due within one year | 6 | (223,728) |  | (269,234) |
Net current liabilities |  |  | (221,628) |  | (267,134)
Total assets less current liabilities |  |  | (67,287) |  | (16,615)
Net liabilities |  |  | (67,287) |  | (16,615)
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 100 |  | 100
Profit and loss account |  |  | (67,387) |  | (16,715)
|  |  | (67,287) |  | (16,615)
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COWAN ART COLLECTION 2 LTD REGISTERED NUMBER: 10700083 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 MARCH 2025 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 February 2026.
R D L Cowan
Director
The notes on pages 3 to 4 form part of these financial statements. Page 2
COWAN ART COLLECTION 2 LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
Cowan Art Collection 2 Ltd is a private Company, limited by shares, incorporated in the United Kingdom and registered in England and Wales (registered number 10700083). The Company's registered office addis 101 New Cavendish Street, First Floor South, London, W1W 6XH. The principal activity of the company was that of investment and sale of artwork. The financial statements are presented in Sterling, which is the functional currency of the Company. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Going concern
The financial statements have been prepared on the going concern basis. The Company is dependent on the directors and shareholders for financial support, which they are confident will continue for a period of at least another 12 months following the approval of these financial statements. As at 31 March 2025, the Company had net liabilities of £67,287. The directors and shareholders have indicated their present intention to provide adequate finance to enable the Company to continue in operational existence, and on this basis the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not reflect any adjustments that would result from a withdrawal of financial support by the directors and shareholders.
| 2.3 | Valuation of investments
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
| 2.4 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.5 | Creditors
Short-term creditors are measured at the transaction price. 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 method. Page 3
COWAN ART COLLECTION 2 LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
3. | Employees
| The average monthly number of employees, including directors, during the year was 2 (2024 - 2).
4. | Fixed asset investments
|  | Unlisted investments
|  | £
| Cost or valuation |
| At 1 April 2024 | 250,519
| Disposals | (96,178)
| At 31 March 2025 | 154,341
5. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other debtors | 2,000 | 2,000
| Called up share capital not paid | 100 | 100
|  | 2,100 | 2,100
6. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other creditors | 219,328 | 266,834
| Accruals and deferred income | 4,400 | 2,400
|  | 223,728 | 269,234
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