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Registered number: 04316489 LEFEVRE FINE ART LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2025
LEFEVRE FINE ART LIMITED REGISTERED NUMBER: 04316489 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 6 |  | 3,680 |  | 5,016
|  |  | 3,680 |  | 5,016
Current assets |  |  |  |  |
Stocks | 7 | 1,050,767 |  | 1,088,319 |
Debtors: amounts falling due within one year | 8 | 922,938 |  | 729,855 |
Cash at bank and in hand | 9 | 9,703 |  | 178,985 |
|  | 1,983,408 |  | 1,997,159 |
Creditors: amounts falling due within one year | 10 | (70,571) |  | (53,370) |
Net current assets |  |  | 1,912,837 |  | 1,943,789
Total assets less current liabilities |  |  | 1,916,517 |  | 1,948,805
Provisions for liabilities |  |  |  |  |
Other provisions |  | (291,191) |  | (270,818) |
|  |  | (291,191) |  | (270,818)
Net assets |  |  | 1,625,326 |  | 1,677,987
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 60 |  | 60
Capital redemption reserve |  |  | 40 |  | 40
Profit and loss account |  |  | 1,625,226 |  | 1,677,887
|  |  | 1,625,326 |  | 1,677,987
Page 1
LEFEVRE FINE ART LIMITED REGISTERED NUMBER: 04316489 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2025 The director considers 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 director acknowledges his 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 income and retained earnings 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 by:
................................................ A M D Corcoran
Director
Date: 15 June 2026
The notes on pages 3 to 8 form part of these financial statements. Page 2
LEFEVRE FINE ART LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Lefevre Fine Art Limited is a company incorporated and in the UK, registered in England and Wales. The Company's registered office address is Ground Floor, 45 Pall Mall, London, SW1Y 5JG. The principal activity of the Company in the year under review was that of a fine art dealer. 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 | Revenue
Turnover comprises the company's revenue in respect of art agent services and fine art goods sold during the year, exclusive of Value Added Tax and trade discounts.
| 2.3 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Fixtures and fittings | - | 20% | per annum on cost
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.4 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Page 3
LEFEVRE FINE ART LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.5 | Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowances for obsolete and slow moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Consignment stock which is stock held by the company but which is owned by third parties is distinguished from owned stock and is not included on the Balance Sheet. Shared stock, being stock purchased in conjunction with other parties, is accounted for to the extent of the company's share purchased.
| 2.6 | Debtors
Short term debtors are measured at transaction price, less any provision for bad or doubtful debt.
| 2.7 | Creditors
Short term creditors are measured at the transaction price.
| 2.8 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions 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 Income and Retained Earnings except when deferred in other comprehensive income as qualifying cash flow hedges.
| 2.9 | Finance costs
Finance costs are charged to profit or loss 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. Page 4
LEFEVRE FINE ART LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.10 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.11 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
3. | Turnover
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 69,140 | 64,366
| Rest of Europe | 345,276 | -
| Rest of the world | - | 633,915
|  | 414,416 | 698,281
4. | Operating loss
| The operating loss is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exchange differences | (501) | (457)
| Other operating lease rentals | - | 22,656
Page 5
LEFEVRE FINE ART LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
5. | Employees
| The average monthly number of employees, including the director, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Directors | 1 | 1
|  | Administration staff | - | 2
|  |  | 1 | 3
6. | Tangible fixed assets
|  | Fixtures and fittings
|  | £
| Cost |
| At 1 January 2025 | 193,174
| Additions | 511
| At 31 December 2025 | 193,685
| Depreciation |
| At 1 January 2025 | 188,158
| Charge for the year on owned assets | 1,847
| At 31 December 2025 | 190,005
| Net book value |
| At 31 December 2025 | 3,680
| At 31 December 2024 | 5,016
Page 6
LEFEVRE FINE ART LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finished goods and goods for resale | 1,050,767 | 1,088,319
|  | 1,050,767 | 1,088,319
8. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 1,920 | -
| Other debtors | 920,271 | 729,855
| Prepayments and accrued income | 747 | -
|  | 922,938 | 729,855
9. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 9,703 | 178,985
|  | 9,703 | 178,985
10. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 2,828 | 3,009
| Corporation tax | 48,356 | 3,254
| Other creditors | 849 | 25,551
| Accruals and deferred income | 18,538 | 21,556
|  | 70,571 | 53,370
Page 7
LEFEVRE FINE ART LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
11. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £Nil (2024 - £497). No contributions were payable to the fund at the balance sheet date.
12. | Transactions with directors
At the balance sheet date £692,314 was due from the director (2024 - £549,036).
Page 8